IntroductionThe development of the digital economy and technology has dramatically changed the business model of enterprises. The current complex macro and micro environment has made many enterprises realize the importance of "building a first-class financial system and financial digital and intelligent transformation". The State-owned Assets Supervision and Administration Commission (SASAC) proposes to build a world-class financial management system based on "standardized, lean, intensive, steady, efficient and intelligent" for leading enterprises, and the deep integration of digital technology and financial management as the starting point. Private enterprises are also exploring how to drive the integration of industry and finance through digital and intelligent transformation to create value for enterprises. The Gordon team went deep into the financial field and conducted questionnaires and on-site interviews with senior finance executives across the country to comprehensively understand the current situation and trend of financial digital and intelligent transformation.
The content of the survey is from:The current situation of digital intelligence development of financial sharing center, the development goals of digital and intelligent transformation, organizational change, talent remodeling, technology and innovation, and data governanceand other dimensions of the key elements of financial digital intelligence transformation, insight into the capabilities required for financial digital intelligence reform, and provide vision and insight for more financial managers of enterprise groups, so as to realize the butterfly transformation and upgrading in digital intelligence.
Recently, we also had the pleasure of conducting an in-depth interview with Mr. Chen Qiang, Chief Financial Officer of Shuangliang Group, and Mr. Wu Weipeng, CFO of Mindray Group (click on the blue part to review), and learned their valuable experience and unique insights in the field of financial digital intelligence.
This series of surveys and interviews provides us with rich practical experience for in-depth analysis of the direction of financial digital and intelligent transformation, the core mechanism of promoting value creation, and better promoting this change, and provides strong support for enterprises on the road of financial digital and intelligent transformation.
Executives' smart insights to lead financial transformationThe importance of digital and intelligent transformation in the financial field is highlighted, and it is becoming a key element to promote organizational change and release financial value by achieving internal collaboration, improving efficiency, and deeply integrating business.
The results of the questionnaire survey show that the financial sharing center is the starting point of the financial organization change of most enterprises (56%), and its original intention has gradually changed from playing a control role and business standardization to integrating financial resources (77.).8%) and unlocking financial value (63%).
The survey also showed that 333% of finance executives believe that investment and support for informatization and digitalization is the most critical driver for the sustainable success of future finance organizations.
In the interview, Mr. Chen Qiang elaborated on Shuangliang Group's digitalization goals, which aim to achieve internal synergy and promote business efficiency.
He believes that IT technology has always led the transformation of the financial field, and the digital system should break down departmental barriers and achieve rapid collaboration. It emphasizes that enterprises should evolve from process-driven to data-driven, and digital management needs to improve efficiency and effectiveness. He also notedIn the future, finance needs to deeply integrate business and create more value for enterprises。Digital transformation enables departments to make positive changes, optimize work processes, and achieve efficient and flexible organizational operations, helping enterprises grow in all aspects.
Mr. Ng provided an in-depth analysis of the historical development of the finance function, emphasizing that finance is currently undergoing a critical transformation from financial analysis to financial driven. He made it clear that finance needs to be the champion and driver of the business, and discussed at length the importance of synergies with other departments, restructuring of the finance team, and working with the IT team in this change.
In addition, he noted that it passedDigital tools, finance not only optimize business processes, support decision-making, but also improve overall efficiency。The interview highlights the need for finance to integrate data, insights, business thinking, and leadership, while emphasizing that change must be supported by a holistic corporate culture.
The multiple realms of financial digital intelligence evolution: informatization, digitalization, and intelligence
The digital and intelligent transformation of finance is not a simple technological upgrade, but a comprehensive change, which is usually experiencedInformatization, digitalization and intelligenceThree phases.
The core goal of financial informatization is to use the information system system to solidify and improve the process and improve the efficiency of operation and management. This covers the automation of financial operations, including accounting, report generation, payment processing, and more.
Financial digitalization emphasizes the full application of data technology in business operation and management decision-making, and cultivates and advocates financial data talents"No data, no decision".data culture. Through the end-to-end, full-process intelligent system, financial personnel can efficiently carry out data input and processing, so as to make judgments and decisions, forming a closed-loop system of "data input, data processing, information judgment, and conclusion output".
Financial intelligence requires a higher level of technology and algorithms, and the application of intelligent technologies such as natural speech recognition, knowledge graph, and machine learning for scientific, effective control and intelligent analysis provides stronger support for enterprise operation and management decision-making, and helps enterprises optimize the current business value chain and management value chain.
The digital and intelligent transformation of finance is a long process that requires decades of committed investment.
Taking China Resources Group as an example, it started the construction of financial digitalization in 2008, and after 12 years of financial infrastructure system and financial sharing construction, it finally completed financial informatization in 2020 and entered the stage of financial digital transformation.
Financial digital intelligence: the engine that drives enterprise value creation
Value creation is the core of financial digital intelligence. In the process of financial digital and intelligent transformation, enterprises take data as a new factor of production, information systems and intelligent technologies as the carrier, and financial management as the entry point to integrate and mine the value of various financial and business data, strengthen the guiding force of financial work in enterprise operation and management activities, help enterprises explore and build new mechanisms for value creation, and enhance the competitiveness of enterprises.
In summary, the digital and intelligent transformation of finance can promote the value creation of enterprises from multiple dimensions:
1.Technology updates and upgrades.
