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Forbes
07-07-2025
- Business
- Forbes
20 Steps For Overcoming Digital Growing Pains In Financial Operations
Adopting new digital tools in your financial operations can unlock real efficiency, but it rarely goes as smoothly as the pitch deck promised. From misaligned systems and data silos to staff resistance and unclear ROI, the path to integration is full of friction points that slow momentum. Below are 20 ways Forbes Finance Council members suggest anticipating common adoption challenges and guiding your organization through them with more clarity and less churn. Follow their recommendations to align new tech tools with workflows, people and long-term strategy. 1. Clarify The Why To Build Teamwide Buy-In Tech adoption isn't just about efficiency—it's about clarity and connection. When teams understand the purpose and potential of new tools, they're more likely to embrace them. Start with the 'why.' - Sonya Thadhani Mughal, Bailard, Inc. 2. Customize AI Tools To Match Financial Realities As we continue to navigate the complexities of technology adoption, AI is a game-changer for gaining insights and driving productivity. However, generic tools can fall short in addressing unique nuances in financial operations, leaving us vulnerable to security risks. Finance leaders must prioritize solutions that are not only secure but also tailored to meet their teams' needs. - Darrell Heaps, Q4 3. Standardize Processes To Eliminate Friction One of the main challenges in adopting digital tools is the lack of centralized data, standardized inputs and processes and clear governance structures. Leaders can overcome this by standardizing inputs, integrating systems, aligning processes with strategic goals, establishing cross-functional accountability and promoting a culture of continuous, real-time and collaborative forecasting. - Anna Chekashova, Arc Games Group 4. Map Data Flows Before You Integrate Systems Digital tools are fantastic ways to streamline and automate information for finance operations. A challenge organizations face during the transition process is integrating with downstream and upstream systems. While the output may be exciting, organizations need to invest in understanding what information, APIs or data are needed to connect the dots to function as planned and deliver the intended output. - Tony Jarjoura, CPA, Gigamon 5. Assess Broad Needs To Avoid Underutilized Tech One major challenge organizations face when adopting digital tools is underutilization. Often, businesses implement technology to address a single, immediate need without fully exploring the broader capabilities of the platform. To overcome this, they should conduct a thorough needs assessment to ensure a comprehensive tool is selected that meets multiple needs and avoids wasted investment. - Shannan Herbert, Washington Area Community Investment Fund Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify? 6. Test Tools Against Real-World User Expectations A new digital tool or platform must be worth the friction of adoption and must solve the end user's problem. Why would I download the Barnes & Noble app when I can keep using Amazon, which has more variety and free two-day shipping? Test new technology to ensure it truly delivers the gains it promises for your company and, most importantly, for the people you are asking to adopt it. - Leo Anzoleaga, Leo Anzoleaga Group at Luminate Bank 7. Design Support Around Familiar Workflows Leaders must recognize where their teams need support, especially with the talent crunch and the demand for departments to do more with limited headcount. To overcome these challenges, leaders should prioritize tools that mirror familiar workflows, involve end-users in decisions, and ensure strong onboarding and support. Empowerment and ease-of-use drive faster adoption and better ROI. - Mike Whitmire, FloQast 8. Balance Flexibility And Cost In Open API Adoption One key challenge we faced when we built our technology stack was balancing the high upfront and ongoing technological costs with the benefits of open APIs. While open APIs offer flexibility, integration ease and future scalability, implementing and securing them requires major investment. This tension can slow adoption or lead to fragmented systems if not managed strategically. - Brian Dunhill, DF-direct 9. Retire Legacy Systems To Maximize New Tools Filter out the noise. New tools promise to streamline and automate, but two things matter most: ensure the platform fits your end-to-end workflow to avoid costly workarounds, and drive full adoption. Without buy-in and a clear plan to retire old systems, even the best tools fall short. - Ryan Kunkel, Third Road Management 10. Reduce Tool Overload To Restore Clarity Finance teams are facing digital overload right now. According to our research, nearly half (49%) of financial decision-makers say that digital tool overload is making them go back to using spreadsheets and even calculators. This warns of the potential damage that can be done by inefficient tools that don't integrate well, complicating financial decision-making when clarity is most needed. - Jeppe Rindom, Pleo 11. Plan Phased Rollouts To Bridge Legacy Gaps A major challenge is integrating new digital tools with legacy systems. Business leaders can overcome this by creating phased implementation plans, training staff early and choosing platforms with strong API compatibility to ensure smooth transitions. - Andre Pennington, Pennington Law 12. Align Adoption With Cultural Readiness One key challenge is aligning digital adoption with cultural readiness. New tools fail when they outpace internal buy-in. Leaders must invest as much in change management and cross-functional training as in tech itself, ensuring adoption is purpose-driven, not compliance-led. - Aurele Gouy, Hackman Capital Partners 13. Combat Digital Fatigue With Thoughtful Rollouts A key challenge in adopting digital tools across financial operations is employee digital fatigue and cognitive overload. Leaders can overcome this by rolling out platforms in