Content thumbnail Is the Future of Finance New Technology or New People?

3 We explore the future of the finance function in two parts: 1. Technology *&H]ghd] Advances in new technologies — such as in-memory CFOs must make bold moves to build a finance function that computing, the cloud, analytics, mobility, artificial intelligence has the right people, with the right skills, to complement and (AI), blockchain and robotic process automation (RPA) — offer get the most out of new technologies. Furthermore, many will CFOs an exciting opportunity to reimagine what the finance play an important role in the people strategy for the function should look like. In addition, many CFOs are now key organization as a whole. Success as a CFO will depend on players in driving adoption of these technologies more broadly combining the intelligence of smart technologies with the in the organization, and in leading the transformation that brains, emotional intelligence and interpersonal skills of ensues from technology innovation. talented people. But to make the most of new technologies’ ability to save costs, manage risks and increase insight, finance leaders must challenge assumptions, take calculated risks and encourage experimentation. At the same time, they must also manage the risks inherent in each technological innovation. :mad\af_l`]^mlmj]ÔfYf[]^mf[lagf2l][`fgdg_qhdmkh]ghd] Technology H]ghd] Automating the future >g[mkgfhYjlf]jaf_ 65% 67% of respondents say that standardizing and of respondents believe that improving business automating processes and building agility hYjlf]jaf_Z]lo]]fÕfYf[]Yf\l`]Zmkaf]kkak Yf\imYdalqaflghjg[]kk]koaddZ]Yka_faÕ[Yfl a major priority. hjagjalq^gjlgegjjgoÌkÕfYf[]^mf[lagf& State-of-the-art tech F]okcaddk 58% 57% of respondents say combining state-of-the-art of respondents say that building skills in technology with process improvement will be a predictive and prescriptive analytics is critical eYbgj^g[mk^gjl`]^mlmj]ÕfYf[]^mf[lagf& for the future. The answer to the question “Is the future of finance new We hope you enjoy reading this study. technology or new people?” is, of course, neither one nor other but both. In the finance function of the future, leading CFOs will be those that strike the right balance between technology and people, and continually work to focus each on the tasks that best suit their skill sets. This will free the CFO up to focus on innovation, responding to the rapidly changing business context and driving the business forward. ey.com/dnaofthecfo

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