The impact of digital transformation is visible in business models and markets. This is noticeable in every organization of nearly every size and type. There is a need to identify and drive forward new initiatives that support changing strategic goals due to digital transformation.
In companies that do not yet use an enterprise performance management solution, financial processes are still performed manually. The finance team often uses Excel spreadsheets for all budgeting, forecasting, modeling and reporting activities. Subsequently, organizational collaboration struggles.
As a result, finance spends a lot of time creating budgets and forecasts so that they are out of date by the time the plans are completed. Due to this obstacle, the finance department can provide the basics, but then has limited time for any value-added activities to support decision makers in making better-informed decisions faster to create better strategy.