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Digitalization in Finance

Plan, Costs, Techs, Skills

Since 2007, ScienceSoft has been helping companies digitally transform and innovate their financial management processes.

Digitalization in Corporate Finance - ScienceSoft
Digitalization in Corporate Finance - ScienceSoft

Digitalization in Finance: Summary

Digitalization in finance aims to transform the corporate finance processes with the help of modern tools and advanced technologies like AI/ML and blockchain. It eliminates up to 90% of manual finance-related tasks, driving significantly more accurate, cost-effective, and faster financial workflows.

Key project steps: business analysis and requirements engineering, finance digitalization planning, a feasibility study, PoC development, modernization of the existing financial software and IT infrastructure, developing new financial solutions, integration, quality assurance, and user training.

Timelines: 15–30 months on average.

Cost: $700,000–$5,000,000+, depending on the project complexity.

Team: a business analyst/a digital transformation consultant, a project manager, a solution architect, a UX/UI designer, a DevOps engineer, a front-end developer, a back-end developer, a data scientist, a QA engineer.

Having deep expertise in large-scale digitalization projects for Fortune 500 businesses, ScienceSoft knows for sure how to help companies reimagine and smoothly transform their financial management processes.

Corporate Finance Areas to Digitalize

ScienceSoft’s experience shows that digital transformation brings significant benefits across all core financial management areas:

Automate up to 90% of accounting-related routine, boost the team’s productivity by 80%+, and make the accounting process up to 25x faster. Harness the power of blockchain to get an immutable record of all financial transactions and ensure world-class security of your data.

Drive up to 90% cost savings per invoice due to fully automated invoice generation and processing. Get end-to-end visibility of the due and received payments to timely trigger collection procedures, achieve up to 2x reduction in DSO, and prevent revenue leakage.

Enjoy automated revenue reconciliation and simplify revenue recognition compliance with up-to-date accounting standards (ASC 606, IFRS 15, etc.).

Tax management

Avoid the risk of penalties with full automation of your tax-related activities: from tax calculation and payment to tax filing and submission.

Enhance the team’s productivity by 75%+ due to automated aggregation and processing of treasury transactions. Get real-time view of all operational, investment, and financing activities. Reduce the idle cash by up to 50% and ensure high-ROI investments with minimized financial risks due to AI-based guidance on optimal treasury-related decisions.

Financial planning and analysis

Turn your corporate finance into a value driver for the entire business with the paramount capabilities of AI-based big data analytics. Model and analyze finance up to 100x faster, forecast financial outcomes with 90%+ accuracy, and increase the company’s overall profitability with data-driven decisions on financial and strategic transactions.

A Roadmap to the Successful Digital Transformation of Finance

Below, ScienceSoft describes the key steps of a digitalization project and shares best practices to maximize ROI from the financial management revamp. Note that our roadmap is not a go-to action plan: in our projects, we always design an individual digitalization strategy and a launch a tailored plan for each client.


Analysis of the as-is business situation and requirements engineering

Duration: 1–3 months

To plan the digitalization of finance with full insight into the client’s financial management pains and needs, ScienceSoft’s consultants:

  • Examine the client’s overall business situation and strategic business goals.
  • Analyze the client’s financial management, incl. in the context of other business processes (e.g., HR management, operations management, supply chain management).
  • Conduct a SWOT analysis of the existing financial software.
  • Assess the complexity of the financial analytics the company currently relies on.
  • Analyze the regulatory requirements, e.g., GAAP (specifically ASC 606 and IFRS 15), SOC1 and SOC2, SOX, PCI DSS, GDPR (for the EU), ZATCA regulations (for Saudi Arabia), and more.

Based on the analysis results, we introduce a detailed requirements specification for the financial management digitalization, which comprises:

  • The finance areas that digital transformation should cover.
  • Requirements for the modification of the existing financial software (if applicable), for example, migration to the cloud, rearchitecting or refactoring.
  • Requirements for the functional capabilities that new corporate finance software should provide.
  • Non-functional requirements for the digital finance solution: performance, availability, scalability, security, etc.
  • The types of data the software should be able to process (financial data, asset-related data, supplier and customer data, etc.).
  • Role-specific requirements for the UX and UI.



Finance digitalization strategy and launch planning

Duration: 3–5 months on average

At this stage, ScienceSoft’s team forms a high-level vision of your corporate finance digitalization and introduces a detailed action plan to turn the digitalization initiatives into reality. It includes:

1. Determining long-term digitalization goals and short-term objectives.

2. Creating a custom digital transformation strategy with a company’s financial management goals in mind.

3. Designing the new financial software and/or redesigning the existing financial solutions. This step may include:

  • Feature road-mapping – preparing a detailed list of features for the digital finance solution and prioritizing them based on the cost-benefit analysis.
  • Architecture (re)design – designing a secure, scalable, high-performing architecture for the corporate finance solution.

