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The last three years have been nothing short of a challenge for finance teams across the board. The re-adaptation caused by the Covid pandemic both in terms of work organization and in terms of budgets and company goals is now followed by the challenges brought in by a period of economic uncertainity, especially in the Tech sector.
For the most experienced professional, this is nothing new. The job a Financial Controller or a CFO is indeed to adapt and re-adapt based on the conditions offered by the market and help the company surf the waves of a changing economic environment. For the more beginners these may seem like extra-ordinary times and they may be wondering how to make sense of it all and how to bring real added-value to their company.
We believe 2023 is going to be a marking year globally. The world is facing major and urgent challenges that will need adequate and effective responses.
1. Innovation and agility: 2023 is going to be a year with growing emphasis on innovation and agility. In a rapidly changing business environment, finance teams will need to be agile and able to adapt to new technologies (AI anyone?) and changing business needs. This will require a focus on continuous learning and the development of new skills.
2. Sustainability: In addition, finance teams will need to prioritize sustainability and social responsibility. As stakeholders increasingly expect organizations to consider their impact on society and the environment, finance teams will need to play a key role in identifying and addressing sustainability issues within their organizations.
3. Be lean, go far: Be lean, go far was one of the company values back when we were working at BlaBlaCar. That value embodies the concept of trying to achieve the best even with limited resources. Indeed, one of the main challenges facing finance teams will be the need to do more with less, as many organizations are facing budget constraints and resource limitations. In this environment, it is more important than ever for finance teams to find ways to increase efficiency and reduce costs.
4. Automation: One trend that can help finance teams address this challenge is the adoption of easy-to-implement software to automate repetitive and bureaucratic tasks such as reporting presentations and periodic reports. The aim of automating such tasks is to gain time on more impactful matters and improve the ability to analyze and forecast. Reduce the time spent on administrative tasks and increase the time available for value-added analyses.
In addition to improving efficiency, the use of such time-gaining software can also improve the accuracy and timeliness of financial reports. Dokin is a great example of this. By automating the data entry and reporting process, finance teams can reduce the risk of errors and ensure that reports are produced in a timely manner. This is especially important in the current economic environment, where timely and accurate financial information is critical for decision-making.
Overall, 2023 will be marked by growing challenges for finance teams as they surf through the waves of inflation and the threats of recession. They'll need to show their ability to adapt and innovate, while leading social responsibility initiatives. In this context, the increasing need for timely reporting and analyses will require finance teams to be quick on their feet and prioritize in-depth analysis work. The adoption of software to automate repetitive and bureaucratic tasks like Dokin can help them to address the challenges of budget constraints and resource limitations while improving the efficiency and accuracy of their work. Sounds interesting? Join our waitlist and enjoy a free trial of our features for you and your team!
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