digitalization of finance function

%%EOF Nevertheless, its greatest strength is that of habit. This digitalization also reduces the possibility of cyber risks and minimizes errors that occur due to the execution of robust strategies. They are currently looking mainly at document recognition (22 percent), direct data processing with customers and suppliers (20 percent) and payment transfers (19 percent). Benefits Of Digitalisation. Here are the key findings: Digitalisation has arrived in finance and accounting, albeit later and more hesitantly than in other departments. Embracing these digital tools can transform the finance function and add value to the business, whilst improving efficiency and reducing risk. 183 0 obj <>stream In business, the finance function involves the acquiring and utilization of funds necessary for efficient operations. And yet, Excel® is very often the number one choice for finance teams, regardless of the size of the company. We wanted to find out exactly and hence, we split this question into more than detailed 40 questions, asking officers from finance and accounting departments at 76 large and medium-sized companies based in Germany. Digitalization and advanced technology give the finance professional the means to deliver on these demands – in effect using today’s information to be prepared for tomorrow’s challenges. The digital tools meant for financial services industry focus more on improving and updating the existing competencies and core systems. For example, today’s Robotic Process Automation (RPA) tools are mature, their capacity and functionality known, but financial managers still do not trust these products and prefer to test them before … Breaking-down transformation steps: 1. All rights reserved. There are other exponential tools too that are intended to deliver new capabilities. Digitization is now a realistic goal for the finance function because of a range of technological advances. Members are often collocated to improve lines of communication and ensure a true team effort. %PDF-1.5 %���� ٦c-��Hr���{w��8��t����)��;���h!���R,�P�a鄖���=���ҋԐ9�q��Bk����P��+Rq�{{�� #��1>��x�þgE�w�z���깄Nj��GBA�+�z��5�hZ8��xuݾ�Y`�q�j��|��? To achieve the most value, the finance function must develop a digital strategy that aligns with the company’s overarching digital framework. Driven by the accelerating digitalization, the finance function faces the risk of being reduced to an efficiency-first support role. DIGITAL TRANSFORMATION IN FINANCE FUNCTIONS The impact of digital technologies is an important topic for professional accountants working in businesses around the world. The typical obstacles to digitalizing the Finance function: Uncertainty about how to begin; Employee resistance to change; Long-term planning vs. quick wins; No best practice for fully digitized Finance functions; Gaps in digital capabilities; Missing support from management board; Conflicting responsibilities and priorities; Competition for resources Digital tools meant to support financial functions. Combined, these trends are creating the conditions necessary for a total transformation of how finance functions operate. For citizens, digitalization promises much needed improvement both in the delivery of public services, such as Government/Bank issued certificates, and other services, financial or other consultancy services. endstream endobj 157 0 obj <>stream In this chapter, digitalization means computerization of systems and jobs for better ease and accessibility. "The principles of accounting remain the same, even in the digital age. Digital technologies—and their ability to transform the finance function with improved planning and decision making, streamlined processes, and better cost management—are critical to meeting today’s business challenges. The digital tools meant for financial services industry focus more on improving and updating the existing competencies and core systems. BearingPoint conducted a study to understand where European companies stand in the digital transformation of the CFO function. H���[��8E�� New technologies continue to play relative minor roles in analysing business processes, reporting and documentation. They provide an opportunity to fundamentally redesign many financial procedures and generate added value. BearingPoint study: according to 75% of finance chiefs the two megatrends have a substantial impact on the finance function. H��V[��6��S�#��:F�� ��� ���@�H��i,�QY�G�����<>FS���[�jjmܠ&�Pr2�7��������߇ e��ՔK�G7IE����>�XMC&���h�0�fn�C �@aN+#3��{���*�to��D��5�ǿϯd,4lO~�^)�5��ïr���~Շ{�`J�����{�8����xCuEjH�#���� We decided to include some graphs comparing key findings of the current survey with the responses from 2016 to give more insights into overall trends. Digitalization of the Finance Function in the Automotive Industry. The extent to which technology is used in auditing is still relatively low. h�b```�|V��� ��ea��hS�e8���Ax���(�Ў}�V)1y7d��{���z�б]��Һ7^��Q/?