Finance in a digital world: It’s crunch time for CFO’s!

Perspectives

The "Crunch time" series for CFOs

A series on digital technology and transformation in finance

Examine specific digital disruptors and their impacts in our "Crunch time" report series. 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.

Latest: Finance 2025 (our predictions)

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.

Explore Crunch time V: Finance 2025, the newest addition to our Crunch time series, which offers eight bold predictions about how finance organizations might evolve over the next several years, becoming better, faster, and probably less expensive.

Additional "Crunch time" reports


Crunch time I: Finance in digital world


Crunch time II: CFOs talk off the record

Deloitte's original point of view, "Crunch time: Finance in a digital world"—based 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 organizations as they hurtle toward the future.

Thirty 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.

Download "Crunch time I: Finance in a digital world" 
Download "Crunch time II: CFOs talk off the record"


Crunch time III: CFO's guide to cognitive technology

Crunch time IV: Blockchain for Finance

"The CFO’s guide to cognitive technology" explores how organizations can deploy emerging cognitive technologies to help create a more efficient, insightful, and controlled Finance function. Included in this guide are a collection of examples based on what technologies we’ve seen companies begin to test and adopt, and our experience working with many Finance organizations.

"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.

Download "Crunch time III: CFO's guide to cognitive technology"

 
Download "Crunch time IV: Blockchain for Finance"

Download the infographic

Back to top

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 suggests 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 of 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.

 

Back to top

"CFOs can leverage digital transformation tools to improve finance operations’ performance and provide better insight to the business—faster."

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 the relationship and analytical skills, who can also understand the business. Talent essentials for digital transformation include:

  • 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 a business understanding
  • Engagement: An opportunity to learn, grow, and innovate for digital natives or millennials

Back to top

“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.

Back to top

“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.”

Fullwidth SCC. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.

Did you find this useful?