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Transforming Finance in a Digital Era

Finance function will evolve as an Agent of Change in these times of Digital Transformation.

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Transforming Finance in a Digital Era

  1. 1. Transforming Finance in a Digital Era
  2. 2. The Four Forces affecting Finance function today Finance must understand ‘DIGITAL’ smart technologies ‘BIG DATA & ANALYTICS’ are transforming finance, from reporting to forward-looking BI ‘RISK MANAGEMENT’ has never been more important Managing conflicting demands of ‘STAKEHOLDERS’, and complex relationships across boards 1 2 3 4
  3. 3. No more ‘Business As Usual’ How will Finance lead the Change? ‘7 steps’ where Finance function will evolve as an Agent of Change…
  4. 4. Re-align Operating Model1 Finance teams will provide their unique ‘value proposition’ not by looking backwards… …but by charging forward with innovation and new business models.
  5. 5. “By 2020, we will see finance teams much more as integrators of information, process owners and… …sophisticated managers of third-party relationships.” - David Fincher, E&Y Drive Integration2
  6. 6. Raise new Finance Talent3 Accountants will be less in demand, while data scientists, sociologists, and mathematicians will be joining the ranks of finance professionals.
  7. 7. Reimagine processes4 Finance professionals will stop optimizing and re-engineering existing processes... …rather they will design optimal processes that leverage the limitless possibilities.
  8. 8. Automate Reporting5 All finance information will be available in a personalized and secured way. Information has to be accessible anytime anywhere.
  9. 9. Dynamic Planning6 Real time feeds from internal and external data sources will ensure that forecasting can be done continuously. Planning will become thinking as reaction will become action.
  10. 10. Leverage Big Data Analytics7 Finance will move to real- time analytics through a mix of technologies such as… …cloud, predictive analysis, in-memory and artificial intelligence.
  11. 11. Agility is the Key Driver Finance function needs to rapidly adapt and steer itself in the new direction to be the ‘Agent of Change’. Are you ready yet?
  12. 12. Let’s stay in touch https://www.linkedin.com/in/maninder-bhatia https://mobile.twitter.com/_maninderbhatia
  13. 13. References  Four Forces affecting Finance Function today – Source: http://www.ey.com/gl/en/issues/managing- finance/ey-cfo-program-dna-of-the-cfo Image credits:  http://georgetownexec.com  http://www.google.com  https://www.dreamstime.com  http://www.mckinsey.com  http://www.oxbusinesssystems.com  http://www.greatlearning.in  https://www.compucom.com  https://clipartninja.com  https://pixabay.com