Finance transformation seen as a key part of the organisation transformation process in today’s digital world
BANDAR SERI BEGAWAN, 5 July 2018 — On Tuesday, 26 June 2018, Deloitte Southeast Asia held a seminar in Brunei that focused on how organisations can remain relevant and competitive in today’s rapidly evolving digital marketplace. The seminar, held at the Radisson Hotel in Bandar Seri Begawan, was well attended with more than 70 Brunei government representatives and business leaders.
A key topic of the seminar was on finance transformation within organisations.
“While many organisations in Brunei, particularly the government agencies and government-linked companies, are taking steps to transform themselves, the focus seems to be on improving front-end services with little consideration of business support functions such as finance which are equally, or even more, important to transform in order to give the organisations a strong support base to attract foreign direct investments, and harness the opportunities locally and beyond Brunei’s shores,” said Mr LEE Chew Chiat, Consulting Leader, Deloitte Brunei.
The first step to finance transformation is for the Chief Financial Officer (CFO) and the finance department to understand their current state and consider the technology and mindset changes that are needed to achieve the department’s goal that aligns with the overall organisation transformation strategy. After which, the CFO can look into the better integration of finance systems and data, and leverage on digital tools such as robotic process automation (RPA) to reduce manual transaction activities. These tools are important because they enable the finance department to focus on providing higher value strategic insights that support the growth of the organisation.
“Technology and digital disruption is up-ending many business functions, and finance is no exception. CFOs will need to transform the finance department in tandem with how the rest of the business functions are transforming in order to better support the organisation in its growth strategy in today’s digital world,” said Mr Timothy HO, Finance Transformation Leader, Deloitte Southeast Asia, who also spoke at the seminar.
The other topics covered at the seminar were cyber and fraud risks – the potential damage these risks can have on organisations and what safeguards and controls can organisations put in place to protect themselves; and insights-driven analytics – how analytics can be used to provide insights on business opportunities, issues and risks, and accelerate digital transformation – both of which are equally crucial components of the organisation digital transformation process.
“We hope that through this seminar, the Brunei government and its business leaders will recognise that transformation is an on-going process given that technology is evolving at a rapid pace. More so than infrastructure and operational processes, a mindset change that embraces digitisation is required for Brunei to effectively enter into a future that is sustainable for its economy and for its people,” said Chew Chiat.
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Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – was established to deliver measurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.
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