In today’s finance and accounting (F&A) world, digital transformation is no longer a luxury but a necessity. However, new research from BlackLine reveals that delays and challenges in digital transformation within finance and accounting departments are significantly impacting organisations’ growth ambitions and damaging corporate reputations. These findings highlight the urgent need for businesses to address transformation delays in order to remain competitive and resilient in an ever-changing global landscape.
The impact of delays on growth and competitiveness
Concerningly, the research highlights an alarming trend: two-thirds of C-suite executives and senior finance leaders in the UK admitted their organisations had delayed or pushed back transformation initiatives in the last year. One reason for delays included the US Presidential Election that took place last November.
Numerous other political and economic events are often cited as reasons to push back transformation plans. But these delays are not just a minor inconvenience; they can pose significant risks to both competitiveness and corporate reputation.
According to the report, 37% of C-suite professionals and senior F&A leaders in the UK believe that delays and difficulties in digital transformation undermine their ability to keep up with competitors. In the current global market, staying ahead of the competition is crucial. Any delay can result in lost revenue opportunities and diminished market share.
In the same survey, 34% of respondents said that such challenges in digital transformation hinder their ability to be agile in an uncertain global economy. Agility is essential for businesses to adapt to changing market conditions, regulatory requirements, and customer expectations.
Without this agility and ability to move and react to market developments at speed, organisations may struggle to respond effectively to new business opportunities and evolving threats. This is particularly critical in the global business environment that we find ourselves in today, whereby events are moving at pace on an almost daily basis.
The risk to corporate reputation and financial resilience
The research also reveals that 44% of respondents indicated that transformation delays leave them vulnerable to errors that could harm their corporate reputation. In the finance and accounting world, where trust is a cornerstone of stakeholder relationships, accuracy and reliability are non-negotiable.
A single misstatement in financial reporting or a delay in closing the books can ripple outward, affecting investor confidence, regulatory compliance, and even market valuation. In an era where financial data is scrutinised in real time, the margin for error is shrinking fast.
These risks are compounded by the growing complexity of global operations. As finance teams manage increasingly diverse portfolios, regulatory environments, and reporting standards, the need for streamlined, automated systems becomes even more critical. Manual processes and fragmented systems not only increase the likelihood of mistakes but also slow down decision-making, leaving businesses reactive rather than proactive.
Therefore, delays in updating and transforming outdated technologies and processes could be very costly for businesses.
Additionally, four in ten finance leaders say that delays could undermine financial resilience. In an uncertain global economy marked by inflationary pressures, geopolitical instability, and shifting consumer behaviour, resilience is not just about survival; it’s about sustaining growth and seizing potential opportunities around the corner.
The urgency of modernisation
The urgency to modernise cannot be overstated. In a business landscape defined by volatility, complexity, and constant change, transformation delays are no longer just operational hiccups; they are strategic liabilities. When organisations stall digital initiatives, they don’t just pause progress; they risk falling behind in a market that rewards speed, adaptability, and innovation.
This is particularly true in finance and accounting, where the pressure to deliver accurate, real-time insights is intensifying. The Office of the CFO is no longer just a back-office function; it’s a strategic nerve centre that must guide the business through uncertainty, inform investment decisions, and ensure compliance across jurisdictions.
Yet many finance teams are still burdened by legacy systems, manual processes, and siloed data, all of which hinder their ability to respond quickly and confidently.
Modernising financial operations is not about chasing the latest tech trend – it’s about building the foundations for long-term resilience and agility. This means equipping teams with tools that automate routine tasks and gather insights faster – all of which enables smarter decision-making. Ultimately, it means creating systems that scale with the business and flex with the market.
Investing in scalable technology
Looking ahead, BlackLine’s report unearthed that nearly a third of senior F&A leaders (30%) cite investing in technology that can scale as being most critical for business success this year. This is even higher than the 28% of leaders who named implementing AI initiatives effectively as being most critical to business success.
Scalable technology allows organisations to grow and adapt their operations without significant disruptions. It provides the flexibility needed to handle increased workloads, new business models, and evolving customer demands. By investing in scalable solutions, businesses can ensure that their digital transformation efforts are sustainable and capable of supporting long-term growth.
AI initiatives, on the other hand, offer the potential to revolutionise finance and accounting processes. From automating routine tasks to providing advanced analytics and insights, AI can enhance efficiency, accuracy, and decision-making. Implementing AI effectively requires careful planning and execution, but the benefits can be substantial.
Delaying digital transformation in finance and accounting is no longer an option. As global markets evolve rapidly, organisations must prioritise scalable, agile technologies to remain competitive, resilient, and trustworthy. Investing in modern systems today not just helps organisations to secure themselves from potential threats, but ensures long-term growth, operational efficiency, and the ability to navigate tomorrow’s uncertainties with confidence.
Since its founding in 2001, BlackLine has become a leading provider of cloud software that automates and controls financial close and accounting processes. Companies come to BlackLine because their traditional manual accounting processes are not sustainable. They help them move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility.