phases, scheduling digital downtime and promoting mindfulness. This thoughtful approach protects well-being, increases adoption and ensures a smoother, more sustainable transformation. - Elie Nour, NOUR PRIVATE WEALTH 14. Focus On Real-World Problems, Not Novelty One key challenge is adopting them just because they're new, not because they solve a real problem. We ensure every new platform addresses a specific need, focusing on practical outcomes and choosing tools that genuinely improve efficiency and accuracy. We also regularly review all our tools to ensure they remain fit for purpose, adapting or replacing them as our needs evolve to maintain optimal performance and value. - Andrew Collis, Moneypenny 15. Invite Critical Users To Shape The Rollout When first installed, digital tools and platforms can feel more like a burden than a benefit. Novel appliances' disruption of the status quo can leave employees feeling stressed and uncertain. Investing the time up front to host training sessions and promote employee buy-in will go a long way in speeding up adoption. Success is more likely when critical employees contribute to the end product. - Helen Mason, Riveron 16. Foster A Culture That Supports Learning Curves The real barrier to digital adoption isn't the software—it's the people. Many employees, especially in finance, feel overwhelmed or insecure using new tools but are too embarrassed to admit it. The first step to overcoming this challenge isn't more tech. It's more empathy. Make it okay for team members to say, 'I don't get this yet.' Build a culture where curiosity is valued over perfection. - Karla Dennis, KDA Inc. 17. Address AI Fears With Transparency And Trust A key challenge is the fear of AI. Concerns about job loss, reduced control and lack of human oversight create resistance from staff to executives. Financial teams, often risk-averse, hesitate to replace manual processes. Uncertainty around AI's role and benefits slows adoption, even when digital tools offer greater accuracy, efficiency and strategic insight. - Alan Chaffee, Turning Point Strategic Advisors 18. Rethink Processes Before You Layer On Tools One of the biggest challenges is adoption without alignment—implementing digital tools without rethinking underlying processes and culture. To lead effectively, visionary executives must drive process reengineering, foster a data-first mindset and embed change management at every level, ensuring technology adoption translates into measurable financial impact and enterprise agility. - Swati Deepak Kumar (Nema), Citigroup 19. Protect High-Stakes Clients With Human-Centric Security Digital transformation comes with security challenges. For firms serving high-net-worth clients, it's not enough to rely on two-factor authentication alone—the best safeguard is knowing an individual. There's no substitute for a personal relationship because business isn't just business; it's personal. The value of in-person connections can't be overlooked, in security or business. - Neil Kawashima, McDermott Will & Emery 20. Tailor Training To Each Team's Value Lens A key challenge is helping firm members understand not just how a new tool works, but how it benefits their specific role. Since benefits vary by department, leaders should tailor training to highlight relevant value. Materials must be clear and accessible. Strong communication and department-specific guidance are essential for successful adoption. - Dessy Prasad, RIA Innovations The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Forbes
30-05-2025
- Business
- Forbes
20 Ways Data Is Transforming Financial Planning & Decision-Making
Data analytics has become a game-changer for companies looking to make smarter, faster and more strategic decisions. By turning raw data into actionable insights, finance teams are improving forecasting, managing real-time risk and aligning resources with evolving priorities. With the right data analytics program, you can streamline your processes, uncover growth opportunities and maintain resilience in uncertain markets. To that end, 20 Forbes Finance Council members discuss how data analytics has shaped financial planning and decision-making in their organizations and how you can apply this to your own operations. Data analysis helps us make informed choices that align with our clients' financial goals and risk tolerance. We apply data analytics to guide our investment decisions, manage risk and personalize client outcomes, prioritizing long-term planning over short-term market trends. It's about thoughtful application, not just chasing big data hype. - Sonya Thadhani Mughal, Bailard, Inc. Data analytics helps us and our clients, especially CFOs and accounting leaders, move from hindsight to foresight. We're using it to spot trends, flag anomalies and run real-time scenario models. That means faster, more confident decisions across budgeting, forecasting and planning—grounded in data, not guesswork. - Helen Mason, Riveron In the early stages of the venture capital space, data analytics is critical in shaping our financial planning and decision-making process by enabling us to leverage financial and operational benchmarks across sectors, such as SaaS multiples, burn multiples and revenue per employee. These insights help us guide founders on realistic fundraising strategies, efficient runway planning and long-term exit potential. - Armine Galstyan, SmartGateVC We rely on data to track and evaluate efforts across the company. We utilize various software to identify trends, simplify current processes and forecast future movements regarding the real estate market. Particularly when it comes to getting the word out about our business through advertising, we use data to understand which efforts have been lucrative and adjust spending accordingly. - Christopher Steward, Legacy Group Capital Our company works with many organizations to close this very gap. By using predictive insights drawn directly from financial statements, our clients can effectively identify risky suppliers and take action to prevent disruption. We've seen time and time again how data