Automation, Adaptation, and Digital Transformation

By The Center Team on July 27, 2020

In this month’s reading for finance teams: building an inclusive culture, the return of business travel, the changing role of CFOs, and more.

News and insights to keep you up to date and on track—building an inclusive culture, the return of business travel, the changing role of CFOs, and more.

How CFOs Can Push Past Fear to Resilience and Resurgence

Dayton Kellenberger for CFO | @cfo

Seven practical steps to help organizations make the transition from emergency mode to proactively preparing for the future.

“While it may seem counterintuitive, the time to make progress on your digital transformation plans is now.”

More on how new tools can help finance increase strategic impact: Is Your Finance Team Under Pressure? Eight Ways Center Can Help

The Manager’s Guide to Inclusive Leadership Small Habits That Make a Big Impact

First Round Review | @firstround

Why the “I” in Diversity, Equity, and Inclusion (DEI) is so important, and real-world examples of how high-performing companies and teams put it into practice.

“We underestimate our teams when we assume that they will demand all the facts or an ironclad plan. People are often just looking for signs of a caring culture — that we’ll be here for them and that, if something’s wrong, we’ll create an avenue for them to share that.”

Another important way to unify and energize your team: Fiscal Culture is Company Culture. What’s Yours?

Pandemic Exposes Need to Automate Finance Function Amid Limited Resources

Robert Freedman for CFO Dive | @CFODive

Although digital finance and accounting automation has been available for 20 years, only 5% of companies have fully invested in it—which is a real problem in the current environment.

“A company with a 20-person finance team typically loses the equivalent of 1,920 hours annually or an estimated $124,800 in costs to these manual tasks. A big company with a 100-person finance team might lose 9,600 hours, at an estimated $624,000 a year.”

How Center helps finance teams work smarter: Doing More With Less: Rethinking Expense Management Now

The Modern CFO: Adapting to a Time of Crisis

Shaun Taylor for Strategic Finance | @SFMagazineIMA

CFOs are increasingly moving beyond being bean counters and gatekeepers to being companywide anchors for advice, strategy, teamwork, and solutions.

“The modern CFO needs to be a skilled storyteller who can reveal the true story beyond the numbers, taking technical, complex data and translating it into a business strategy that wins hearts and minds. By taking on a more strategic advisory role, the modern CFO can drive forward organizational improvements and play an active part in shaping business transformation.”

More insights from seasoned leaders, including Center’s co-founder Steve Singh: Advice from CEOs on Navigating an Economic Downturn

Eventually, We’ll Fly Again. Here’s How to Make Business Travel Safer for Employees

Jay Prasad for Fast Company | @FastCompany

As businesses move forward, there are many things to weigh regarding business travel. Leaders need to be prepared with balanced solutions, informed health guidance, and empathetic communication.

“In some cases, business travel has begun its upward tick, due to the intrinsically collaborative nature of running a business, from overseeing product standards at factories to ensuring new business development deals come to fruition.”

Quickly empower your whole team with real-time expensing before travel ramps back up: Making the Switch from Expensify to Center

Why COVID-19 Hasn’t Stopped Digital Transformation at Midsize Companies

Thomas A. Stewar for Fortune | @fortunemagazine

Looking at the data of how COVID-19 has affected middle-market companies, one uptick stands out: digital transformation. Here’s how forward-thinking businesses are gaining ground on larger competitors during challenging economic times.

“Amid falling revenue and employment, capital spending cuts, growth initiatives put on hold, tight cash, and disrupted operations, middle market companies are maintaining and even slightly accelerating their digital transformation.”

Center is one core digital transformation project you can start and finish in days, not weeks or months: Does Your Expense Automation Stop at the Back Office? It Doesn’t Have To.

We’re here to help you optimize your spending so you can come out stronger. Stay up to date with the latest insights on business strategy, company culture, and finance.