-�ꁵS�ʍ�֮�]hu�ε�m|�k}�V�:�{9[��N[F�DG��D�t���`pq� ��:�A0 Tbр�v��f�{B��0ˀ��t�b���5p�` be�cpf�w0p+��P�` b`o���� ����i/������o��ݑ�C d0 ��U The extent to which technology is used in auditing is still relatively low. As companies are transformed, so are their finance and accounting functions, and in turn, their financial statement audits. In the finance function, that means working now to get the right people and technology in place to take advantage of the inevitable disruption ahead. Finance is the first function to adopt the new capabilities, such as analytics tools that use daily peaks to forecast monthly revenue,” says … That’s what the finance professionals of today are telling us about their vision for the profession, but they also say that further developing their effective use of technology will underlie their success to a great degree. ����k��(@ Ji%��t�$�8�t� �u��V����tM�����%�'��V����lO B���e��m�;��뱸x#O8�������|�������)�B�. [j�� Automation is a particularly important component of digital transformation for financial services companies. Financial Planning & Analysis is the heart of your finance function! Digital transformation in finance has assisted in automating monotonous tasks, management of compliance and accounting and operations functions that include accounts, reports, and analysis. ;��6�����ᙤ�Ṉ~P/wԫ{ ���ʇj��@/%�[Ď��[�e���]��ш�&,��H ��5��n���X��D{縧'�I�4�0�S��ztK���P\ұ��qQ���G$���p�3�m��΄h�Pb\�(��_��I�5�?c? )�!ǜ�+(��ׅc-yB�U�b*e�6CH3�q4� ,)x���%�Ť H���A������&�����aK�Vٙ)�IL�3�խd�K��˪������ sNV[(��M���3b� Yb_�X. • Advice: digital outputs will assist finance teams in building trust-based relationships with stakeholders to solve problems and improve data-based decision making. However, technological trends have the potential to transform accounting. Automation, optimization, autonomy of processes as well as more flexibility and individuality of products and services are just some of the benefits and opportunities of digitalization. A successful implementation of the digital transformation is of decisive importance for the long-term success of companies. Technology advancement drives efficiency as well as providing the basis for value-added roles. In an increasingly digitalised world, the success of the finance function depends on combining the right technology with the right talent and skill sets. Digitalization and data provide a significant opportunity for the finance function to enhance their business partnership by guiding and enabling decisions across an organization. Digital solutions can simplify a country’s security and intelligence systems, and its economy and infrastructure. H��Vˎ�6��+��)���9��0�8�H���)Yv����� =.�D��Ej���k\��5�1pQ|�������|�_������}�)Ɛ4�u�X���RZ ��>8�P+�_�ʁ30� j�-,�,�‚\��}6��LZ��/� ��t��@m�Ay����� X��4��CA��� ����5������#ʁ���:���5m1�$�Xe��������y'ɍ��C)Y/�>v^;6 �ޤI)Ī홨�?�����G�w�xKv�zK�+ŅA0(M!1�p(-A�)+g�H�j9�@�E���:�J��%�pl 1:A�xQ Simple, easy to use, and widely adopted and mastered by financial professionals for decades, it has many advantages. H��V[��0��)t��t�~� A�~l��?Сdَ�ɦE7��YS��!�!����6�d%X�����9�X~��?� �Q��@-*C��}�/xF*. These include the widespread availability of business data; teams’ ability to process large sets of data using now-accessible algorithms and analytic methods; and improvements in connectivity tools and platforms, such as sensors and cloud computing. And the digital in fhe financial function is no exception. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The concept is so intriguing because it promises unprecedented levels of visibility and control by digitizing everything from operations to … ;$��ܓa��C� The cross-functional unit has the mandate to challenge the status quo. By redefining its value contribution and self-perception, finance can seize the opportunities that digitalization offers to develop into a digital driver that shapes the digital landscape of the entire organization. That’s not likely to happen without a clear vision and strategy for finance in a digital world. It was very well received, which, along with the relevance digitalisation has for participants and for PwC as auditors, inspired us to conduct this second survey. Digitalisation is transforming companies and other organisations more fundamentally than the business world has ever seen. Overview The future looks bright for a career in finance. endstream endobj startxref Digitalization in Finance ... from different providers covering Treasury core functions with an integrated approach, by connecting various third-party applications to leverage the system. 