  • Integrations planning – preparing a plan of financial software integrations with relevant corporate solutions (e.g., operations management software, HRMS, vendor portal, asset management software) and external systems (bank accounts, financial data marketplaces, etc.).

  • UX and UI (re)design – designing role-specific UX and UI (e.g., for accountants, treasurers, financial data analysts, etc.) and introducing UI mock-ups.

4. Selecting the proper tech stack.

ScienceSoft’s best practice: In our projects, we employ proven frameworks, ready-to-use app components (e.g., authentication services, messaging services) and integration components (banking APIs, financial data APIs) where possible. This helps us streamline financial software development, ensure high quality of the solution, and optimize the project budget.

5. Planning the project deliverables, timelines, budget, team, KPIs.

6. Introducing a risk mitigation plan that covers such risks as operational complexity, financial data leakage, non-compliance with sectoral regulations, project cost and time overruns.

User adoption remains the key factor defining the success of digital transformation. ScienceSoft takes great care of encouraging your team to shift to the new tech-driven workflows. Already at the planning stage, we prioritize the initiatives that bring prompt and clear improvements to the regular finance-related tasks, thus showing the innovations in an appealing light.

ScienceSoft’s Head of PMO


A feasibility study and a proof of concept development

Duration: 4–10 weeks

ScienceSoft estimates the TCO and ROI for each digitalization initiative and analyzes the economic feasibility of transformations. Additionally, we can develop a proof of concept to assess the viability of an innovative finance solution.




Implementing the finance digitalization

Duration: 10–18+ months

At this stage, ScienceSoft’s team gradually implements the planned initiatives. Particularly, we may:

  • Advance the existing IT infrastructure:
    • Perform cloud migration.
    • Establish cloud automation, CI/CD pipelines, and container orchestration.
    • Implement modern infrastructure security mechanisms, e.g., AI-powered XDR and deception tools.
  • Develop new corporate finance software and/or modernize the existing financial management solutions.

ScienceSoft’s best practice: We develop financial software iteratively to introduce the fundamental functions first and drive faster payback from digitalization.

  • Run quality assurance procedures in parallel with development and fix the discovered defects.
  • Deploy financial software to the production environment.
  • Integrate the software with the required internal and third-party systems.
  • Introduce financial analytics (this may require designing, training, and tuning data analytics models).
  • Implement security policies, procedures, and controls.

Additionally, we can provide after-launch support of the delivered financial software and upgrade it with new functionality when needed.

Due to being complex and long-running, finance digitalization projects demand flexibility. For example, it may turn out that the digitalization strategy requires some tuning at the implementation stage due to the altering business situation. When this happens, we help our clients promptly tune the strategy and the implementation plan without causing any negative impact on the project flow and the outcomes.




User training

Duration: 2–5 weeks (can be extended depending on the company’s needs)

Upon the implementation of each particular digitalization initiative, ScienceSoft designs a dedicated training program and conducts user training in a convenient format. This helps the finance team quickly learn how to apply the innovations and improve their daily operations.

In addition, we draw up user manuals and self-training materials and share them with the client’s IT team.



A Featured Success Story by ScienceSoft

Digital Transformation of Finance for a Large Mobile Operator

Digital Transformation of Finance for a Large Mobile Operator

ScienceSoft helped a telecom provider with 5M clients digitally transform their invoicing and debt collection processes. Particularly, our team:

  • Brought together the functions of 21 existing invoice-related tools in one solution, optimizing the number of scripts and the code quality.
  • Designed and developed a new invoicing solution that enables automated generation of customer invoices, designing custom invoice templates, invoice e-signing, and more.
  • Delivered custom debtor management software that automates debt collection procedures and integrated the solution with the customer’s accounting system.

Customer’s benefit: 24x faster invoice processing, more than 3x faster monthly billing campaigns, 100x lower invoicing software maintenance costs, significant increase in debtor management capacity.

Consider Professional Services for Digitalization in Finance

Having 35 years of expertise in IT and 16 years of experience in building digital financial management solutions, ScienceSoft can provide:

Consulting on digitalization in finance

We create a digitalization strategy aligned with your ambitious financial management goals and advise on the best-fitting advanced techs to power your corporate finance. We also deliver a detailed digital transformation roadmap with cost and time estimates and a comprehensive risk mitigation plan.

You benefit from risk-free finance digitalization, optimized project cost and timelines.

I need this!

Implementing the finance digitalization

Digital transformation doesn’t have to be a years-long headache. We design a finance digitalization strategy and roadmap, modernize your existing financial tools, implement the new corporate finance techs you need, and conduct user training to take the finance innovation burden off your shoulders.

