CFOs must exploit emerging technologies

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The report, 'Is finance function technology delivering on its promise?', which gauged in-depth views from finance executives across a spectrum of businesses including Shell, Aviva, Kimberly-Clark, Deloitte and Accenture, suggests that finance organisations are not using technology to its full potential and, in turn, could be missing out on bringing more value to the sector.

Jamie Lyon, head of the Corporate Sector at the ACCA, said: "The problem is that the technology landscape is still complex and fragmented for most finance functions. The report suggests that there are other issues impeding the sector from fully exploiting technology. Some of these issues call for a change in behaviour, vision and culture within the finance function to really move us towards a tangible technological change."

Eliminate processes

"Finance can, through technology, eliminate its preoccupation with processes," Deborah Kops, principal at Sourcing Change and co-author of the report, said. "Harnessing technologies that mine data for patterns means that the function can become a game changer for business. We should also acknowledge that the application of technology has the potential to change further what a finance career means. If technology increasingly automates transactional finance and is also able to mine insights at the same time, it will change what it means to be a finance professional as well as the capabilities needed."

The report suggests that the real opportunity for CFOs is to champion the adoption of transformative technology and predictive capability tools to support decision making. However, for all the aspirations that finance may have around the value and insight agenda, this remains a work in progress for most.