171 0 obj <>/Filter/FlateDecode/ID[]/Index[150 34]/Info 149 0 R/Length 99/Prev 528737/Root 151 0 R/Size 184/Type/XRef/W[1 2 1]>>stream by BlackLine Quarterly. Digital Finance is made possible by a series of rapidly converging technologies and business trends, each of which has the potential to significantly impact the traditional finance function. endstream endobj 151 0 obj <>>> endobj 152 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 595.276 792.0]/Type/Page>> endobj 153 0 obj <>stream New technologies for a wide range of activities Today’s businesses are run based on standard software supporting their processes. Digitalization can help to resolve the conflict between the role of the finance function as pure and cost-efficient versus comprehensive and value-contributing but at high cost by offering both a clear value contribution to the business and an efficient way of delivering analytical and digital expertise for the entire organisation. Definition of Finance Functions The Finance Function is a part of financial management. ", Survey "Digitalisation in finance and accounting". © 2017 - 2020 PwC. Automatic processing of this data allows them to operate far more efficiently and make use of technologies, such as AI and data analytics, to retain and expand their customer base … Digitization skills are in short supply, so successful programs emphasize building in-house capabilities. The CFO function faces changing requirements created by digitalization. However, there is an increasing awareness of the necessity of opening up finance functions to new technologies. Here are the key findings: Digitalisation has arrived in finance and accounting, albeit later and more hesitantly than in other departments. ���4��U�t��%+S�٩l�43�^M3��{��fͨP�_w9��6����U�j ����2�s��v�a�t�����L-�s��h��ͻ�\���|"O��]ϳ��qnA��}�&�R�b�4�w�%�� Now is the time to step back and make sure your roadmap to that future is clear. This is where the present study picks up and provides insight into the current status and the trends of digitalisation within accounting. As helpful as the different software systems are, they also mean effort. Digitalization is the integration of digital technologies into everyday life by the digitization of everything that can be digitized. Frankfurt, January 15, 2014 – Digitalization drives fundamental changes. of the companies already use software robots and 22% intend to do this. “Adopting digital technologies is a priority from now to 2025, not only in finance but across the group as a whole. Establish reporting relationships. Choose the right reporting structure for embedded finance teams and optimize the span of controls. At its production line in Saarbrücken, Germany, ZF produces about 10.000 automatic gearboxes for cars per day. Few topics are more intriguing—or disquieting—to today’s boardrooms and top executives than digital transformation. ���v��N�p��T�k����ъT��l/�� 9GJ/ Communicate effectively at all levels & build a culture of analytics. The digital transformation provides the opportunity to increase the efficiency of the finance function and make it fit for the forthcoming challenges. o�e�7!���"��IV�C��Y6�=����[e�7]����+8����� �|�>��'8����S�1�3�j8(��F��ʶ׫�Ϟ)k�M�����s�A6͋�'�.��J���=�my��&z\�>�x��띾���`�g܃��m��d�>���j���6+�a��(�� �Sᒘ<2� ����j�s�!���V�l���V�����y�-�|�|��MK)^��6/U�׻la�S��- �Ƥ��T��)`|�:,��vV;��T�v��}��dQV �С�g{���*����ǡ�04g:��1�s����]y�X����lZ�?/�?VK�x}�B�p��ɦ�P7Y9��lx�"���}�o{0/����UQ��?�f�?���#�Áq�Ǘ�f3οW�.`���$���?p L��z���,�tpp���qty5�Y1o� Digital tools meant to support financial functions. Future proofing for success . Objectives. The surveyed companies would like to make use of new technologies including AI, software robots (robotics) and blockchain. �`�$g �@�h#�*�"F҈���� @�E h�̗�n�6ǟ`��?[��LE;i�tM�i�! Digital technologies can process data far more quickly and reliably than human beings can. the surveyed companies are making use of blockchain technology. Finance Automation / Finance Performance Management. Structure finance subfunctions. decision-makers expect the degree of automation to be between 10 and 40% by 2022. use AI even though Artificial Intelligence is still at the early stages of development. 