In today’s ever-changing business world, digital transformation gives your business the ability to evolve and thrive. By seeking and adopting innovative concepts for business processes, you’ll be giving your business the digital edge it needs to grow and scale successfully. Work towards your growth goals with this 4-step approach to digital transformation:
1. Understand the benefits of digital transformation Take a closer look at your business processes and identify gaps that have a great impact on efficiency and productivity that reflect a real need for change. Accounting functions such as invoice and expense management, collection, and tax reporting are good places to start. Here are 4 benefits you can enjoy:
Transparency and visibility
This paves the way to smart and profitable business decisions by making key financial information available to your executives in real-time.
Enhanced data security
This ensures data is always backed up and safeguards the confidentiality of your business and client data.
This supports your mobile workforce and clients by providing on-the-go access to both needful information and individual workflows, ensuring active and seamless collaboration within your accounting department and reduces the time spent passing on back-and-forth communication.
Finally, improved reporting standardizes your company’s processes and reduces the risk of manual data entry errors.
2. Identify solutions that match your business needs Essentially, all these benefits can be reaped with one solution — a cloud-based enterprise resource planning (ERP) platform. However, note that as there are multiple ERP solutions in the market, they all come with different features. Be sure the one you eventually choose solves for exactly what you need.
For example, if your accounting department has identified financial reporting as their greatest challenge, look for an ERP accounting solution that efficiently consolidates and reconciles financial information. Using an ERP accounting software that puts financials in a single database will help them accomplish reports without errors or delays.