Digital transformation: how does the finance function deal with the digitalization transformation obstacles?

Literature review

  • Mainly professional literature (consultants, research bureaus), because they lead the way
  • Mainly about digital transformation in the finance function; some resources on organizational transformation (especially the obstacles)
  • Based on recent research (not older than 5 years)
  • Total: 82 sources

Digital transformation is: a change in the way the organization uses digital technologies to adapt existing business processes and/or create new business models, culture and customer experiences with the goal of meeting changing market and customer demands; thus changing the way work is done, sometimes creating entirely new types of companies; fundamentally changes how the organization delivers value to customers; is a cultural change; is made possible by new technologies.

Four Biggest Obstacles

  • Employees insufficiently prepared (too little knowledge, low motivation, uncertainty about change, resistance to change, fear, too little internal training, risk averse)
  • Organization not yet ready for the digital transformation (outdated way of working, no involvement, silos, lack of data-driven culture, see no need, bureaucratic, not innovative)
  • Current architecture (systems/processes/data) of insufficient quality (does not close properly, too complex, not aligned, not integrated, unknown)
  • Not a good digital vision and strategy (insufficiently aligned with business strategy, insufficient long-term)

To be published (Spring 2022)