The challenges and the alternatives confronted by finance groups in enacting digital transformation

Anish Kapoor, CEO and Co-founder of AccessPay discusses with EPI editor Douglas Blakey the challenges and alternatives confronted by finance groups in enacting digital transformation and the way digitisation is taken into account key to attaining operational resilience and managing money visibility is a key concern for worldwide companies

A brand new report from AccessPay entitled The Drive to Digital: Finance Transformation Tendencies for 2023 offers an perception into company sentiment with regards to finance transformation as we go into 2023.

The report follows AccessPay’s sequence of Drive to Digital occasions that passed off in late 2022 and explores the theme of economic transformation and the probabilities provided by embedded company banking.

Kapoor tells EPI: “With this report we needed to spotlight the important thing challenges going through finance groups and the way digital transformation may help them. Over the course of our Drive to Digital occasions we took the chance to electronically ballot delegates on a variety of subjects similar to regulatory ache factors and the challenges of multi-geography, multi-bank relationships. This report shares these outcomes and offers an perception into company sentiment with regards to finance transformation as we go into 2023.”

EPI: What are the important thing takeaways from the report?

Anish Kapoor, AccessPay CEO:

The report focusses on the important thing challenges and targets of recent finance features as we transfer into 2023. The clear entrance runner was expertise adoption which was cited by 58% of respondents. There’s widespread recognition of the advantages that digital transformation can deliver by way of effectivity for finance groups, however understanding precisely what expertise to undertake to realize this purpose is famous as a key problem.

Regulatory compliance and threat mitigation can also be a priority, with 45% of respondents citing it as a key problem or goal. The regulatory burden varies by sector, however in regulated industries similar to monetary companies, there was a rise in regulatory exercise following a hiatus in the course of the pandemic. Right here too digital transformation can play a job, with firms in want of methods and processes that assist them show regulatory controls and be audit-ready.

The drive for effectivity

The predominant driver for digital transformation is the will for improved effectivity, with 88% of respondents citing it as a key issue behind plans for digitisation. Operational efficiencies are welcome at the perfect of instances, however with enterprise prices rising and a troublesome outlook for enterprise development, the necessity to discover efficiencies has develop into important. Certainly, 59% of respondents think about digital transformation as a key facet of supporting enterprise development, whereas 44% additionally consider it has the potential to cut back prices.

EPI: Why is digitisation key to operational resilience?


Digitisation is essential to operational resilience as a result of it permits for the automation and streamlining of economic processes, enhancing communication and collaboration in addition to higher information administration and evaluation, in addition to the flexibility to simply adapt to altering circumstances.

Digital methods can be extra simply monitored and maintained, decreasing the chance of disruptions. Moreover, digitisation allows organisations to shortly shift to distant work and different versatile preparations within the occasion of a disruption, similar to a pure catastrophe or a pandemic.

In relation to the finance perform, companies must account for a variety of outcomes that may happen from ‘individuals threat’ similar to an inflow in demand for finance group useful resource, workers unavailability, safety breaches or banking portal downtime.

By automating these processes, the variety of threat issues that may immediately affect enterprise continuity is drastically decreased. This additionally streamlines your cost controls. Digitising these processes can assure a managed construction for the validation and authorisation of funds.

EPI: Why is managing money visibility a key concern?


Money visibility is more and more changing into a key concern for companies in 2023 as a result of present financial local weather and the uncertainty this could deliver for a lot of firms.

Companies are searching for methods to higher handle their money, so having correct visibility to their money place may help them make extra knowledgeable, strategic selections with their cash.

Having good money visibility may help firms tackle any potential money movement points earlier than they develop into an issue, serving to them preserve monetary stability and optimise their money sources.

EPI: Does 2023 maintain grounds for optimism, what’s your tackle the sector this 12 months, what can we count on?


Within the present local weather, companies are going through unsure instances and now greater than ever companies must make their cash work tougher. Companies have to be desirous about how by embracing expertise they will higher navigate by troublesome instances. How can they alleviate strain on their individuals and the way can they leverage insights in automation throughout their processes?

Examples we’re seeing embrace companies searching for methods to take away guide duties throughout the finance perform. Eradicating the necessity for pointless spreadsheets and repetitive duties will free the group up deal with extra value-added duties, with extra time to suppose strategically in regards to the future.

We’re discovering companies are seeing technological change as the important thing driver to having a deal with on their funds, gaining full money visibility in a unstable market, and the necessity to eradicate pointless threat.

The total report will be downloaded right here.