The State of Finance Innovation in 2017
Standing still is going backwards The digital era is presenting new challenges to Australian organisations through increased market competition and heightened customer expectations. Responding to these challenges requires more than just cosmetic changes on the outside – it can also mean fundamentally reshaping the internal functions upon which the organisation relies. Finance is no exception. The mounting pressure for organisations to be more responsive to market conditions is forcing a rethink of systems and processes within the finance function, and driving the adoption of new tools and technologies that accelerate outcomes and enable new contributions. At a personal level, finance leaders are having to rapidly build their digital competency to ensure their relevance in conversations regarding their organisation’s digital transformation. As trusted advisors to the CEO and board, a finance professional’s contribution will be greatly impacted by their understanding of the forces of digital transformation and the technologies and processes underpinning it. And at the same time, finance leaders must undertake this transformation without ever losing site of their key roles in governance and accountably. Of specific concern for the finance function is the rapid evolution of capabilities in data analytics, and the need to provide information to key decision makers more rapidly across a broader range of inputs. The ability for finance to assist in the collection and analysis of different data types will be a key determinant of success in the digital age, as organisations demand faster decision-making to exploit market opportunities and respond to emerging threats. But … Continue reading →
