Now is a critical time for finance professionals to reassess their digital ecosystem. The global pandemic saw unprecedented levels of digitisation as businesses were forced to move their operations online.
2022 is going to accelerate the need for digital transformation. Finance innovators who want to remain competitive, create new sources of revenue, and lower costs need to review their ecosystem. If you do not have a plan to transform, you risk falling behind the competition in an increasingly complex environment.
A fully integrated digital ecosystem will help build connections between your data, drive transformation, and improve business outcomes. The CFO of today is facing greater pressure to deliver on business growth targets. However, without visibility to business insights and an interconnected data network, you will remain unable to make data driven decisions.
By implementing a modern, integrated digital ecosystem you will enhance your company’s agility and flexibility. Furthermore, digital transformation will boost employee productivity and improve your bottom line.
The problem with legacy technology and data silos
The success of executives being able to make data driven decisions relies on having clean, usable, and integrated data. However, many executives struggle because they do not have ‘fit-for-purpose’ technology. Instead, they are maintaining outdated legacy systems, increasing the risk of data process latency and the propensity for costly errors. By moving to a modern data ecosystem, you can reduce infrastructure and maintenance costs. Also, by removing legacy systems you can reduce manual administration, as well as the maintenance of a unique skillset required to manage outdated systems.
Similarly, many finance teams are inhibited by data silos which prevent them from seeing a complete picture of the whole business landscape. This is another reason why a modern digital ecosystem needs to be prioritised in 2022. It will allow you to deliver visibility to all business stakeholders, support data-driven decision making, and enhance business outcomes.
Furthermore, with data volumes set to increase, it is critical to prepare your ecosystem to handle growth. Build an ecosystem that can easily scale to meet new use case requirements and future-proof your project.
Once you have your digital ecosystem, it will become the bedrock and foundation for all your data driven decisions. The financial investment will be returned in terms of productivity, long term cost savings, and innovation. CFOs who choose not to invest in projects that propel their business forward, need to consider the opportunity ‘loss’ cost, and how that places them amongst their competitors.
Why a holistic view of the data ecosystem?
Reassessing your digital ecosystem involves delving into the data architecture and technology that you are using. It also requires you to re-examine your outcomes and determine if the strategies you have in place will help you achieve those goals.
Minerva Partners focusses on accelerating our clients’ digital transformation, through our unique 6-prong approach. We look closely at these 6 components that we believe make a robust digital ecosystem. They include:
- Data and performance management strategy – this is your digital roadmap that helps you maximise business value from your data assets and technology investments.
- Outcomes – Identifying and aligning your business results with your digital roadmap to create synergy.
- Use Cases – Identifying and prioritising projects, in line with company guiding principles, which will create value for your customers, and business users.
- Technology – This delves into the design and deployment of a high-performing modern, digital ecosystem.
- Culture – embracing a digital culture through empowerment, training, and education.
- Data – Leveraging internal and external sources for deeper analysis and insights.
You cannot effectively overhaul your digital strategy by looking at any of these 6 components in isolation. In fact, the power of a modern digital ecosystem comes from the sum of all its parts. That is, by investing time and resources in to these 6 components, you create opportunity to drive growth and accelerate digitisation for your business.
It is a strategy we have used successfully with mid-to-large size organisations across all verticals to foster innovation and growth.
The measure of success
The digital ecosystem allows you to productionise use cases that were previously out of reach. In one example, we worked with a company whose use case was the optimisation of a complex pricing model.
Their original pricing model took a team two days to complete. However, by adopting a cloud data warehouse and an advanced planning tool, they were able to optimise and reduce the delivery of the model to 5 minutes.
In another example, we had a retail customer who needed to improve data driven decision making. In this instance, their adoption of a cloud data warehouse and a self-service BI tool increased data access, accuracy, and speed. Their finance team was able to reduce time spent preparing manual reports, and internal teams were able to ‘self-service’, enhancing cost and revenue performance across operational managers portfolios
In conclusion, the benefits of a modern digital ecosystem can be felt across the whole enterprise. Our clients find that this results in happier and more productive employees, and a thriving business that is agile and adaptable to changing market conditions.
Minerva Partners makes digital business transformation simple, more effective, less time consuming and seamlessly integrated. With an agile project management style and leading-edge technology, we will help your business grow. Enquire today to learn how we can assist your business. Email directly via firstname.lastname@example.org, alternatively call us on 1800646 378.