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Perspectives

The Crunch time series for CFOs

Practical guides to modernizing the finance function

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 and uplifts its role as a business partner to their organisations.

Crunch time 9: The CFO guide to Oracle Cloud

Digital platforms can make finance organisations faster and more effective than ever before. But the devil is in the details. What’s the right digital architecture for your company? When are you ready to begin implementation? How can new technology help you keep pace with expanding business and regulatory requirements—or even meet challenges posed by a global public health crisis? As you consider your options, you’ll want to take a look at Oracle Cloud.

Crunch time 9: The CFO guide to Oracle Cloud

Crunch time 8: The finance workforce in a digital world

The technology coming into Finance is changing what humans do and how they do it, sometimes a lot. But that doesn’t necessarily mean wholesale workforce changes. CFOs need to align today’s Finance talent to the promise of tomorrow’s technologies—while still maintaining a workforce that can fulfill all the company’s basic financial and regulatory requirements. That’s no easy feat. But those who get it right stand to benefit enormously.

Crunch time 8: The finance workforce in a digital world

Crunch time 7: Reporting in a digital world

Imagine a future where executives no longer rely on binders of static data to inform their decisions, and where reporting – both external and internal –  is intelligent, interactive, and real-time. This guide looks at how companies are using today’s digital tools to upgrade their reporting processes to get better information distributed faster – and at a substantially lower cost.

Crunch time 7: Reporting in a digital world

Crunch time 6: Forecasting in a digital world

Financial forecasting has long been a mostly manual process with people gathering, compiling, and manipulating data, often within spreadsheets. Now there’s a better way. Organisations are shifting to forecasting processes that involve people working symbiotically with data-fueled, predictive algorithms.

CFOs are in a prime position to challenge the way the enterprise looks at and consumes data by championing an innovative, data-driven approach that will help people predict the future of their business—faster and with more accuracy.  

This guide shares the basics of algorithmic forecasting and how it changes forecasting processes, the workforce, and decision making. Find out how organisations are using predictive models to create more accurate and timely forecasts—and the lessons they learned along the way.

Crunch time 6: Forecasting in a digital world

Crunch time V: Finance 2025

Whether it’s phone apps, home automation, or cashless commerce, digital disruption is the new normal for consumers today. It’s changing what we do – and how we get things done – in countless ways.

What does this have to do with the future of Finance? Everything.

The technologies needed to reimagine Finance are here and will only get better. Plus, we can learn a lot from other business functions. Modern factories give us a glimpse of what automation can deliver. Smart contracts show us new ways of tracking assets. The lessons are out there, we don’t have to reinvent the wheel. We can focus instead on adapting and adopting.

Whether it’s phone apps, home automation, or cashless commerce, digital disruption is the new normal for consumers today. It’s changing what we do – and how we get things done – in countless ways.

What does this have to do with the future of Finance? Everything.

The technologies needed to reimagine Finance are here and will only get better. Plus, we can learn a lot from other business functions. Modern factories give us a glimpse of what automation can deliver. Smart contracts show us new ways of tracking assets. The lessons are out there, we don’t have to reinvent the wheel. We can focus instead on adapting and adopting.

Whether it’s phone apps, home automation, or cashless commerce, digital disruption is the new normal for consumers today. It’s changing what we do – and how we get things done – in countless ways.

What does this have to do with the future of Finance? Everything.

The technologies needed to reimagine Finance are here and will only get better. Plus, we can learn a lot from other business functions. Modern factories give us a glimpse of what automation can deliver. Smart contracts show us new ways of tracking assets. The lessons are out there, we don’t have to reinvent the wheel. We can focus instead on adapting and adopting.

Crunch time V: Finance 2025 - Explore the eight predictions

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 organisations can apply blockchains to streamline processes, improve controls, and transform finance operations.

Blockchain for Finance is a practical guide for finance organisations 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.

Crunch time IV: Blockchain for Finance

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 organisations that are devoting more resources – financial and human – to deploying new technologies in these early days of cognitive.

Crunch time III: The CFO’s guide to cognitive technology

Digital disruption

No matter what future you see ahead for your finance organisation, 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 original point of view, Crunch time: Finance in a digital worldbased on extensive research with finance executives, including in-depth interviews with CFOs of global businesses—explores the various digital disruptors and may be the quickest way to understand what's in store for finance organisations as they hurtle toward the future.

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.

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:

                              
Cloud
Cloud is a kind of computing that uses scalable, elastic technology to deliver services over the internet. Instead making large investments up front, finance can get the full stack of finance functionality “as-a-service,” delivered through public, private, or hybrid clouds.
                                Process robotics
Process robotics automates transaction processing and communication across multiple technology systems. Robots perform recurring processes just like humans, but with less risk of errors and fatigue.
                                Visualization
Visualization refers to the innovative use of images and interactive technology to explore large, high-density data sets. Visualization suites complement business intelligence and analytics platforms, offering rich graphics, interactivity, and usability on par with leading consumer experiences.
                          Advanced analytics
Analytics has long been part of the finance arsenal, but new techniques are helping business people tackle the crunchy questions with insightful answers. Often that means combing through big data to see patterns that suggest future opportunities.
                                  Cognitive computing
Cognitive computing and artificial intelligence (AI) simulate human thinking. This technology includes machine learning, natural language processing, speech recognition, and computer vision.
                            In-memory computing
In-memory computing refers to storing data in main memory to get faster response times. And because the data is compressed, storage requirements are reduced. The result? Speed and access to quantities of data that were previously unimaginable.
                          Blockchain
Blockchain is a digital distributed ledger, where transactions are verified and securely stored on a network of distributed and connected nodes, without a governing central authority.

Talent essentials for digital transformation

The growth of digital business is already reshaping the talent marketplace, far beyond finance. As organisations 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, organisations 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.”

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