Digital transformation delays impact UK business growth

New research by BlackLine indicates that digital transformation delays in finance and accounting departments are affecting the growth and reputation of UK businesses.

The study, which surveyed over 1,300 C-suite executives and senior finance and accounting professionals, including 151 from the UK, suggests that despite recognising these concerns, many UK organisations have postponed transformation projects. This decision was influenced by the US Presidential Election held last November, as noted by two thirds of respondents.

Findings from the research reveal that 37% of UK finance leaders believe these delays impact their ability to remain competitive in the market. Furthermore, 34% mentioned that such challenges hinder their flexibility in a global economy that is characterized by uncertainty. Additionally, 44% of participants stated that postponing transformation exposes them to potential errors that could damage their corporate reputation.

Philippe Omer Decugis, Senior Vice President and General Manager for Europe at BlackLine, commented on the findings, "Transformation delays are not just a minor setback; they pose a significant risk to both competitiveness and corporate reputation. But with many organisations choosing to delay or stall initiatives in recent months, they risk leaving themselves being left behind."

He further stressed the urgency of digital transformation, adding, "There is no time like the now to modernise and enact on full-scale digital transformation, including across the Office of the CFO. Despite the complex external landscape around us, global businesses need to be agile and resilient enough for whatever may be around the corner. Only by prioritising and accelerating digital transformation efforts to build future-ready financial operations can this be ensured."

The research also highlighted that nearly a third of senior finance and accounting leaders (30%) regard investment in scalable technology as crucial for success in the current year. This consideration outweighed the focus on implementing artificial intelligence, which was flagged as critical by 28% of the respondents.