As a key tool for digital and intelligent transformation, technology has realized the replacement of human labor by machines and improved the efficiency of financial work. Some standardized, repetitive financial tasks, such as data collection and report making, can be automated, so that financial personnel can focus on more valuable analysis, control and decision-making, and promote the transformation of financial work from labor-intensive to knowledge-intensive. This is exactly what many finance executives emphasise as "the role of technology in driving financial change."
2.The evolution of the role of financial management.
In the era of digital intelligence, financial managers need to play the role of "value creators" of enterprises, deeply integrating and accurately analyzing various financial and business data. Mr. Wu Weiqiang pointed out that finance should be from passive to active, from reaction to decision-making, to provide strong support for the business development and business model reform of enterprises. This data-driven value-creating role puts finance managers at the forefront of business decision-making and becomes a key driver of change and business innovation.
3.A change in the way an organization operates.
Mr. Chen Qiang believes that the key to the operation of enterprise organizations is to improve efficiency through internal and external "rapid collaboration". Financial digital intelligence helps enterprises to open up business cycles, management cycles and data cycles, break down information barriers vertically, dredge information blockages in different departments horizontally, realize the division of labor and cooperation between strategic finance, business finance and shared finance, and promote the integration of industry, finance and taxation. The integration of various cycles can make everyone have a clearer understanding of the overall picture of enterprise operation and management, lay the foundation for flat decision-making, and then bring about the need for change in work processes and organizational operation models, optimize the efficiency of internal and external organizational collaborative operation, reconstruct the value chain of enterprises, and promote the long-term growth of enterprise value.
Talent training in the era of financial digital intelligenceFinancial management, business finance, and digital finance are leading the transformation in all aspects
In the survey, financial executives agreed that the degree of integration of industry and finance and the level of digital intelligence will directly affect the ability and value of financial organizations. With the deepening of the integration of industry and finance and the improvement of the level of digital intelligence, the entire financial organization will gradually evolve from the traditional accounting and bookkeeping functions to a model that pays more attention to operation and value creation. In this transformation process, finance team managers, business finance applications, and digital finance builders play a key role.
1.Financial management talents.
In the era of digital intelligence in finance, financial management talents, as organizational leaders, play an indispensable role in leading the transformation of financial organizations.
In the interviews, the core work of finance executives not only includes reaching financial strategy consensus and improving leadership, but also focuses on in-depth exploration of financial transformation paths based on digital intelligence and improvement of business thinking. This makes financial management from the traditional financial micro to the macro of the enterprise, from the inside of the enterprise to the outside of the market economy, from the back end of the business to the front end of the business, always based on the present and meet the challenges of the future. Forward-looking insight, overall planning, solid financial expertise, and excellent organizational leadership have become the key elements to drive the rapid growth of financial organizations and enterprises.
2.Business finance talents.
Business finance talents are the key enablers of the transformation of financial organizations in the era of digital intelligence.
In order to achieve the transformation of financial value, business finance talents need to focus on cultivating operation + financial application capabilities and improving their unique literacy in business empowerment. The financial management function is evolving from post-accounting to a more strategic "supporting strategy, supporting decision-making, serving the business, creating value, and preventing risk." In this process, finance executives agreed that talents with comprehensive skills such as understanding finance, business, communication, and analysis are the key foundation for financial value to penetrate into the middle and front office. In order to effectively meet this demand, Gordon has built an innovative training system based on the financial BP five forces model, aiming to help business finance talents become leaders in the integration of industry and finance and builders of financial organizational value.
3.Digital finance talent.
Finance executives emphasized that digital finance talents need to focus on improving the professional and technical level of financial digital intelligence to adapt to the role of technological leap in promoting digital and intelligent transformation.
They are not only technical talents, but also need to be transformed into comprehensive talents who understand business strategy, financial management, data application, technical architecture, project management and other aspects. This comprehensive capability transformation is the foundation for financial digital talents to participate in and lead the construction of financial digital intelligence and organizational transformation. Based on the in-depth cultivation of digital financial talents**,Gordon has built a training system with the implementation and application of financial BI as the coreIt aims to maximize the personal value of financial digital talents and empower the construction of financial digital intelligence and the transformation of financial organizations.
At this stage, many enterprises have slowly developed from "little understanding" to "some results" for the digital and intelligent transformation of finance.
The construction of financial information systems is gaining momentum, but technology is not the core of digital and intelligent transformation. Due to the lack of close integration with corporate strategy, the neglect of the construction of "digital culture" and the cultivation of data management talents, as well as the neglect of the establishment of internal mechanisms and systems, many companies only stay at the level of "informatization" and cannot successfully move towards "digitalization" and "intelligence", thus failing to give full play to the supporting role of financial digital and intelligent transformation in enterprise development and value creation.
Conclusion
In the process of digital and intelligent financial transformation, we have witnessed the rapid upgrade of technology, the evolution of the role of financial management, and the comprehensive transformation of the organization's operation model. The results of the survey and interviews highlight the full range of growth opportunities provided by digital intelligence, highlighting the key impact of industry-finance integration and digital intelligence on the ability and value of financial organizations, as well as the key role of core talent development in this process. The digital and intelligent transformation of finance is not only a key step to lead enterprises into the future, but also a solid foundation for building enterprise value creation.