analytics drives stronger decision-making and more resilient operations. - John D'Aleo, RapidRatings Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify? Data analytics has evolved beyond traditional forecasting and budgeting. It has become an active decision validation engine. Not only do we use it to plan for the future, but we now use it to stress-test decisions before they're made. We run predictive models that simulate how a single strategic move will impact cash flow, tax exposure, client churn and operational capacity over time horizons. - Karla Dennis, KDA Inc. At our company, data analytics empowers us to work smarter, not harder. By leveraging real-time data into a financial planning and analysis tool, we're able to forecast more accurately, optimize resource allocation and align financial planning with our long-term growth strategy. Moving forward, the continued integration of AI will only accelerate this process. - Omar Choucair, Trintech It gives us real-time insights into everything from customer trends to operational performance, allowing us to be agile and forward-thinking. It means we're not just reacting to change—we're anticipating it. Having clear, reliable data at our fingertips helps us stay focused on long-term goals while staying responsive to short-term shifts. It's become an essential part of how we run the business. - Andrew Collis, Moneypenny Data is king. At our company, data analytics drives smarter risk assessment, dynamic cash flow forecasting and personalized client solutions, enabling us to make faster, evidence-based financial decisions. It's become integral to everything from loan approvals to strategic planning, helping us optimize performance and fuel sustainable growth. - Joseph Lustberg, Upwise Capital Data drives nearly every strategic decision we make. We track how clients use the tool, what features they return to, where they drop off and how much they generate. By analyzing client behavior, we go beyond forecasting to shape product direction, hiring plans, pricing strategy and customer focus. It ensures our decisions are grounded in real-world usage, not assumptions. - Zehra Soysal, With the help of ever-changing technology, data analytics is improving the time it takes to make decisions. As it helps quickly analyze past data alongside current statistics and various expectations, it illustrates options and stress-tests various scenarios, resulting in quicker decision-making and potentially saving money and time due to improved efficiency. - Letitia Berbaum, Blue Sands Wealth The ability to make the right offer to the right customer at the right time is critical, so predictive analytics is key for high-impact decisions. Teams charged with driving growth and improving financial lives use analytics to determine where our solutions can have the greatest impact. As emerging trends can shift overnight, our data must be as timely and inclusive as possible. - Lindsey Downing, TransUnion To support expansion over the past few years fueled by client growth, we've adopted a data analytics strategy that provides firm leaders and managers with real-time insights into project financials, resource utilization and client profitability. The integration of finance with operations facilitates informed decisions, increased efficiency, better resource allocation and growth. - Paul Peterson, Wiss Leveraging analytics to drive financial and operational efficiency enhances understanding of how departments contribute to overall financial performance and empowers leaders to make smart business decisions. Automation and AI produce data-driven insights, enabling accounting and finance teams to navigate risks and seize new opportunities by aligning short-term execution with long-term strategy. - Razzak Jallow, FloQast Analytics sharpens our strategic focus. By evaluating historical performance and external variables, we identify risks and opportunities faster. This approach helps prioritize investments based on projected ROI rather than guesswork. Analytics also enhances cost efficiency. Anomaly detection flags unexpected expense spikes, while scenario analysis tests how variables might affect cash flow. - Anatoly Iofe, IceBridge Financial Group, LLC Data analytics enables better forecasting, risk assessment and resource allocation. By leveraging predictive modeling and real-time insights, companies can identify trends, personalize client strategies and optimize operations, leading to more informed and proactive financial decisions. - Elie Nour, NOUR PRIVATE WEALTH Data analytics has long been an integral part of our financial planning. It enables us to make data-driven decisions, identify emerging market trends and optimize resource allocation. By analyzing past financial performance and forecasting future trends, we're able to assess potential risks and identify growth opportunities faster and more effectively. - Trixy Castro, TRX Capital It's not just about the numbers anymore. It's about finding patterns, telling stories, relating with clients and actively guiding clients to better outcomes. Data analytics helps us to identify behavior trends, such as when large purchases are typically made or when money is typically requested. Being able to anticipate their needs before they call us. Priceless! - Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management Data analytics allows financial planning to shift from static to dynamic forecasting and real-time strategy. Financial firms can improve risk model precision, allocate capital efficiently and uncover opportunities faster, enhancing both agility and confidence in decision-making by leveraging behavioral, transactional and operational data. - Tomer Guriel, ezbob Ltd. Data analytics is redefining financial strategy—enabling precision forecasting, dynamic scenario modeling and data-driven capital allocation. It transforms planning into a proactive discipline, where decisions are faster, risks are anticipated and financial agility becomes a competitive advantage. - Swati Deepak Kumar (Nema), Citigroup The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
