Why Finance Should Lead Digital Transformation
Nishant Nair, CEO, RecVue, speaking at Argyle CFO Leadership Summit in San Francisco
Yesterday at the Argyle CFO Leadership Forum in San Francisco, RecVue’s CEO, Nishant Nair, had the opportunity to present on the critical role of finance in digital transformation.
Speaking to a packed room of finance executives, Nishant highlighted the results of a recent Gartner study which found that while 87% of respondents believe that digitalization is a top priority, more than 72% say that digital efforts are missing revenue expectations.
To embark on a digital transformation journey across the organization, there are four key business components to consider: Customers; Value Proposition; Capabilities; and Finance (as described in Speed Up your Digital Business Transformation, Gartner, 2019).
With this in mind, finance leaders are uniquely positioned to bring all the components together by identifying new revenue and value-producing opportunities.
There are two types of organizations who can benefit the most by expediting business model change and digital transformation:
- Companies that already use recurring revenue models but find that their billing solution can’t keep up with the rapid growth or increasing complexity of the business.
- Companies in transition to a recurring revenue model that need to scale their organization to manage many more transactions and frequent changes to bundles and pricing.
Nishant concluded his talk by encouraging finance leaders to embrace this opportunity for leadership and spearhead digital transformation efforts to benefit customers and improve profits.