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June 21, 2017
Are you Ready for an Agile Finance
Are you Ready for an Agile Finance
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For most organization, change is not an option it’s a necessity to meet customer expectations and stay competitive. For the last 2 years Oracle and the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) partner to conduct research on how finance can adapt to today’s economic uncertainty and create value in the digital age. 

The digital transformation enables organizations to be more competitive. The transformation will help you to make better decisions, optimize your processes, and empower employees or customers. There has never been a more important time to be in finance, using your data-driven insights and enterprise-wide view into operations to guide your organization through today’s uncertain times.

We will highlight some of the top finding of the research in this article but you can read entire ebook there

 

 

 

The new Finance model is responsive and change-ready!

“Modern finance teams that have fully embraced a new operating model embracing digital technologies to proactively automate traditional transactional work, while investing in new skill sets to provide the analytical insights and strategic guidance management needs to adopt new digital business models and ways of working.”

New operating model for modern finance enable CFOs and their teams to drive greater business agility:

• Cross-functional, integrated teams
This team can be centralized in shared services or centers of excellence. Empowered by cloud and digital technologies like robotic process automation (RPA) and machine learning, the ever-improving accounting services and efficiency delivered by these teams are driving highly significant business improvement.

• Big data analytics and artificial intelligence|
The ability to unleash the full potential in big data analytics and artificial intelligence. Doing so stretches the Financial Planning & Analysis (FP&A) role beyond recognition, into a powerhouse that generates the insights organizations need to develop innovative strategies and achieve performance levels that eclipse the competition.

Data analysis, data visualization, and business partnering
New skill sets in statistics, data analysis, data visualization, and business partnering, to support rapid decision making and performance management. States GE Digital CFO Khozema Shipchandler, one of the CFOs interviewed for this report: “While it is important to have people with strong commercial awareness, you cannot replace all the hardcore data scientists and data analysts with training in statistics who are the true data masters.”

 

Achieving Profitable Growth
Agile finance leaders are far more likely than others to have fully implemented cloud-based enterprise performance management (51% vs 17%) and emerging technologies like robotic process automation (44% vs 12%). They’re also far more likely to have fully implemented cloud ERP for standardizing their accounting processes (45% vs 17%)

They’re also far more likely to have set up centers for Financial Planning & Analysis (FP&A), the area of expertise that’s most important for modern finance (81% vs 56%

 

 

Determining the Role of Finance
Agile finance leaders provide management with the insights and support they need to execute against their digital strategies. And the cloud can provide the systems and technologies they need to enable this. But developing and recruiting talent with the right skills will be the biggest challenge businesses face.

 

Determining the Role of Technology
 Modern CFOs are strong advocates for the use of advanced analytics and modern mobile, social, and cloud technologies to help their teams execute on their responsibilities.

 

Interested in learning more about how you can take advantage of RPA and Cloud, or are you looking for some help on defining your RPA  and cloud strategy to support your digital transformation? The Ataway RPAand cloud team is here to help you and make your digital transformation a success. Consider talking to one of our local Ataway offices. Ataway has worked on several Cloud activations and can help you. Consult with Ataway’s team of experts today to learn more or send us an email: experts@ataway.com . 

 

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