Finance in a digital world – It’s Crunch time for CFO’s!
A series on digital disruption in Finance
From cloud computing and robotics to analytics, artificial intelligence and cognitive technologies, a new class of digital disrupters is transforming how business gets done. Explore and understand the various digital disruptors and their impact in “Crunch time.” Read CFOs thoughts and experiences on making the digital journey in “Crunch time, too”. And now read “Crunch time III” for insight into how and where cognitive technologies can play a role in the Finance organization.
- Digital disruption
- Digital tools for CFOs
- Talent essentials for digital transformation
- Framing the future
Crunch time III: The CFO’s guide to cognitive technology
Cognitive technologies have been adopted in other areas of business, inspiring Finance to start learning about them, experimenting with them, and figuring out how to use them. The goal, as with any Finance technology initiative, is to create a more efficient, insightful, and controlled Finance function, yet only 42% of surveyed CFO’s said their Finance team is knowledgeable about emerging technologies, including cognitive.
It’s important to remember that none of these technologies stands on its own. There is no Internet of Things or blockchain without cloud computing. There is no cognitive pattern matching without advanced analytics. The technologies build on one another. And what do they build into? Faster and better ways of getting work done.
Crunch time III: The CFO’s guide to cognitive technology provides a collection of examples based on currently available technologies we’ve seen companies begin to test and adopt, in addition to our experience working with many Finance organizations that are devoting more resources – financial and human – to deploying new technologies in these early days of cognitive.
Those are some of the important questions tackled in Deloitte's new point of view, Crunch Time: Finance in a Digital World—which is based on extensive research with finance executives, including in-depth interviews with CFOs of global businesses.
No matter what future you see ahead for your finance organization, one thing is sure. If business leaders around you are going to compete in the digital world, they will need to process more information more efficiently, and turn that information into deeper insights faster than ever. It will likely require new technology—and a group of people who are curious and skilled in using it.
This short book, filled with practical insights and comments from finance leaders, may be the quickest way to understand what's in store for finance organizations as they hurtle toward the future.
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 relationship and analytical skills, who can also understand the business. Talent essentials for digital transformation includes:
- Leadership: A sharp view into the future and a clear roadmap for getting there
- Culture: Less predictability, more experimentation and innovation
- 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.”