Future-Proofing Finance Function - Part 2

Summary

The video discusses the transformative impact of technology on the finance function, highlighting the importance of cyber security, automation, and big data analytics. As the finance landscape evolves, accountants are urged to embrace new roles such as data engineers, controllers, scientists, and strategic advisors to leverage data effectively. Cyber security is crucial for protecting sensitive financial information, while automation streamlines routine tasks, enhancing efficiency. Ultimately, the finance function is positioned as a vital partner in strategic development, driving insights and supporting businesses in a rapidly changing environment.

Takeaways

• 📈 Technology is transforming the finance function, enabling better processes and insights.
• 🔒 Cybersecurity is a top priority, as organizations face growing threats to their sensitive data.
• 📊 Big Data and analytics skills are increasingly in demand for accountants and finance professionals.
• 🤖 Robotic Process Automation (RPA) automates standard tasks, improving efficiency in finance operations.
• 👩‍💻 Accountants must adopt roles like data engineer, data controller, data scientist, and strategic advisor to remain relevant.
• 🛡️ A robust cybersecurity strategy is essential to ensure data confidentiality, integrity, and availability.
• ⚙️ The finance function is moving away from manual processes to focus on providing valuable business insights.
• 💡 Accountants are crucial in managing high-value data and need to understand cybersecurity threats.
• 🔍 Organizations need to analyze and interpret complex data to support informed decision-making.
• 🌐 The finance function must evolve rapidly to effectively support strategic development across industries.

Q & A

What is the main vision for successful digital transformation in finance?

The vision for successful digital transformation in finance encapsulates a major shift in the finance function, emphasizing the adoption of new technologies and data analytics to improve operations and provide business insights.

What technology trends were highlighted in the 2019 and 2022 surveys conducted in Malaysia?

In both surveys, cyber security was voted the most critical technology trend, followed by big data and analytics in 2019, and online services, mobile automation, and big data and analytics in 2022.

Why is cyber security important for accountants?

Cyber security is crucial for accountants because they handle high-value commercial data and sensitive financial information daily. Protecting this data from internal and external threats is a top priority.

How does big data impact the finance function?

The rise of big data has increased the demand for professionals with analytical skills, such as data scientists and machine learning engineers, to gain insights from data faster and more effectively.

What are the four key roles of professional accountants in the data management value chain?

The four key roles are: 1) Data Engineer - ensuring data integrity; 2) Data Controller - focusing on stewardship of data resources; 3) Data Scientist - analyzing and interpreting complex data; 4) Strategic Advisor - framing and explaining complex business issues.

What is Robotic Process Automation (RPA) and how does it benefit finance functions?

Robotic Process Automation (RPA) automates standard, repeatable tasks that are often performed manually in finance, improving efficiency and accuracy in operations such as journal entries, accounts payable and receivable, payroll, and bank reconciliations.

What are the potential benefits of a finance team member represented by RPA?

An RPA-enhanced finance team member would work faster, complete large volumes of repetitive tasks without errors, and maintain a perfect audit trail, significantly reducing overhead and improving efficiency.

How should finance functions evolve to support business changes?

Finance functions need to accelerate their evolution to effectively support the dynamic base of change across industries and to be recognized as strategic partners in business development.

What role does finance play in strategic development within organizations?

Finance acts as a co-pilot in strategic development, providing insights and support, and is recognized as a business partner in organizations.

What is the importance of data analytics in the finance function?

Data analytics is essential in the finance function as it enables accountants to derive insights from complex data, which supports informed decision-making and enhances overall business performance.