Three Essentials for a Digital Office of Finance
Today, advances in columnar databases, in-memory processing, and AI/ML are beginning to redefine how work gets done in finance and accounting departments by automating an increasing amount of rote, repetitive work. Over the coming decade, technology will continue to transform how the Office of Finance can operate, enabling it to achieve the longstanding objective of orchestrating business performance to ensure that operational functions are aligned with financial priorities.
In this Ventana Research Analyst Perspective, SVP and Research Director Robert Kugel explores the three essentials for a digital Office of Finance:
- Continuous Accounting, a term Ventana Research uses to describe an approach to the accounting function that streamlines processes and improves efficiency by addressing the causes of inefficiency at the source.
- Continuous Planning, a type of high-participation, collaborative, and action-oriented planning that is built on frequent short planning sprints.
- Continuous Improvement, focuses heavily on the people dimension and demonstrates its value by lowering costs and improving quality; recognizes that business is not static.