Forty-seven percent of finance leaders plan to invest in technology to cut costs, but digital transformation has also come with obstacles, according to a recent report.
Forty-three percent of those surveyed said they are still in the early stages of digitally transforming the finance function, according to the Oct. 17 report compiled by U.S. Bank.
The report, based on a survey of 200 healthcare finance leaders, identified three common challenges that should be addressed to combat slow progress:
1. A lack of clear strategy: CFOs should develop a strategy in collaboration with other C-suite leaders. Any strategy to deploy a new technology must align with the organization's wider technology plans.
2. Inertia: Employees can be reluctant to engage with and adopt new technologies. Finance leaders should foster excitement and encouragement. They also should involve the employees who will use the new tools in the selection and implementation processes.
3. Too few employees: Finance teams struggle with the lack of personnel to implement and use new technologies, as well as a lack of awareness of technology and its potential benefits. Leaders should consider partnering with technology and digital teams with the organization to access expertise, the report said.