The transformation of the Finance function, one of the priorities targeted by financial directors in 2018

According to Damien O’Neill, Chief Financial Officer of the TF1 Group: “The transformation of the Finance function is based on the digital levers of dematerialisation and robotization of our processes. Our objective for 2018 is to reinforce and speed up their automation in order to make them more fluid, which should lead to savings, but above all to put in place new performance indicators”. Indeed, according to a study by PwC, the ambition of the use of digital in the financial departments predominate more and more the priorities of the companies. Already, in 2017, 60% of the Administrative & Financial Directors declare that they want to evolve their IT against 40% in 2016. For the period 2017-2020, this evolution is more precisely in the ambition to:

  • Dematerialize the processes for 85% of Administrative & Financial Directors (vs 69% in 2016)
  • Implement cloud tools for 83% of CFOs (vs 31% in 2016)
  • Robotic tasks with low added value for 48% of Administrative & Financial Directors (vs 2% in 2016)

The desire to operate in the first place to dematerialize the processes allows a gain of efficiency for 66% of the Administrative & Financial Directors. Dematerialization covers, in particular, the process of reviewing manual entries and apprehending peaks of activities during the period of tax closures. In this way, the Finance function will be able to refocus on tasks with higher added value and to better supervise the operational teams.

This dematerialization goes hand in hand with the use of the Cloud. The digital use of the Cloud also meets the primary objective of 73% of the Administrative & Financial Directors: the reduction of the costs of the Function Finance. It also makes it possible to make the data more reliable and easier to report back to headquarters. On the other hand, cloud data security remains problematic, but to a lesser extent than in the past.

As for the robotization of the Finance function, it targets the efficiency of the service and the improvement of internal control. To this end, several tasks such as the management of accounting references, the processing of orders as well as customer disputes or the controls of the interfaces fall within the scope of robotization. The operational teams are thus more relieved and the tasks handled are of greater added value.