You benefit from prompt finance digitalization, topflight quality of financial software, high user adoption.

I need this!

Why Trust ScienceSoft

  • Since 2007 in corporate financial software development.
  • Achieving project goals in spite of time and budget constraints, as well as changing requirements, is ScienceSoft's top priority. You set goals, we drive the project to fulfill them.

  • 130+ testimonials from our valued clients.

  • IT consultants and PMs having experience in large digitalization projects for Fortune 500 companies.
  • Practical knowledge of 30+ industries, including manufacturing, retail, healthcare, oil & gas, telecoms, BFSI.
  • Proficiency in cloud, AI and ML, BI, big data, blockchain.
  • Since 2003 in cybersecurity to ensure world-class protection of your financial software and the sensitive data it stores.
  • In-house compliance experts with 5–20 years of experience to ensure financial software compliance with industry- and region-specific regulations (GAAP, SOX, PCI DSS, and more).
  • Well-established Lean, Agile, and DevOps cultures.
  • A mature quality management system and customer data security backed up by ISO 9001 and ISO 27001 certifications.

Our Customers Say

Owing to ScienceSoft’s experience in distributed modular systems, we cooperated with them on the evolution of our Azure-based product for accounts payable management. ScienceSoft was to cover end-to-end development of an intelligent paperless invoice processing module for the product.

The new software module performs stably even under heavy load, which helps provide a high-quality user experience for our customers. ScienceSoft proved to be a reliable tech partner.

Wadih Pazos, Chief Operating Officer, Paramount WorkPlace

Typical Roles on ScienceSoft’s Finance Digitalization Teams

Business Analyst/Digital Transformation Consultant

Analyzes the current business situation and corporate finance processes, sets up and prioritizes digitalization goals, creates a custom digital transformation strategy.

Project Manager

Plans the project (goals, timeline, budget), coordinates the project team(s), prioritizes the scope of work and monitors its execution, reports the progress to the stakeholders.

Solution Architect

Designs the architecture of the finance IT ecosystem and specific solutions, including integration points with the required systems. Re-designs the architecture of the existing financial software (for modernization).

UX/UI Designer

Designs the role-specific UX and UI of financial applications.

DevOps Engineer

Configures the IT automation environment (container orchestration, CI/CD pipelines, cloud automation, etc.).

Front-end Developer

Delivers the UI of financial software and fixes the defects reported by QA engineers.

Back-end Developer

Delivers the server-side code of financial software (including APIs), establishes the required integrations, and fixes the defects reported by QA engineers.

Data Scientist

Designs financial analytics models powered with ML.

QA Engineer

Creates a test strategy, a test plan, and test scenarios to perform functional and non-functional testing. Reports the detected defects and validates the fixes.

NB! Depending on the project specifics, ScienceSoft can involve additional talents, for example, blockchain developers to build blockchain-based financial software.

Sourcing Models for Digital Transformation in Finance

NB! Depending on the client’s needs, ScienceSoft can:

  • Digitalize finance end-to-end and provide knowledge transfer to the client’s in-house IT team.
  • Co-implement the finance digital transformation with the client’s in-house and/or engaged IT team.

ScienceSoft’s Tech Stack for Finance Digitalization

To deliver effective digital financial management solutions, ScienceSoft relies on a range of robust technologies and tools, including:

Cost of Digital Transformation in Finance

The general factors that affect the cost and duration of the finance digitalization projects are:

  • The number and specifics of corporate finance areas to digitalize.
  • The possibility to reuse the existing financial software and infrastructure components.
  • Requirements for the evolution of the existing software.
  • The functional complexity of new financial software, including the implementation of advanced features (e.g., AI-powered financial analytics, blockchain-based bookkeeping).
  • Performance, availability, scalability, security requirements.
  • The number and complexity of integrations between the financial software and the required systems.
  • The number of user roles for the digital finance system and the role-specific requirements for UX/UI design.
  • Regulatory compliance requirements.
  • The chosen sourcing model.

Based on ScienceSoft’s experience, the cost to implement digital transformation in corporate finance may vary from $700,000 to $5,000,000+, depending on project complexity.

Here are sample costs for the finance digitalization projects:


Corporate finance digitalization for an upper midsize company.


Finance digital transformation for a large multi-entity enterprise.

About ScienceSoft

ScienceSoft is a global IT consulting and software development company headquartered in McKinney, Texas. We provide end-to-end digital transformation services to help companies innovate their financial management processes with the help of robust digital tools and cutting-edge technologies. In our digital transformation projects, we employ mature quality management and data security management systems backed by ISO 9001 and ISO 27001 certifications.