Finance in a digital world – It’s Crunch time for CFO’s!
A series on digital disruption in Finance
Explore Blockchain for Finance, the latest installment in our Crunch time series, where we dive deep into business blockchains and how they’re transforming the work of finance organizations around the world. You can also examine other digital disruptors and their impacts in our original Crunch time report. Whatever your interest, one thing is clear: from cloud computing and robotics to analytics, cognitive technologies, and blockchain, a new class of digital disruptors is transforming how the work of Finance gets done.
- Digital disruption
- Digital tools for CFOs
- Talent essentials for digital transformation
- Framing the future
Crunch time IV: Blockchain for Finance – what CFOs need to know
Ten minutes into a discussion with a group of blockchain professionals, one CFO shook his head. “This is ridiculously ambiguous,” he complained. And it didn’t take long for others to agree. In response, we set out to demystify blockchain for CFOs, focusing on how finance organizations can apply blockchains to streamline processes, improve controls, and transform finance operations.
Blockchain for Finance is a practical guide for finance organizations that want to understand options for blockchain and make effective decisions about moving forward. It features more than a dozen Frequently Asked Questions finance teams can use to make sense of blockchain technology, as well as a high-level roadmap for adoption. It also includes a seven-point checklist for CFOs who are thinking about embarking on the blockchain journey.
Digital tools for CFOs
Some of the new digital tools available to finance focus specifically on updating core systems and existing capabilities. Other tools, "exponentials", are designed to deliver new and different capabilities. Together, they form a toolset finance can use to improve its own performance and serve the business more effectively, especially when they are used together.
Our research suggest that seven technologies have growing interaction and relevance for how the work of finance get done:
Talent essentials for digital transformation
The growth of digital business is already reshaping the talent marketplace, far beyond finance. As organizations seek to upgrade their workforces in all areas, they are placing a premium on people with
- Leadership: A sharp view into the future and a clear roadmap for getting there
- Culture: Less predictability, more
- New skills: Technology savviness combined with business understanding
- Engagement: An opportunity to learn,
grow,and innovate for digital natives or Millennials
“Digital transformation is fundamentally human-centric because it’s about imagining new ways of value creation. For that to happen, people have to be digital enablers as well as users of new digital capabilities.”
Framing the future
Which path makes sense for you? What kind of roadmap will you need to realize the benefits of digital transformation? In the end, organizations will need to chart their own courses. But no matter which future you envision, the leaders will likely be those who figure out how to make digital work for finance—and for the whole business, too.
“Not having a roadmap would be really dangerous these days because the pace of transformation is speeding up in every industry. Be on the lookout for quick wins and use them to validate your direction.”