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August 31, 2022
Contributor: Jordan Turner
Low satisfaction and slow returns from digital transformation done in-house begs the question.
In short:
CFOs must prioritize plans to accelerate their digital transformation processes, or risk not being able to effectively serve their organizations by 2025.
Finance and accounting (F&A) business process outsourcing (BPO) vendors have transformed their service offerings and now look to accelerate digital finance transformation.
CFOs that explore opportunities with BPO vendors will increase the likelihood that their digital finance transformation programs succeed.
CFOs are worried about their digital finance transformation trajectories. In a recent Gartner survey, 55% of finance leaders are not confident with current progress and only 37% have a digital finance strategy in place today. Plus, given the current unstable macroeconomic conditions, cost optimization objectives are in parallel with progressing digitalization.
Finance and accounting (F&A) business process outsourcing (BPO) providers recognize the low satisfaction level and slow returns with transformation progress done in-house and they have transformed their service offerings significantly in recent years to bring digital services and transformation expertise to finance.
Download report: Act Now to Champion Autonomous Finance
“Leaders who consider working with outsourcing providers for digital transformation have a greater chance of meeting cost optimization objectives while simultaneously securing finance technologies that accelerate digital agendas,” says Sanjay Champaneri, Senior Director Analyst at Gartner.
Digital finance transformation typically consists of three phases:
Learn more: Your Ultimate Guide to Autonomous Technologies in Finance
BPO vendors have invested in alternative methods and solutions to meet the challenges faced during the three phases of digital transformation, differentiating themselves in two key ways. CFOs that take advantage of this will increase the likelihood that their digital finance transformation programs succeed.
BPO providers frequently add technology to their portfolio of solutions, which makes it easy to demonstrate their capabilities and give a compelling reason to adopt their digital solutions. This saves time during the initial assessment and provides the opportunity to see how these technologies can solve operational challenges. Providers can assess an organization’s current operating state and map performance issues and challenges back to their technology solutions.
As you evaluate and purchase digital finance software independently, you run the risk of struggling to juggle multiple finance technology vendor relationships for the long term. Software vendors compete for attention with upgrades, new capabilities and enhancements. BPO providers can take this pressure away and own the vendor administration across all of your technology portfolio.
A technology roadmap managed by a BPO provider reduces the burden on internal finance and IT resources while ensuring best-of-breed technology is still accessible.
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Recommended resources for Gartner clients*:
Accelerate Digital Finance Transformation via Business Process Outsourcing
Predicts 2022: Digital Finance Transformation via AI-Enabled Outsourcing
*Note that some documents may not be available to all Gartner clients.
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