Digital transformation success is being hindered by technologically stagnating departments, such as HR & Finance.
The majority of digital leaders believe that the modernisation of these crucial core business functions, is needed to support the success of the overall digital transformation strategy of organisations.
But businesses are being left behind, with outdated systems and fragmented business operations leaving companies experiencing serious shortcomings when supporting digital transformation at scale; according to research from IDC and Workday, which surveyed 400 digital leaders across Europe.
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HR & Finance: Creating digital deadlock?
An overwhelmingly low percentage of respondents believe that their Finance and HR systems are ‘state-of-the-art’. And, those digital leaders suggest that because of this, they cannot integrate new digital solutions with existing Finance and HR processes.
The majority find it difficult or impossible to adapt these two crucial business functions to new digital transformation requirements of their organisation.
‘Digital leaders have a very clear set of requirements from HR & Finance departments as they look to drive successful cross-company digital transformation strategies,’ according to the research.
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‘They must view digital transformation as an opportunity to update and renew process, which in turn will allow them to support business leaders in driving successful digital transformation at scale and avoiding ‘digital deadlock’.’
This will involve:
- Creating a digital dream team to cut across finance, IT, HR and the broader business:
73% of best-in-class digital leaders are actively engaged in discussions with the head of HR and finance regarding digital transformation.
- Supporting new business models through finance and HR:
76% viewed this as very or extremely important. There is an understanding that to do this the ability to reconfigure finance and HR systems in a dynamic fashion is critical.
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Modernising HR & Finance
Organisations are making significant investments in finance and HR systems to combat digital deadlock, and support the digital transformation journey.
“The time to disrupt is now,” said Carolyn Horne, regional vice president of UK, Ireland and South Africa, Workday.
“DX strategies are being rolled out by organisations as forward-thinking CEOs realise digital transformation across the business is critical if they are to survive and thrive. Technology is playing a critical role in this change, but this change is not just about how a company innovates around new products and services, or changes the customer experience, the whole organisation needs to adapt and modernise. This must include finance and HR, otherwise the agility, flexibility and insights needed to be successful in the modern business world cannot be achieved.”