The future of Finance in a Robotic World – #SmartFinance Series

shirlynnoh —  June 30, 2017 — Leave a comment

Robotic process automation and artificial intelligence have been said to bring about disruption to all areas of businesses,  evidently in recent years on the customer facing front.

However, the transformation on how we deliver our business, will also impact finance leaders as they will need to process information faster, crunch data more efficiently to generate insights into bringing the business well into the future.

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It  is the CFO and finance executives’ imperative to look beyond process automation,  and start exploring the types of insights #RPA and #AI can bring to provide strategic foresight for the business. At the same time, it should also be high on the CFO’s agenda to ensure the future finance team is appropriately empowered to take on the challenges of the digital economy.

With this in mind, we had a very successful run of the second event of the #SmartFinance Series.

Titled “The future of finance in a Robotic World”, jointly organised with Deloitte Singapore and INSEAD Emerging Markets Institute (EMI), we saw about 100 CFOs and senior finance leaders coming together on the morning of 15 June 2017 to join in the conversation.

It is definitely a real challenge that weighs on everyone’s minds, and we are glad to have been able to provide the platform for business leaders, CFOs, finance consultants and academics to delve deeper. Interestingly, the takeaways had a common theme, and that’s about structures within the finance department and “future-skilling”.

Here’s what we think are some of the interesting takeaways: 

  1. Finance in the digital world today is about how people can make use of technology to enhance, enable and empower the processes and structures.  As leaders, what are some of the changes do you need to make and how?
  2. With  #RPA, data crunching jobs will be done by #AI and bots. The accountant’s job will require him or her to have higher EQ and soft skills so that he can process ‘exceptions’ that these bots or AIs cannot process.  How are softskills incorporated into your finance team’s developmental plans?
  3. Perspectives on technology vary access across generations. However, across generations, everyone has come to accept and expect IT and connectivity in the workplace and the  way we relate  to one another. Is there integration or better working structures needed in between IT and the finance function?Deloitte6.jpg       deloitteevent2.jpg

 

With much said above, the conversations does not stop here. In fact, it will only generate more exchange as we bring some some takeaways from the event online onto our LinkedIn page for CFOs and Finance Leaders like yourselves to continue the discourse. You are most welcome to join us and hopefully, in the months to come, we can generate some case studies to be shared on the platform.

Thank you to those who took the time to attend the ACCA #SmartFinance Event. And, there will be similar events taking place throughout the year. If you don’t want to miss you, do leave us your contact details below.

 

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You can read about the first #SmartFinance event jointly organised with PwC Singapore here.

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