Finance in a digital world: It’s crunch time!
Finance technology for CFOs in the age of digital disruptors
From cloud computing and robotics to analytics, artificial intelligence and automation, a new class of digital disruptors is transforming how business gets done. Expect these disruptors to have a big impact on the future of finance organizations. But what exactly will their impact be? What is the future of finance in the face of these developments?
Crunch time III
The CFOs guide to cognitive technology
Machines have been around for centuries, but only in the past few decades have they become what we think of as “intelligent.” These smart machines are driven by computer code—called “cognitive technologies”—that could eventually drive your business.
Fueled by the exponential growth in data, storage, and processing power in today’s digital world, smart machines are now fast enough to be practical and cost effective. Providing the essential boost for the “second machine age”, each of these five cognitive tools, i) Machine learning, ii) Robotic cognitive automation, iii) Natural language processing, iv) Natural language generation, and v) Speech recognition can analyze dozens of complex financial models in a few minutes, while a person might struggle to get through one in a week. Cognitive tools can spot a single variance in a billion transactions without breaking a sweat, something a human being could never accomplish.
Smart machines are on the rise everywhere. We see them in customer experience, product development, manufacturing, and operations. They’re on the job in legal and HR. And they’re beginning to reshape Finance. 30% of CFO’s surveyed say they are moving beyond pilots with emerging technologies, including cognitive, to fundamentally transform their Finance function and bring it into the digital world.
In the third installment of the Crunch time series, ‘The CFO’s guide to cognitive technology’ gain insight into how Finance organizations are deploying new cognitive technologies to help create a more efficient, insightful, and controlled Finance function, all without sacrificing service and quality.
Crunch time II
CFOs talk off the record about Finance in a digital world
In the follow-up report, Crunch time, too: CFOs talk off the record about finance in a digital world, 30 CFOs share their unfiltered thoughts and experiences around a broader discussion of finance and what it means to make the digital journey. Deloitte knows that one way to stay abreast of new developments is to join in focused conversations with other finance leaders, across multiple industries and geographies, so this is a good place to start.
Crunch time I
Finance in a digital world
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.
Deloitte's new point of view, Crunch Time: Finance in a Digital World, is based on extensive research with finance executives, including in-depth interviews with CFOs of global businesses.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.
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