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Crunch time III: The CFOs guide to cognitive technology

A series on digital disruption in finance

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.

The goal, as with any finance technology initiative, is to create a more efficient, insightful, and controlled finance function, yet only 42% of surveyed CFOs said their 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.

In addition, what do they build into? Faster and better ways of getting work done.

Crunch time III: The CFOs 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.
 

Key takeouts of the report:

Cognitive tools for CFO’s that are leading in finance organisations:

Machine learning 

Machine learning is the ability of computer systems to independently improve their own performance by exposure to data, outcomes, and a feedback loop. Machine learning can detect patterns in vast volumes of data and interpret their meaning.
 

Robotic cognitive automation

Robotic cognitive automation is the rules-based automation of routine tasks combined with analysis of unstructured data and capabilities that mimic human learning and decision making.

 

Natural language processing (NLP)

Natural language processing (NLP) is the ability of computer systems to decipher and understand text to engage humans with personalized information and service. NLP takes unstructured data and converts it into structured datato be used byother tools.

 

Natural language generation (NLG)

Natural language generation (NLG) is an automation technology that generates narratives and commentary from structured data, e.g., commentary to accompany a monthly financial reporting package for executive audiences.
 

Speech recognition 

Speech recognition is the ability to accurately transcribe and understand human speech.

How can Deloitte help 

The finance technology environment is filled with opportunities for CFOs to test the cognitive waters and get more value from legacy investments. Deloitte experts will provide insight cognitive technology could be applied in your own organisation.

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