How Compliance and Cost Reduction Efforts Are Shaping Digital Transformation

“Leveraging funding and sponsorship of regulatory and cost reduction initiatives is enabling legacy firms to transform their data capabilities to achieve revenue generation and growth objectives.”

Today’s businesses aspire to be competitive by leveraging their data to drive revenue generation and business growth. To accomplish this, companies that still rely on traditional business models must embark on data-driven digital transformation initiatives. But how do technology and data leaders ensure that non-revenue generating data-driven transformation efforts receive the commitment and funding that are required to sustain these efforts?

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Software Solutions For The Modern Finance Leader

CFOs today increasingly shape strategy across their organizations, driving long-term growth and performance. But with high volumes of data everywhere they turn, finance leaders are facing major pressure to gain meaningful insights quickly. In today’s digital economy, technology is no longer a luxury or “nice to have”; it’s a “must-have” that sets enterprises apart from the competition by providing a new level of trust and confidence that the data used to support decision making is up-to-date and accurate. Strong finance leaders are not held back by outdated or legacy systems because they are more than likely to have invested in technologies that help them achieve their business goals. With a dependable set of accurate and complete financial statements now a given, the business can get on with effective decision-making, compliance, forecasting, and strategic planning. Business software also provides strong real-time analytics, which can be used to make robust business-wide decisions, further strengthening the role of finance leaders as strategic adviser.

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How Consumer Products Companies Can Thrive in Digital Transformation

Consumer products organizations are embracing robust technologies to enable their digital transformation goals and to gain greater operational efficiencies and competitive advantages. These tools integrate disparate systems to support a single environment for robust analytics that provide meaning business insights and can ultimately be the difference between success and failure. To be successful, growing consumer products companies should adopt a standardized solution flexible enough to work across multiple organizations to alleviate the struggle of integrating newly acquired businesses. And beyond the ability to integrate new businesses, consumer products companies want to increase their speed to benefit of acquisition integration and implementation.

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The Pivotal Role of the CIO in Digital Transformation

Businesses around the world are under intense pressure to invest in transformative technologies such as artificial intelligence, robotics, and cloud that will help them compete effectively in a world increasingly defined by digital innovation and disruption. This unique situation requires chief information officers (CIOs) to play a larger role in shaping and executing business strategy. Deloitte’s global cost management survey found that while cost management is a top priority for businesses, it is referred to as a “save to transform” initiative because many companies are using their cost savings to help fund investments in growth and transformation. CIOs and technology leaders operate at the intersection of all three save-to-transform aspects: cost reduction, growth and transformation.

Read More at Information Week >