Cloud warning – the Finance shake-up companies can’t afford to ignore
3 October, 2018: Deloitte warns that established Australian companies risk losing market share to more agile start-ups unless they move quickly to adapt to the new future of finance and performance management.
AI based cognitive computing, Visualisation, Advanced Analytics, Robotic Process Automation and cloud based Finance systems are reshaping accounting, reporting and performance management functions in the same way robots once reshaped the world’s assembly lines.
“The shake-up facing the Finance profession is already clear and half the CFO’s we consult with believe the impacts will be most felt over the next three to five years,” Paul Wensor, Partner Consulting, Finance and Performance Management said.
The role of cloud based ERPs in transitioning those companies to deliver improved visibility of performance and stronger businesses is critical, and the number of people with true international leadership experience in leading this change is few indeed.
Deloitte’s new Workday partner, Michelle Murphy, outlined the risks businesses face by standing still.
As competitors become more agile, companies that are slow to change will risk losing market share, particularly to technology based start-ups, who are entering the arena fully enabled with faster, more agile back offices,” Deloitte’s new Workday Partner, Michelle Murphy said today.
Cloud based platforms such as Workday are disrupting the traditional Enterprise Resource Planning market space, allowing people to move to the cloud and a true Software as a Service (SaaS) back office application.
Michelle has joined Deloitte Australia after almost 20 years in the UK, Europe and the Middle East, where she has led global transformation projects working with major international corporations.
She has led Workday enabled global Finance and HR transformation projects for a range of global companies across pharmaceutical, banking and service industries before returning to Australia as the Workday Alliance lead to lead for PwC.
“The scale of business transformations taking place internationally provides a telling reminder for Australian companies of what can be achieved,” Michelle said.
“In Australia we are seeing small and large companies recognise the need for change but hesitate because of the perceived level of disruption.
“In the UK and Europe we are seeing that transformations can be implemented efficiently and that the benefits for companies in terms of agility and performance are being materialised by many while others hesitate to start.”
Deloitte Australia is aggressively building resources in the cloud based ERP space to provide leadership for Australian businesses transitioning to the world of integrated finance, HR and data platforms.
“We have been aggressively building our capability because the hard truth is that there is a relatively small number of world class specialists in this region who can lead companies through the changes ahead and Deloitte is building a unique position in the marketplace.” Mr Wensor said.