Digital Strategy

Taking lead using digital strategy of your finance department

Written by
Renata is Content Marketer at Rydoo.

The world is changing at a breakneck pace. Digital technology is evolving at a fast pace, allowing us to achieve things we never imagined imaginable. We can work quicker, smarter, and more efficiently thanks to things like lightning-fast mobile internet, immediate communication across borders, and sophisticated digital tools.

But even with all these possibilities looming, some companies choose to keep doing things the same way — they don’t adopt new technologies and stick to an old-school way of working. Unfortunately, this means that they’ll eventually fall behind, as the competition goes ahead and keeps innovating their way to the top.

Long story short, it might be time for your business to make changes — and where better to start than the finance department? Oftentimes, these teams struggle with slow processes, complex, hard-to-use software, and lots of physical documents. As finance teams are at the core of a company’s daily operations, it’s the perfect place for a small digital revolution.

Instead of relying on an innovations team, the IT department, or outside consultants, it’s best when you take matters into your own hands. Sounds like a lot of work? No worries — we’ve got some valuable tips on how to become a true digital ambassador and drive your department forward.

Clearly define your goals

While it might sound obvious, it’s incredibly important to know what you want to achieve by implementing your digital strategy. Think of how you’re handling your operations today — which processes could benefit the most from digitalization? If your department is particularly fond of having printouts for everything, you might want to look into ways to save and share documents digitally.

If your employees use outdated on-premise tools to do their job, you could consider switching to user-friendly, modern Software-as-a-Service (SaaS) alternatives .

Whatever you deem most important, it’s important to be decisive — implementing a digital strategy works best when you’re focused on the key issues. This way you can make targeted efforts that lead to the biggest possible impact.

If this all seems overwhelming, it might be worth working with an agency or expert who’s specialized in digital transformation — they can help create order in an otherwise messy process.

Rethink your leadership

Making steps towards a digital business is about more than just strategizing — it’s also about being a great leader. You’re the one in charge of these efforts, after all!

First off, it’s important to be considerate towards your colleagues. It’s important to realize that some people will resist any kind of change you make because they’re used to the old way of working. As a transformation leader, you need to make sure that they’ll feel at ease throughout this period of change. It’s all about understanding the individual and their perspective on the matter — personal attention is always appreciated, as it shows your team members that they’re more than just a cog in the machine.

Your team thrives when it’s motivated, so it’s your job to inspire them to do their best work. There are a lot of ways to do this, but most important is to think about your communication. When you talk about the problems you’re trying to fix with your digital strategy, make sure that they’re aware of the bigger purpose — this way they can rally behind your decisions at an early stage.

Face problems in a smart way

One thing is almost certain when you’re making big changes in an organization — you’ll run into a number of problems. They can range from small issues, like a temporary technical error, to larger ones, like a significant miscalculation of your budget. Perhaps an employee is scared of losing their job due to increased automation — and takes it out on you.

These situations can be tense and stressful, but it’s important to always keep your head cool. Make sure to listen to anyone who’s critical of certain changes, and document everything so you can take action when it’s needed. Always make sure you’re consistent and confident about your actions — if you make a change one day but revert it the next, your team could have a hard time believing anything you say or do next.

Automate your expense management process

Every finance department knows that expense management is notorious for its reliance on physical documents, often leading to a lengthy reimbursement process. With Rydoo, you can turn this slow workflow into a productivity powerhouse thanks to our lightning-fast platform. Be more productive thanks to cutting-edge features, like automatic receipt scanning, actionable insights, and a beautifully designed mobile app.

Learn more about our receipt scanner

Getting started couldn’t be easier — sign up for our free trial and give us a spin today.

Originally published , modified

Subscribe to our Newsletter

Over 1 million professionals worldwide are using Rydoo.