by Spencer Nguyen • May 2, 2022
Most chief financial officers (CFOs) and other business financial leaders understand the importance of digital transformation. The top digital priorities for finance leaders tend to harness digital technologies that can make business models more flexible and effective. If you are uncertain which digital technologies stakeholders believe matter most, continue reading to learn more.
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Automation has emerged as one of the top digital priorities for business leaders because it offers so many benefits. Even something as relatively simple as automation through APIs can:
Adopting advanced automation tools can contribute to even more success, especially in industries that rely on:
The more you can automate, the fewer mistakes your business will make and the more efficiently you can complete tasks. Ideally, intelligent automation and employees should work together to get the best results.
Companies collect more data now than ever. Data sources include IoT sensors, consumer apps, customer surveys, and e-commerce platforms. Anything digital can harness data. Not surprisingly, companies want to use big data to their advantage. The only problem is that humans cannot make sense of so much data. It’s impossible for the human brain to recognize patterns within so many data points.
That’s why advanced data analytics are top priorities for financial leaders. Artificial intelligence (AI) and machine learning (ML) have advanced analytical capabilities that enable business leaders to make data-driven decisions. Artificial intelligence and machine learning work together to find trends within big data. Just as importantly, they keep learning as they work. Machine learning pays attention to the information it encounters and updates artificial intelligence so it can respond more appropriately to evolving environments and expectations.
Whether you want to find a more efficient supply chain or improve employee retention, AI and ML can help.
Big data API management makes it easier for analytic tools to pull information from diverse sources. DreamFactory can help by giving your organization prebuilt API integrations, live API documentation, and other features. Start a 14-day trial with DreamFactory to see how it enables the digital priorities for financial leaders that matter most.
According to Gartner, heads of FP&A (financial planning and analysis) plan to focus on choosing digital tools and digital skills in 2022. This suggests that digital priorities for financial leaders will increasingly address issues related to:
Digitization has also been one of the top priorities for finance leaders, including CFOs, because it offers a dynamic way for businesses to respond to finance trends and emerging technologies. Now that the CFO and the FP&A leaders identify digitization as a more effective way for companies to manage, spend, and project finances, it’s likely that they will reach the goal soon.
Finding ways to reach digital priorities for financial leaders can feel like an impossible challenge. With countless tools, stress to embrace digitization, and the move to remote working, how can you decide which assets will meet the expectation of your chief financial officer?
You can start by taking an API-led approach to digitization. Your IT ecosystem already has diverse assets that can make integration difficult. Adding more hardware and software could make the situation worse.
DreamFactory solves this issue by giving you a low-code platform for instant API creation, publishing, and management. DreamFactory also gives you stellar security with server-side scripting, record-level permissions, controlled API endpoints, SSO authentication, and easy user management.
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Technology and The Essential Elements of Business Transformation
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