2. Financial Management Challenges:
Globalization, Technology, and Transformation
• Presentation based on the paper by Ilie, L. (2015). Challenges for
financial managers in a changing economic environment.
3. Financial Management Challenges:
Globalization, Technology, and Transformation
• Finance is the “life-blood” of the organization
• Every organization & every person performs financial management
activities to some degree
4. Globalization, Technology, and Transformation
• Globalization - Ilie (2015) & Moller (2012)
• Integrated financial system able to respond to changes in market conditions
• Finance provisioned with tools supporting planning, forecasting, and budgeting
• Individuals have Internet tools and resources for financial management
5. Globalization, Technology, and Transformation
• Technology – Ilie (2015), Everest Research Group (2016), & Yoni
(2016)
• Corporate finance processing functions “outsourced,” more services to come
• Individual finance, electronic banking, Internet financial services for investing/savings
6. Globalization, Technology, and Transformation
• Transformation – Ilie (2015), Chua (2013), & Gattenio (1997)
• Corporate finance faced with “large” data, opportunity for increased value-added
analytics
• Individual moving to Internet financial services, but security & privacy issues
7. Globalization, Technology, and Transformation
• Conclusion
• Many challenges to the function of financial management
• Corporate finance has more than the three discussed
• Individual financial management environment is dynamic, but privacy/security issues
8. References
Chua, F. (2013). Big data: its power and perils. Retrieved from The Association of Chartered Certified Accountants, http://www.accaglobal.com/content/dam/acca/global/PDF-
technical/futures/pol-afa-bdpap.pdf , 1-38.
Everest Group Research, Everest group peak matrix™ for service providers, focus on Accenture (July 2016). Retrieved from Accenture Everest Group website: www.everestgrp.com
https://www.accenture.com/t20151015T063405__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Technology_10/Accenture-Everest-
Group-PEAK-Matrix-for-FAO-Service-Providers , 1-19.
Gatteno, C. (1997). Finance transformation; Making it work Motivating your company to embrace change, Journal of Accountancy, January, 52-55.
Ilie, L. (2015). Challenges for financial managers in a changing economic
Environment. Paper presented at the 22nd International Economic Conference – IECS 2015 “Economic Prospects in the Context of Growing Global and Regional
Interdependencies”, IECS 2015, 726-730.
Moller, B. (Producer). (2012, exact date unknown). Transcript of audio podcast. The world is not flat: The changing role of finance in today’s global economy,
Retrieved from www.accenture.com
https://www.accenture.com/t20150523T051820__w__/ca-en/_acnmedia/Accenture/Conversion-ssets/DotCom/Documents/Global/PDF/Strategy_1/Accenture-Consulting-
Finance-Enterprise-Performance-Transcript.pdf , 1-4.
Yoni, A. et al (2016). Fin-Tech transforming finance. Retrieved from The Association of Chartered Certified Accountants,
http://www.accaglobal.com/content/dam/ACCA_Global/Technical/Future/FinTech-transforming-finance.pdf , 1-15.
