Crunch Time: Finance in a digital world
Digital disruption in Finance
Finance teams need to understand that the world will continue to move even faster. They need to prepare themselves to meet the demands of a business they have not seen yet.
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 organisations. But what exactly will their impact be? What is the future of finance in the face of these developments?
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 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.
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.
Finance technology 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 these seven technologies have growing interaction and relevance for how the work of finance gets done:
- Process robotics
- Advanced analytics.
- Cognitive computing and artificial intelligence (AI)
- In-memory computing
The people puzzle
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 include:
- Leadership: A sharp view to 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
Framing the future
Which path makes sense for you? What kind of roadmap will you need to realise 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.
How Deloitte can help
Get in touch with our Deloitte Finance specialists to help you better understand finance in a digital world. Read more about our Finance Transformation solutions here.