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

5 9[gfn]j_]f[]g^l][`fgdg_a]kakfgo\janaf_l`]f]plh`Yk]g^ÕfYf[]ljYfk^gjeYlagf$ Y[[]d]jYlaf_l`]bgmjf]ql`Yl;>GkZ]_YflgoYj\\]dan]jaf__j]Yl]jafka_`lafl`])11(koal` ]fl]jhjak]j]kgmj[]hdYffaf_ =JH!aehd]e]flYlagfk&L`akf]ploYn]g^l][`fgdg_a]koadd ljYfk^gjel`]oYql`YlÕfYf[]Y\\knYdm]&>afYf[]d]Y\]jkf]]\lgmf\]jklYf\c]q]e]j_af_ l][`fgdg_a]k$eYc]hjY_eYla[\][akagfkYZgmll`]ghlaemelae]lgafn]kl$\][a\]o`]flg jmfhadglkgjgl`]jafalaYlan]klgl]klf]oaffgnYlagfk$Yf\\]l]jeaf]l`]h]ghd]kcaddkYf\ [YhYZadala]kl`]qoaddj]imaj]& “ Technology is changing so rapidly and arriving so fast, there is a certain motivation to be cautious and take a wait- and-see approach. You might think, ‘I’m going to be smart and sit back a little bit and see what happens before I eYc]Y\][akagf&ÌL`]hjgZd]eakl`Yll`][`Yf_]akkgka_faÕ[YflYf\l`]f]o[YhYZadala]kkgY\nYflY_]gmk$l`Yla^ you take a wait-and-see approach, you run the risk of being put at a severe competitive disadvantage.” Tony Klimas EY Global Finance Performance Improvement Advisory Leader We explore five key technologies that we believe will play a significant role in transforming the finance function: 1 2 3 4 5 Advanced data analytics Robotic process Cloud and SaaS 9jlaÕ[aYdafl]dda_]f[] Blockchain and forecasting automation 1. Advanced data analytics and forecasting L`]nYdm]lgl`]^afYf[] • Improve ability to predict outcomes — and manage strategic risk — through scenario analysis ^mf[lagf and forecasting • Better understand the financial impact of key strategic and operational decisions • Provide better and faster information to key stakeholders, from investors to supervisory boards • Improve enterprise performance measurement by combining financial and non-financial data ;mjj]fleYjc]lY[lanalq • Active take-up — most organizations have made dedicated investments and are committed to using advanced analytics across decision-making processes In the future, contending with volatility and uncertainty will be CFOs must actively investigate how they can use sophisticated, the new normal. A range of forces — including growing forward-looking analytics to enhance their organization’s pressure on natural resources, more frequent and severe performance in a range of areas, for example by: climate events, and increasingly sophisticated cyber attacks — • Deploying big data platforms that are designed to be will create ever-greater challenges for multinational interrogated by computers rather than humans, using organizations, particularly as global operations become machine learning to analyze massive data sets to make fine- increasingly connected. grained predictions, such as how an asset on a balance sheet To be able to set the right course for the future, finance will behave. functions must get better at processing — and extracting • Combining structured and unstructured data (such as social forward-looking insights from — large amounts of data, keeping media and web monitoring) to identify rogue activities, track of new types of data and incorporating them into their patterns and trends and mitigate risks such as fraud models as they emerge. or cyber breaches.

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