Targeted e-Finance Solutions Crucial to Firm’s Competitiveness, Expert Says
Omolabake Fasogbon
The importance of managing an organisation’s finances digitally for efficiency has been highlighted at a retreat organised by Federal Polytechnic, Ilaro, Ogun State for workers of in Bursary and Audit Unit.
At the same time, the experts at the programme which held in Ibadan, recently, emphasised the need for tailored financial solutions that align with organisation’s goals and objectives to enhance output.
Speaking on “Digital Transformation in Financial Management,” a Professor of Accounting and Financial Development at Lead City University, Ibadan, Godwin Oyedokun, justified the shift from manual to digital solutions, noting that the financial terrain was largely impacted by the evolving digital landscape currently transforming industries globally.
He noted that technologies like Artificial Intelligence (AI), block chain, cloud competing, and data analytics are fast revolutionising how financial data are collected, processed and report, stressing the need for upgrade.
He submitted that the dynamism in the modern business environment can no longer cope with the imperfections of manual processing, especially as demand for accuracy, efficiency and agility increase.
The financial expert convinced further that digitising financial management was more than just a trend, but a critical evolution for businesses to stay competitive.
“Arriving at efficiency however required targeted financial solutions, embracing right technologies and adherence to regulatory standards.
“Digital upgrade in finance goes beyond adopting new technologies, but fundamentally rethinking how financial functions operate, aiming to provide value to both customers and internal stakeholders.
“It drives competitive advantage by optimising operations and enabling businesses to adapt quickly to market changes. In academia, it is crucial at ensuring efficiency and operational efficiency of educational institutions,” he argued.
He further called for periodic upskilling of financial and administrative workers to keep them engaged with trends, in addition to investing heavily in cybersecurity for robust security protocols.
