How the World is Evolving
As a consumer, we have acknowledged that we are living in the digital era. There are roughly 1 billion active websites and 2 billion smartphone users worldwide; meanwhile the number of fixed telephone lines has decreased over the last 9 years.
Companies may not see today how they will enact change tomorrow. According to Forrester: ‘only 27% of today’s businesses have a coherent digital strategy, which determines how the firm will create customer value as a digital business.’ Instead, more focus is spent on keeping the lights on rather than innovation.
To stay relevant, organizations, business units, and individuals need to know where business technology is headed, and be sure to remain up to date with the ever shifting digital trend. It is time to take action: make digital transformation your key strategic thrust.
Yes, most of us are too limited in our thinking. By simply changing the processes, we can be more successful with disruptive transformation. The digital era is asking to widen our horizon and adapt modern technology and new business models. With ample possibilities today, there is no need to own the equipment to run your business. Lease it for the duration of a contract and put the responsibilities down to your suppliers, allows focus on your core business and respond effectively on chances.
We are all familiar with Uber and AirBnB, but startups have been making waves across all industries: temporary office spaces, self-service bikes and food box delivery services. Another shift that we are seeing is the introduction of Light as a Service from Philips to service Schiphol Airport in the Netherlands. The light as a service means that, Schiphol pays for the light it uses (pay-as-you go), while Philips remains the owner of all fixtures and installations.
Lighting fixtures were specially developed for Amsterdam Airport Schiphol that will last 75% longer, as the design of the fixtures improved the serviceability.
The Growing Use of Technology in the Finance Function
As business models change, the systems has to change alongside. Nowadays, Financial Controllers (FCs) prefer to have more insights and an increased focus on financial planning. Thus, better understanding of the income, cashflow and assets help determine the financial goals. Having real-time insights and adapting new business models are driving more and more financial departments to the cloud.
Similarly, Forrester states, systems are integrated and cloud-based to create a connected and dynamic ecosystem. The reasons for making the move are many, nonetheless the results are typically the same: faster innovation, greater scale, lower costs, and operational excellence.
If you are still concerned about the risks of changing finance, keep in mind the risks of not moving on.
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Original post: https://blogs.oracle.com/epm/entry/the_impact_of_not_changing