Finance in Digital World: VGNC Perspective
The finance sector has started to shift in the dramatic and dynamic waywith the launch of ‘Digital India’ Initiative of the Government. The situation, however, is a little bit confusing as the digitization is sudden yet profound.
“India is stepping into the future of finance along with the world. And the future is – digital. We need to keep up with it.” – VGNC team
It may seem futuristic but at the threshold of the whole process – alignment is missing in reality and conception. The finance leaders and experts across the world are redefining the traditional structure and are slowly adopting the existing technologies of modern times. Business advisories are experimenting with exponential technologies to keep up with the digital dexterity.
We, at VGNC, have identified key trends to assist our client to transcend into the digital world and to define the future of finance. For easier and smoother adoption of technologies, it is important to contextualize the whole discussion about digital finance from an Indianperspective.Here is an interesting snippet of our research and expert overview of the scenario by VGNC team.
Themes of Digitization in Finance
There are four major themes of digital evolution in finance which are discussed below:
- Dilemma created by data
- Evolving role of leaders and experts
- Technologies that will define the future of digitalized finance sector
- Need to create a bridge between acumen and perceptivity
It is an uphill task for financial organizations to keep pace with the evolving requirements of businesses in the technologically defined world. The root of the problem lies in how data is received and processed.
- Unstructured and high volume data received in digital economy
- Lack of analytical tools to decipher the data received
- Sudden change in business dynamics in India with growing digital finance trend
- Traditional finance talent including skills of compliance and bookkeeping are developing data sensitivity
- Complexity of grappling with dependability on master data (For example, tax credit being deprived due to inability of automated set off in GSTN)
- Transitioning from traditional to digital is a cultural shift and needs to be lead from the top.The decision making shall be made more insight driven.
- Data analysis and science skills must be induced by finance teams.
- A thorough scan of data and data related inconsistencies need to be undertaken to ensure discipline and transparency.
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