Navigating the Digital Transformation Landscape

Emerging technologies are disrupting the way we perform our day-to-day work responsibilities. As digital solutions such as robotics process automation (“RPA”), artificial intelligence and big data analytics continue to get deployed, companies must develop a strategy to remain competitive. Although an organization may have the desire to change and deploy digital solutions to transform their businesses, they are not fully aware of the many benefits, as well as the roadmap to ensure success.

In a webinar hosted by EisnerAmper, both Greg Fritsky, Director of Digital Solutions at EisnerAmper and Steve Palomino, Managing Member at Palscott LLC, discussed the impact of emerging technologies on business enterprises and how companies can successfully navigate and capitalize upon digital transformation opportunities to create a more efficient business.

The following are some key takeaways that were shared and discussed during the webinar:

• By 2021, the use of digital solutions is expected to yield:
  • 2-3x improvement in productivity.
  • 40% reduction in finance costs.
  • 75% of time spent on analysis.
  • 3x increase in strategic tasks.
• 69% of employees say manual effort is the #1 bottleneck in the financial close process.
• It is important to identify the business use case for new technology like RPA and a proof of concept that satisfies the use case and can also achieve positive ROI in a few weeks (not months).
• Developing the business case drives why and how you implement technology. It’s important to recognize that you cannot simply throw technology at a problem and expect it to be solved.
• Consider creating a center of excellence that involves the business process owners as well as audit and IT professionals who can evaluate that technology and ensure alignment to the business use case.
• If employees work in an inefficient environment where a majority of their effort and time is spent producing items and focusing on the level of control around that process, then analysis has become something that is forgotten in the background. With the use of digital solutions, individuals are able to spend more time analyzing what the data is telling them and can derive more value.