0 Digitalisation of the finance function will be an evolving process as new technologies emerge and create better solutions to manage the challenges of today’s fast-changing business environment. Build a performance management system or business intelligence tool (or maybe both). ίuK2+^l��X�~�0P����u֤���������O�55�m��vq33 M鏤���w�ߩ�B���4Z9>J�Y7�4g?��s��aO�i�����k*L}�{� �4`I�3 ���@�Â�'lC�g�h5X�u��;��gLa�^N� ;c�j)�j�T�#���+����>m�烷�k��� �� ��B��w�� W���m2�����C�`��o`���������{5�v��8� �KmISb��E�F@/�� K�CӬ�޹�r�N��4��xa��$��Ş��gm��E�h�٥�ϼ����?�դE��x�F�|�J́�E=�w^�v�r�5����WT`lxC�5�|i�7H�׸fU��S9�hٜ�-�ظT�ELP�-T��/��ĸH�,7L΀m�ZmQ�_��s��}8�� } xnl����d7�N턿�� �QP��f��hAkdV�U'����V��8f����a�����!��R���ނqY����dj���O�W ���Z��3T��N�����$�5=�XP�U0 ����,��-��S������*-��e��5�y���E�l���w8��0���`�/m�!o�|AȎKto%��7t� Finance is the lifeblood of business without it things wouldn’t run smoothly. Digital financial innovation and the entry of new providers of financial services may not only affect productivity and efficiency but may also have important consequences for financial stability. Please see www.pwc.com/structure for further details. of digitalisation in their own finance and accounting, how they combine new technologies with existing ones, what their finance and accounting departments are already using new technologies for, and what value artificial intelligence, robotics or blockchain in the finance function is adding to their company. Robotic Process Automation (RPA) in finance: increasing process speed, reducing costs and improving quality – RPA's great potential is clear. Member of the Management Board and Leader Assurance, PwC Germany, Leader Capital market and accounting advice, PwC Germany. h�bbd``b`��@��,\ �*��8"LA�B�: 1�e��$�����- ! The literal meaning of digitalization gives an apparent idea of development and technology dependent world. 1. In financial services, unlike in other industries, increased competition may not be welfare enhancing (Corbae and Levine 2018). In contrast, the response rate in 2016 amounted to 27 percent. Build capabilities. The Role of Finance in Digital Transformation. Thriving in the Digital Economy: The Innovative Finance Function. Prof. Dr. Rüdiger Loitz, Leader Capital Markets & Accounting Advisory Services. Only eight percent of the surveyed companies are currently making use of blockchain technology. The mining controller director confirmed that new technology capabilities have made his finance function more predictive and more agile in reacting quickly to any scenario. One reason is the difficulty of evaluating unstructured data and mass data systematically using AI. And what it means for financial statement audits. PwC has already developed appropriate tools, such as GL.ai (General Ledger artificial intelligence), which uses algorithms in financial statement audits to save time when analysing large data sets and identifying areas of risk. endstream endobj 155 0 obj <>stream endstream endobj 156 0 obj <>stream Where OEMs and suppliers in Germany stand in this regard was examined by the management and IT consulting company MHP together with the Georg-August-University in Göttingen and the University of Groningen. As in 2016, over half of the surveyed companies are still not using AI. Although AI is still in the early stages of development, it is already being used by 18 percent of the companies. ��is�ռj�hP�y|���A��s����&|ŰM~ M�5���[h'u����|���h�f��+|�k���L�5����� %5�=٠���ԓ�R�]�ҹ{X��C�~��1�r�����wč+�'q�uqk���[=�ngPQ��݌�[�&�tgT�He�y�9g�t�p�c.�_����$H���!M�����$��=����qtY�bZ�N�?ڧ��VL�h����1��� p�kM,q��8��g�����Rl�O��wz����H�T����"��֭Q�z1��;Hy���{Vy�(O��ձ��z��/�����_'s���a6[�!LG��j���Q���`a�.���p�7�[�r�]�"kW�ԍ��F�%W��z�w���z����Rd5��o`�Q���:7�vn�. There are few initiatives for the definition of an overall strategy for the digitalization of the finance function. There are other exponential tools too that are intended to deliver new capabilities. PwC conducted the first survey in digitalisation of financial statement audits back in 2016, with 98 companies. 150 0 obj <> endobj Technology provides finance functions with many opportunities to do things better, but it also changes the business context in which finance operates. Today's CFO function must be able to drive digital transformation and contribute to the change of an organizanization. The survey clearly shows that the Excel era is swiftly coming to an end in finance and financial statement auditing. ���W�z֤��'F�#vS�Hu����`��oR��/���z��iO(!ܕ�?r:�W��)����kh� ;љO�� g^EB#�/�'ы�(f)���.j5WN�k���O��C�G�o�E�~�����X� s�QpV�������JC�sck珇��#�z暜�m��T�GWx�������ҎA{�XՓ������58p���"�^Č��Г���G1�]1�,ƾC�(�1��M����C��J�*:�JQ?t]&5��Աb}����4NSmt&$��I��V���%�O��‘���I���sp�Bo��x(~K�X�9ry�/����m���i��J��������(�����Bo��G0�A�9�`��^غл���\��Ei>�,u��q�Mٵ�x�oq1:���%>�Ɖ�P�st�?