# Why the time is right for finance to embrace digital change
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-08-02
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Finance professionals embracing digital transformation
Meta Description: Discover how finance professionals are recognising the need for digital transformation to navigate business challenges faster and more effectively. Learn why
URL: https://financedigest.com/why-the-time-is-right-for-finance-to-embrace-digital-changehtml

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_By_ **_Nick Felton,_** _Chief Sales Officer,_ [_MHR Analytics_](https://www.mhranalytics.com/)

The finance team is often accused of lagging behind the rest of the business when it comes to digital transformation. But, if the pandemic has taught finance anything, it’s the need to reconsider its approach to digitalisation so that it can respond more quickly when faced with a challenging business environment.

Identifying and quantifying the business case for any digital change is not always easy. This, alongside a reluctance by some [finance professionals to adopt new ways](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") of managing traditional, tried, and tested processes, is the reason why it is has been slow to embrace change. However, we recently researched the views of senior [financial professionals on digital change](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape"), and the overriding opinion that came from our respondents is that they now recognise the need for transformation and that standing still is no longer an option.

The [research](https://www.mhranalytics.com/the-cfo-and-the-finance-team/?utm_source=GenCFO&utm_medium=PR&utm_campaign=the_cfo_and_finance_team_pr) showed that 85% of finance professionals is keen to drive forward with digital and data literacy to help successfully navigate business change with just over a quarter admitting they wouldn’t be able to respond quickly enough to a significant event. It also showed that processes such as budgeting, planning, forecasting, and accounts receivable were impacted the most during the pandemic for almost 70% of respondents – thereby shining a light on the need for agility and resilience when faced with a potential [business crisis](https://www.financedigest.com/europe-burns-cash-to-help-businesses-in-deepening-energy-crisis.html "Europe burns cash to help businesses in deepening energy crisis").

In addition, it highlighted the fact that finance wants to be in control of its own digital and data future, rather than being led by IT or external consultants – not just to boost response [times to minimise business](https://www.financedigest.com/cfos-its-time-to-own-the-business-model.html "CFOs: It’s time to own the business model") risk in a crisis, but to make the most of new opportunities too.

Finance also acknowledged that reluctance or delays to embracing [digital change may have a negative impact on the wider team](https://www.financedigest.com/the-digital-voice-appointed-by-raft-of-new-clients-as-its-team-expands-by-270.html "The Digital Voice™ appointed by raft of new clients as its team expands by 270%"), with strategic insight and productivity levels hindered the most. The availability of real time and accurate [data and the ability to analyse it effectively was identified as essential to inform](https://www.financedigest.com/what-is-a-virtual-data-room-unveil-the-essential-information-here.html "What is a Virtual Data Room? Unveil the Essential Information Here!") future strategic business-decision making. Not being able to retain and attract new talent was also cited as an issue which will continue to cause problems for [finance if it’s too slow to adapt and drive forward digital transformation](https://www.financedigest.com/5-key-takeaways-from-the-finance-sectors-digital-transformation-revolution.html "5 Key Takeaways From the Finance Sector’s Digital Transformation Revolution") initiatives.

Adopting a digital first [approach and learning new data and tools skills all take time](https://www.financedigest.com/anti-money-laundering-time-to-take-a-new-approach.html "ANTI-MONEY LAUNDERING: TIME TO TAKE A NEW APPROACH?"), but it’s crucial that finance continues to progress its adoption of digital technologies and ensures it’s leveraging the full functionality of the tools it already uses. This will help [finance access better business insights and to support the case for wider transformative technology](https://www.financedigest.com/7-ways-cloud-technology-can-transform-business-finances.html "7 ways cloud technology can transform business finances") adoption in the future.

The research also revealed the technologies most widely adopted by [finance to help them boost visibility on costs and business](https://www.financedigest.com/6-ways-to-spring-clean-your-business-finances.html "6 ways to Spring clean your business finances") performance, including tools to support extended planning and analytics (xP&A) strategies and business intelligence/analytics software. Other growth areas include wider adoption of [financial consolidation and close](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") software as teams look to boost productivity. robotic process automation (RPA) also continues to grow in popularity with finance, and this [technology trend](https://www.financedigest.com/top-5-trends-in-decentralised-self-sovereign-identity-ssi-and-privacy-preserving-technology-in-web-3-0.html "Top 5 trends in Decentralised Self-Sovereign Identity (SSI) and Privacy-Preserving Technology in Web 3.0 ") looks set to continue.

With lots to gain from speeding up slow, laborious processes and the delivery of real-time business insights based on accurate data, finance has lots to gain from embracing their [digital futures](https://www.financedigest.com/42-of-retailers-say-payment-over-time-solutions-are-very-important-to-ensuring-future-digital-innovation.html "42% of retailers say payment-over-time solutions are ‘very important’ to ensuring future digital innovation").


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