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Key Elements for Successful Digital Transformation Journey

Quartz Editorial Team

Quartz Editorial Team

The FPA Transformation Roadmap

Though it may seem like a tall task, embarking on an organizational digital transformation can be done without breaking the bank. 

There is a great deal of technology within reach that can help increase effectiveness, efficiency, and achieve better processes. Taking advantage of the capabilities of accessible technology is a boon for finance and financial planning and analysis (FP&A) teams.

Dr. Liran Edelist is President at Jedox Inc., a leading global provider of cloud-based Enterprise Performance Management Solutions. He met with a group of CFO’s in New York City to conduct a survey about their FP&A digital transformations and shared the findings in a recent Quartz Network presentation.

The Digital Transformation Journey 

“The digital transformation journey itself is not only about the incorporation of financial data and non-financial data together,” Edelist said. “It’s more of a process.”

Edelist and his team identified four stages to a digital transformation journey:

  1. Foundation – budget planning with spreadsheets
  2. Automation – collecting and aggregating data into a bucket map
  3. Transformation – alignment between top down and bottom up
  4. Digitalization – ability to view everything in one scope and change driver to see effect on bottom line

Uncovering the Answers

Digital transformation is a complex process and every step brings a different business value. Once an organization has a hold on the data, they can begin to analyze the reasons why performance has exceeded or failed to meet expectations. 

To find those answers, the financial data must be incorporated with non-financial data. The data can reside in many systems throughout the organization including an HR system, payroll, CRM, the marketing department, and more. 

“That’s literally where the digital transformation takes place,” Edelist said. “Because if you don’t have the digital tools for that, you’ll find that it’s very difficult to incorporate financial data and non-financial data together.”


Watch the presentation for more guidance on achieving a successful digital transformation.