{"id":15929,"date":"2020-12-03T14:35:00","date_gmt":"2020-12-03T13:35:00","guid":{"rendered":"https:\/\/www.munich-business-school.de\/insights\/?p=15929"},"modified":"2020-12-03T14:35:02","modified_gmt":"2020-12-03T13:35:02","slug":"where-does-the-digital-transformation-in-the-financial-sector-stand","status":"publish","type":"post","link":"https:\/\/www.munich-business-school.de\/insights\/en\/2020\/where-does-the-digital-transformation-in-the-financial-sector-stand\/","title":{"rendered":"Where Does the Digital Transformation in the Financial Sector Stand?"},"content":{"rendered":"\n

The finance function is faced with the decision of how it wants to position itself in the future. If it misses the chance for a fresh start, it will get stuck in accounting, planning and reporting. But how does it become a business partner for management? Dr. Raoul Ruthner<\/a>, Managing Partner at PACEup Management-Consulting GmbH and course leader in the Certified Digital Leader program<\/a> at Munich Business School assesses the situation.<\/strong><\/p>\n\n\n\n

Digitalization on everyone’s lips<\/h4>\n\n\n\n

Digitization does not only mean a lasting transformation for the business models of many companies, but above all it shapes the internal handling and use of information through almost exponential data growth. This means that the finance function is also faced with the decision of how it wants to position itself in the future: Either it limits itself to „classic“ areas of responsibility (such as accounting, classic planning and reporting) and thus does not take on the role of a creative counterpart to the senior management, or it attempts to actively shape the future of the company based on solid analyses and industry-specific know-how.<\/p>\n\n\n\n

Conditions are more challenging than ever before<\/h4>\n\n\n\n

Currently, however, there is hardly a company that does not (at least superficially) emphasize the topic of digitalization and name it as a focus area. The finance function in particular is being called upon, as fundamental changes appear inevitable. Nevertheless, the reality looks different: The digital transformation of the finance function is in part still in its infancy. There is often a wide gap between aspiration and reality, and many potentials are either not being utilized or are being insufficiently exploited. Many companies have so far been unwilling to embark on a far-reaching transformation in the financial sector.<\/p>\n\n\n\n

In addition, the topic of digitalization is often underestimated and not seen in its full scope. In many cases, the introduction of technologies and new tools is already seen as a salutary approach – but unfortunately this is far too short-sighted and requires a much more far-reaching framework:<\/p>\n\n\n\n