Finance & Accounting

Digital Finance Transformation

What is digital finance transformation? The CFO organization has to power the rapid digital transformation of modern enterprises. This is done through a four-step approach of developing an agile and scalable platform. Listen to Prasanth in this podcast to learn exactly how this is done.

Podcast Audio Transcript

Alisha: Hello listeners, this is Alisha; thank you for tuning in to yet another exciting and informative podcast from us at Infosys BPM. Today, we are discussing about digital finance transformation. And to talk about this, we have here with us, Prasanth Nair, our VP & Client Partner. Welcome Prasanth. How are you?

Prasanth: I’m doing great Alisha. Thank you for inviting me in this podcast.

Alisha: It’s a pleasure. Prasanth, you and your team are advising CFOs of Global 2000 companies. I am wondering what is it that CFOs are most concerned about, these days?

Prasanth: Great question, Alisha. In fact, when we think about CFO woes, three key aspects come to mind, which is about supply chain challenges, recession and rate hikes. These aspects are adding to CFOs’ post-covid supply chain challenges. So, you can see global CFOs juggling between cost, scalability, resilience, and insights to navigate the current volatile scenario more effectively. Hence, they are looking for any impactful solutions in these key areas.

Alisha: That’s true, Prasanth. The world was rocked by the pandemic, followed by economic challenges.

How is Infosys BPM able to enable transformation for CFOs in this regard?

Prasanth: Alisha, as you know, the world around us and successful modern enterprises are undergoing rapid transformation. The CFO organization has to power this organizational evolution, and we play the role of a catalyst in this transformation. We do this through a four-step approach, which I will talk about here.

  1. Firstly, we enable the clients to integrate and interconnect functional and regional silos into a digitally native finance core. This will make the CFO organization more networked and connected.
  2. Secondly, we help create an agile and scalable global service platform, which is not only just-in-time but also just-in-case.
  3. Thirdly, we enable the finance function to develop a digital brain, which will drive sentient operations. This makes the organization sense transaction signals and heal issues even before they even occur. For instance, we can help sense potential future issues with an invoice and prompt the procurement manager to resolve such issues even before the invoice hits the ERP.
  4. Lastly, we help our clients leverage the power of AI/ML for hyper-automation. And this is across data extraction, learning from transactions, and self-service.
So, as you can see, we are well-equipped to help out CFOs through any issues in this transformation.

Alisha: That’s wonderful. I can see that this is really bringing a major change in finance.

Now, some people believe digital transformation has reached an inflection point. What other changes do you see in the market?

Prasanth: Yes, Alisha, it’s true that digital transformation has potentially reached an inflection point. Further, we see three key changes in the market.
  1. These days, employees and stakeholders are expecting a consumer-like experience from internal functions such as finance, procurement, and HR. Hence, we are deploying a digital One Office+ with a consumer app called “self-service.”
  2. Secondly, workloads are moving to cloud. Legacy systems of record and experience are getting replaced by SaaS solutions.
  3. And finally, hybrid working has led to rapid adoption of workflows and self-service.
So, as you can see the market is constantly going through changes.

Alisha: Those are some ground-breaking changes in the market. Now, about talent post the pandemic situation, what challenges or changes do you observe?

Prasanth: In terms of talent, I would say that we are in a new phase, Alisha. The New Normal and the phenomenon of remote working (and of course the great resignation) have radically changed the way we look at talent.

All of us want the productivity and social capital of an office as well as the flexibility and talent network that can be realised from a remote working environment. So, hybrid work is here to stay, especially through collaboration platforms, which are available now and the metaverse solutions which should become embedded in the near future. This has opened up a whole new world for companies to source talent beyond borders. Moreover, this is bound to accelerate even further in the time ahead.

Alisha: Absolutely, Prasanth. Once again, thank you for coming to our podcast today and sharing your insights on digital finance transformation.

Prasanth: It was a pleasure, Alisha. Looking forward to more.

Alisha: Dear listeners, if you enjoyed our podcast today, please don’t forget to share and like it on social media. Our social handles are mentioned in the podcast page. The podcast will be available on various platforms like Google Podcasts and Spotify, in addition to our website.

Also, if you have any queries, do reach out to us through the email address on the podcast description. Watch this space for more exciting podcasts coming up. Once again, thank you for tuning in, stay safe, sharp, and healthy. Have a nice day!

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