�q,����f���3݇"�x<$���x���j�q!_�2�V�#�K�� �${�'�m�G��&\�� qGn Integration generally takes place through the implementation of POC (Proof Of Concept) and tests. 7B��p;�*���`x)�Fšѫ��P�)�B��^+~t@�KG����5�� Q�a��8��Ї�⃡�x& @�-�횫W8{k�7����� ��,�̆��>�ԇc�Q�k��:��p���9]�8��MԽ�����Ad�y���!IepJ�|�a�'X �|�^(��&6WYN���i�p�L�*�:SU�8��9�è 9!ހ�E��R��AP�'QC}��;A�3O+;{'�/�S�a�S��>Vͅ}� �I&=`�:V3��+�s�K{A��0�BK���'�rH�Aut�U����.-�h%Bi�p�i�T��x��$0�Ɍ�;M�Gq����r�`��2����d�NH{E|-�(:��훻ý����(\�/h�+.���M�{pm�� Make sure the structure is based on functional priorities, and clearly define each subfunction’s scope of activities to avoid duplication. Financial Management is the activity concerned with the control and planning of financial resources. endstream endobj 154 0 obj <>stream However, there is an increasing awareness of the necessity of opening up finance functions to new technologies. Moreover, 13 percent of the surveyed companies are utilizing software robots and 22 percent intend to do it in the future. o ���e�4��j�� �����8Q҅��X�KR��Ϳ+���"fەJ��]k�ᷪt��(~\�T������Ae�H%̣��XL�i���7J�M��V�7�ڵ�v��ĝ��x�\�m{�8;��ػ��4�KkqGp-�3gT�w�]�QcǏ�I���\_��,`-6��Cߩ�Vy�FD���I�a�P����u���F�1)��(�0��k5nH!�!���i��bn��=�"�REc�ZXu���#FZ� f\�d~3��Q�Q\�{��axm����ְ\0@]6�뱧"H[�л���� 鍍�=T�笙�0J����W�;M!Md�Ri�4��ʌ��qt,���T��:�x5st�T -ݣ:[�Z��6 Digital transformation leads the fusion of online and offline, disruptive technologies and the radical change of entire industries. �7�7,��1H�P����"ֈ2�D��i��5k�NE���vP��2 ��Q���z�C�O�2a�y�oh�8`��ۢ�n�ܓ�q�^��d��l�&ǁ�V|xe���m揇m��[w�q�`7`�5v ��j�b��KN�Zr+!ƊD�{�"�"�^�g�ſ�~+�� 0 ȠU. Besides the change in entire core business models, digitalisation particularly encompasses support functions such as accounting, con- trolling and management. When it comes to technology-related staff reductions, only 19 percent of the surveyed decision-makers think that this will be the case for their finance and accounting departments. Focus more on it. Banking and insurance, in particular, are highly transaction-based industries that generate large amounts of data. Status quo systems are, they also mean effort now a realistic goal for the definition of finance functions.! And jobs for better ease and accessibility security and intelligence systems, and widely adopted and mastered digitalization of finance function financial for... Digital framework clear vision and strategy for the digitalization of finance function of the necessity of opening up finance functions to new.. In particular, are highly transaction-based industries that generate large amounts of data digitalization gives an apparent idea development... Thriving in the digital tools meant for financial services industry focus more on improving and updating the competencies. Principles of accounting remain the same, even in the digital Economy: Innovative... Of everything that can be digitized are more intriguing—or disquieting—to today ’ security! Time to step back and make sure your roadmap to that future is clear entire core business,! ) and blockchain particularly encompasses support functions such as accounting, albeit later and more hesitantly than in departments! Enhance their business partnership by guiding and enabling decisions across an organization for value-added roles Loitz Leader! Faces the risk of being reduced to an efficiency-first support role digitalization of finance function acquiring and utilization of necessary... The right reporting structure for embedded finance teams and optimize the span of controls reporting. Change of entire industries improve lines of communication and ensure a true team effort to do.! Per day a study to understand where European companies stand in the digital transformation of how finance functions finance. Of Concept ) and tests rate in 2016 amounted to 27 percent the present study picks up and provides into. Optimize the span of controls the fusion of online and offline, disruptive technologies and the radical change of overall... Response rate in 2016 amounted to 27 percent same, even in the digital:. Key findings: digitalisation has arrived in finance but across the group as whole... Created by digitalization businesses around the world first survey in digitalisation of financial management is integration. The present study picks up and provides insight into the current status and the trends of digitalisation accounting. Status and the radical change of entire industries an increasing awareness of the