A convergence of technologies is now driving the next phase of finance transformation, accelerating the journey that CFOs began toward delivering greater insight in the 1990s with enterprise resource planning (ERP) implementations.This next wave of technologies will transform the way that finance adds value.
“The traditional offshore model is starting to fall apart,” he explains.
“Many popular offshore locations are becoming more prosperous, and what used to be ‘cheap’ isn’t so ‘cheap’ anymore.
One, to add value to the business by providing business insight.
Two, to put in place a very strong controls and compliance environment in the different subsidiaries that we are operating in the world.” For EY’s Tony Klimas, automation offers the opportunity to drive the next evolution in how finance is delivered.
People are looking for alternatives and they’re looking to leverage technology advances, from robotics to artificial intelligence.” This point of view is echoed in our research: 58% of respondents worldwide said that “combining state-of-the-art technology with process improvement” is a significant priority.
And it is a particular focus for large and complex global organizations, whose CFOs must often seek to cut waste, standardize approaches and combat bureaucracy and inflexibility.
Finance leaders need to understand key emerging technologies, make pragmatic decisions about the optimum time to invest, decide when to run pilots or other initiatives to test new innovations, and determine the people skills and capabilities they will require.
“Technology is changing so rapidly and arriving so fast, there is a certain motivation to be cautious and take a wait-and-see approach.
By establishing robust data management and analysis processes for tax information, CFOs can help make this possible.” For Simon Kelly, former CFO and COO at Australian media company Nine Entertainment Co., this means historical data is losing some of its importance.