CFO’s Role in Digital Transformation


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How can CFOs kick-start digital transformation?

All over the world, companies are at various stages of their digital transformation journeys. Within a company, the CFO is usually the driver as they are in charge of many of the processes that are digitised.

 

Recent research from global consultancy McKinsey & Company shows that 40 per cent of finance activities can be fully automated, with another 17 per cent mostly automated, as per the chart below.

While stats like these are impressive, they can also be intimidating for companies as the most common question we hear from clients looking to start their digital transformation is “Where do we start?”

Furthermore, many CFOs tell us that they want to spend more time on digital initiatives.

But the fact is, CFOs still spend more time on traditional finance activities than researching the latest digital trends, which is fair enough as they still have their jobs to do.

The risk is that by failing to start on that journey, the CFOs – and their companies – will get left behind.

As a company that facilitates the digital transformations of companies across Asia Pacific, Docuworx believes that the best way to start that journey is for CFOs to work with the leadership team to identify the tasks and processes that can be streamlined via digitisation.

Yet that meeting can be hard to organise for CFOs of small to medium businesses that are focused on the day-to-day running of things.

To help overcome this, we visit companies, documenting their processes and workflows to can help CFOs see the areas that can be digitised first.

The chart above is a reminder of the vast potential of digitisation and once CFOs realise what it can do to improve the bottom line, the case for digital transformation becomes a no-brainer.

At Docuworx, we know every company is different, so we tailor the best solutions for each of our clients.

For the proactive CFOs out there that want to kick-start the process, consider the following five tips:

 

  • Assess your current business and establish the new processes that could be implemented. These could be big or small, depending on your requirements and ambitions.
  • Identify the key solutions you will need to commence your digital transformation and choose a vendor.
  • Engage with your employees to describe the new processes and discuss how they will impact operations.
  • Create a roadmap including finalization of vendors, the phased introduction of the solutions and employee training.
  • Determine how you will measure the success of your initiative – what are the key performance indicators?

 

Looking to embark on your digital transformation?

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Paperless Healthcare


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Paperless healthcare on the rise and readily accessible to smaller players

 

At Docuworx, we often recommend going paperless as an initiative well-suited to those looking to start their digital transformation. A recent story from a healthcare provider in the US highlights some of the benefits of going paperless and how you don’t have to be a major player with a huge budget to digitise parts of your business.

 

In August 2019, the Williamson Memorial Hospital announced that it has implemented a paperless registration process and Meditech-as-a-Service (MaaS) a web-based electronic health record (EHR).

 

The paperless registration process allows patients to electronically sign all documents, resulting in significant paper and cost savings for WMH while also providing a superior patient experience.

 

Meanwhile, the cloud-based MaaS delivers all benefits of EHR without the burden or costs of in-house IT responsibilities and hardware.

 

WMH patient access director Angela Davis said going paperless not only helped reduce costs associated with paper and printing, but also freed up important office space.

 

“We can conduct business more efficiently resulting in faster responses to patients,” she said. “Having a paperless system allows for efficiency for our patients and clients, which is very important. You can easily and securely provide and receive documents that are needed in a much shorter time span while also assisting other patient care needs.”

 

It is a common misconception that a digital transformation such as the one being undertaken by WMH must be an expensive and difficult process that can only be done by large players.

 

On the contrary, there can be significant advantages to being smaller and nimbler, as there are fewer employees to train on the new systems and less legacy infrastructure to deal with.

 

WMH is not a sprawling, multi-million-dollar city hospital with thousands of beds, it is a 50-bed community hospital in West Virginia.

 

Now, thanks to paperless registration, WHM staff can quickly collect, manage and share registration information without printing or scanning forms – and they have more space to do so in. As a result, they can focus on patient care rather than paperwork, improving the patient experience in the community.

 

Docuworx’s Document Managing Systems can store patients records in a central document pool for easy access and retrieval.

 

The hospital of the future means more patients, shorter wait times, and better use of bed occupancy – all while meeting growing demands in quality. A critical part of this vision is finding the most modern Document Management and Automated Workflows System.

 

Looking to embark on your digital transformation?

For Your Personal Invitation to Our Next Luncheon Presentation

REGISTER NOW

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