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- Organization not yet ready for the digital transformation (outdated way of working, no involvement, silos, lack of data-driven culture, see no need, bureaucratic, not innovative)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)
