Rutherford Cross recently hosted RSM in the Edinburgh Boardroom for a presentation on ‘Transforming into a Digital Finance Function’. The event welcomed Finance Directors and CFOs from a diverse range of sectors including Renewable Energy, Tech, Financial Services, FMCG, Pharma/Healthcare, Charity and Leisure/Hospitality. Director, Derek Lauder provides a reflection on the event.
Following introductions, Stuart McCallum (Partner) and Atholl Jamieson (Consulting Digital Team Manager), both from RSM, outlined their definition of a digital finance function and shared the criteria they use to assess how ‘digital’ a finance function is.
They proceeded to explore what the digital finance function of the future will look like, with ongoing automation of transactional processing freeing up time for strategic planning, commercial finance and continuous improvement.
The session moved on to cover the key digital principles needed for success, including being proactive, establishing clear roles within the business and finance function, striving for real-time KPI insights and leveraging advanced analytics and intelligent automation. The importance of accurate reporting to support decision-making and drive performance was also emphasised.
An engaging discussion followed around the importance of selecting the right data visualisation and reporting tools tailored to your business such as Alteryx. The architecture and quality of data are just as critical as the tools themselves. The need for ‘one source of truth’ and data governance are key for every business. Underpinning any successful digital finance function is the need for the right people, skills and organisational structure. Stuart and Atholl also highlighted the importance of embedding the human element within any transformation.
There was also discussion around AI and its impact, with positive examples shared, such as AI delivering significant time savings during a due diligence exercise or providing a great starting point in drafting a Capex policy. However, the message was clear: don’t become overly distracted by AI at the expense of broader transformation priorities.
We would like to thank RSM for facilitating such an informative, relaxed and interactive presentation.
For more information on the topic discussed, please contact [email protected] or [email protected]
For information on future events at Rutherford Cross, please reach out to [email protected]
