TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
The Finance Story
No Result
View All Result

Embracing Digital Transformation in the Finance Function – by Ganesh S. CFO, Tally Solutions

Here is how with the pandemic striking hard across the globe, the transformation was instantly accelerated changing the entire business landscape involving customers, vendors, stakeholders, etc, especially in the MSME community.

The Finance Story by The Finance Story
Published date: 18th May, 2023
Last edited date: 21st November, 2024
SHARE (541)
-website-ganesh-subramanian
Share on FacebookShare on Twitter

Digital transformation has redefined the way we do business, with the intent of continuously delivering value and delighting our customers. It has become a successful “business strategy” rather than just a “technology strategy”, primarily fuelled by outflanking competition.

With the pandemic striking hard across the globe, the transformation was instantly accelerated changing the entire business landscape involving customers, vendors, stakeholders, etc, especially in the MSME community.

What was initially thought to be a long-term digital transition plan was achieved in a matter of months with businesses evolving dynamically to the changing circumstances.

Sectors such as financial services, education, healthcare, and consumer product companies were quick adaptors and lead the change.

The pandemic resulted in new customer behaviors emerging – 35% of Netflix subscribers use it for educational content, a decline in discretionary spending, polarization of sustainability, focus on health and hygiene, and preference for digital entertainment (Source: McKinsey & Company).

Indian companies have placed digital transformation as one of the top three priorities which earlier to the pandemic were looking at SaaS models/platforms as “nice to have” rather than as “must-have” investments.

Digital transformation begins and ends with customers, and customer delight is of utmost priority for any business. Customers being tech savvy and ahead in the digital curve has driven businesses to ensure their customers’ experience is seamless and delightful.

Finance as a function has involved the customer life cycle, from awareness to conversion to loyalty.

Data integration between finance and operations is the new age expectation and is reshaping the finance function with technology to create self-servicing, efficient operating systems, and processes, blend operational results with financial data points using advanced analytics, enhance timely decision-making with AI, etc.

Digital transformation in Procure-to-Pay(P2P) is no longer an option, but an inevitability. Creating a touchless environment by integrating e-procurement, e-invoicing, and e-payments is the way to go in driving an efficient and seamless P2P process with strong vendor relationship management. Digitally strengthening spend management ensures resource optimization, effective risk management, and support cash-flow planning and monitoring.

Digitization has been reshaping treasury management and this was propelled, thanks to the pandemic where liquidity, cash management, and forecasting became priorities for every business.

Digital treasury and banking minimize manual manipulation and expedite decision-making.

Businesses with efficient treasury management during the pandemic period were able to make better use of their working capital and manage risks with greater precision. Banking integration and automation providing contactless real-time financial information is the way forward.

We have been seeing proactive steps taken by the Government in digitalizing direct and indirect tax compliances, setting the tone for businesses to digitally transform themselves.

Automation of compliance promotes a high level of information security, the ability to track ownership at the transaction level, the accuracy of data points, on-demand reporting, and ease in the retrieval of relevant information for timely reporting and communication with government agencies.

Adopting technological solutions in compliance is pivotal to ensuring the smooth continuity of the business, managing compliance risk, and instilling confidence in all those concerned including stakeholders.

With digital transformation across processes, capturing and analyzing data into meaningful information and reporting the same to various stakeholders is the key.

The overwhelming variety and volume of financial and non-financial data are to be exploited to achieve value-driven reporting.

Real-time dashboards with integrated financial and operational data with effective trend-related data analysis, and behavioral patterns are critical for the success of any business to report beyond what is easily measurable to provide insights to understand drivers to derive long-term value.

The digital evolution that we have been witnessing is the testimony of the way forward and early adoption will enable businesses to be ahead of the curve, especially the MSME community as they face challenges of stronger competition, changing regulatory framework, and tighter margins.

Finance professionals should embrace this change and pioneer digital transformation in finance. Without a doubt, this will yield benefits of better customer experience, operational efficiencies, encourage innovation, improved decision-making, etc.

Ganesh S. | CFO, Tally Solutions

A business leadership professional with over 2 decades of experience, Ganesh has worked across multiple geographies and has proven expertise in strategic planning, M&As, fundraising, financial planning, taxation, investor relations, legal, contracts, and process automation. His domain knowledge and insights from a wide spectrum of industries including education technology, IT services, automotive, manufacturing, and financial services have helped him drive key operational changes at Tally.

 

The Finance Story

The Finance Story

Recommended for you

The U.S. has imposed massive tariff hikes on over 180 countries. Indian exports now face a new tariff rate—lower than China or Vietnam, but there is a catch. To unpack what this means for India, we sat down with Robin Banerjee, a seasoned CEO and global trade expert.
CEO

U.S. Hit The World With Big Tariffs. Modern-day Great Depression?

9th April, 2025 | 9 mins read
KNAV India new CEO Vaibhav Manek
CEO

KNAV, firm Nikhil Kamath invested in, appoints new India CEO

30th January, 2025 | 4 mins read
GT Bharat COO shares his journey from a team of 50 to 10k and how firms can prepare for the opportunity that lies ahead in India.
Chief Operating Officer

This CA took a pay cut & joined Grant Thornton when it was a team of 50, now they’re 10k+

18th December, 2024 | 9 mins read
CFO hiring boom in India: Surge in demand amid IPO rush
CFO

CFO hiring boom in India: Surge in demand amid IPO rush

8th November, 2024 | 5 mins read
How CFOs can prepare for geopolitical tensions in the Middle East
Expert Opinion

Middle East crucial to the global and Indian economies?

19th October, 2024 | 6 mins read
Anat Ashkenazi Google CFO
CFO

Google’s New CFO and Her $9.9M Joining Bonus

24th September, 2024 | 3 mins read
Next Post
this-ca-went-from-a-trainee-to-a-two-time-ceo-by-focusing-on-doing-a-great-job-every-single-time-meet-sameer-chadha-

This CA went from a trainee to a two-time CEO by focusing on doing a great job every single time: Meet Sameer Chadha

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert