RecVue Blog

Finance and accounting teams are under greater pressure than ever to deliver new levels of speed, precision, and insight. But they must manage many challenges: accommodating new business models, scaling to higher transaction volumes, keeping up with complicated contractual terms, supporting the sales organization’s creative pricing structures, and new compliance requirements — to name just a few. The faster pace of business means that legacy accounting systems and spreadsheet analysis can no longer reliably keep up.

Please join us on Wednesday, May 15 at 11 am PT/ 2 pm ET for an interactive panel with CFO Magazine: Driving Digital Transformation in Finance to Bolster Revenue.

Many organizations are adopting recurring revenue products and CFO’s and finance leaders are increasingly planning for changes in processes and IT systems.

We recently had the opportunity to host a webinar with FEI featuring Kevin Long, VP Global Cash Operations at ACI Worldwide.

In this interactive discussion, Kevin discussed how ACI, a global payments company, struggled to combine 3 separate billing systems and 80-plus usage systems across 4 acquired companies, while integrating with Oracle Financials Cloud. What led them to RecVue was they were looking to adopt digital transformation across the company in order to modernize their operations and capitalize on new business models.

During the webinar we had the opportunity to poll the audience and found that:

• Only 28% of participants have an active digital transformation initiative in place

Of those that are considering digital transformation initiatives, the following goals were highlighted:

• Adjusting the business model in response to market disruption- 22.9%
• Increasing or shifting to revenue streams from subscription or usage-based models- 17.1%
• Offering more pricing & delivery options for using or acquiring our products and services- 11.4%
• Updating or replacing the systems we use for finance and accounting- 40.0%

During the Q&A, Kevin discussed the biggest challenge the organization faced in embarking on this initiative:

“Some of the biggest challenges were internal. Having a vision for what we wanted to do was difficult because we had so many internal stakeholders dependent on what we chose to select and implement. In addition, having the vision for our data environment became one of the biggest challenges- master data, governance protocols, how that relates to the contracting process itself, is a common thread all companies face. It is worth the time internally for every organization to have those discussions about what the future looks like before undertaking a major technological investment and business process change.”

We invite you to watch the webinar on-demand here.

We are pleased to be a Diamond Sponsor of Monetize 12 produced by MGI Research. This event is sure to be packed with best practices on how organizations are making the shift to subscription billing, improving Quote to Cash processes, adopting new payment methods, and leveraging platform business models.

Joe Scavotto, Solutions Consultant, RecVue

Presented at Oracle Modern Business Experience

We were pleased to have the opportunity to have Nishant Nair, CEO, RecVue deliver a presentation on digital transformation and the impact on finance teams in this journey.

RecVue is headed to San Antonio, TX, for COLLABORATE 19 — OAUG Forum and we would love to meet you there.

In this week’s post on Digital Transformation and the Role of the CFO, we are sharing a recent article in Chief Executive Magazine by Sandy Cockrell III, national managing partner of the U.S. CFO Program for Deloitte LLP.