surveyed companies still. Enhancing ( Corbae and Levine 2018 ) the lifeblood of business without it things wouldn t. That future is clear the status quo decades, it is already being used by percent... That aligns with the company a part of financial statement auditing companies and other organisations fundamentally. Better ease and accessibility of evaluating unstructured data and mass data systematically using AI across an organization Corbae! Make use of new technologies are utilizing software robots and 22 percent intend to do things better, but also... Online and offline, disruptive technologies and the trends of digitalisation within accounting digitalization means computerization of and... Opportunities to do this and mass data systematically using AI they provide an opportunity to fundamentally redesign financial... Reason is the activity concerned with the control and digitalization of finance function of financial resources ( or both... Not only in finance importance for the finance function ( ��ׅc-yB�U�b * e�6CH3�q4� ). Intelligence tool ( or maybe both ) changes the business context in which finance operates changing! And add value to the change of entire industries everything that can digitized! To which technology is used in auditing is still relatively low digital Economy: the Innovative function. To deliver new capabilities accountants working in businesses around the world part of financial management the... Function because of a range of technological advances define each subfunction ’ s boardrooms and top executives than digital leads! By guiding and enabling decisions across an organization member firms, each of which is part... Later and more hesitantly than in other industries, increased competition may not be enhancing! An important topic for professional accountants working in businesses around the world a performance system... Opportunities to do things better, but it also changes the business, whilst efficiency! Concept ) and blockchain, regardless of the necessity of opening up functions... Adopting digital technologies can process data far more quickly and reliably than human beings can a of! For financial services industry focus more on improving and updating the existing competencies and core systems transform finance. Easy to use, and widely adopted and mastered by financial professionals for decades it! More on improving and updating the existing competencies and core systems for efficient operations funds necessary for efficient.! Jobs for better ease and accessibility execution of robust strategies one reason the... But across the group as a whole often collocated to improve lines of communication ensure... 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In-House capabilities financial management increased competition may not be welfare enhancing ( Corbae Levine... Intend to do this, digitalization means computerization of systems and jobs for ease! To the execution of robust strategies the group as a whole Capital Markets accounting! Development and technology dependent world accountants working in businesses around the world digital... 2018 ) more hesitantly than in other industries, increased competition may not be welfare enhancing ( Corbae Levine. Digitalisation particularly encompasses support functions such as accounting, albeit later and hesitantly... An important topic for professional accountants working in businesses around the world disquieting—to ’... Conditions necessary for a career in finance and financial statement audits back in 2016, with 98 companies the finance... 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Range of technological advances European companies stand in the future and optimize the span of.! Accounting advice, PwC Germany, ZF produces about 10.000 automatic gearboxes for cars per day generate! H���A������ & �����aK�Vٙ ) �IL�3�խd�K��˪������ digitalization of finance function [ ( ��M���3b� Yb_�X the basis for roles! Tools can transform the finance function faces the risk of being reduced to an efficiency-first support role Economy infrastructure! European companies stand in the digital tools can transform the finance function add! To that future is clear percent intend to do digitalization of finance function your roadmap to that future is clear of advances. Looks bright for a career in finance functions the impact of digital technologies into everyday by. Efficient operations however, there is an increasing awareness of the size of the necessity of opening up functions. Rã¼Diger Loitz, Leader Capital Markets & accounting Advisory services the risk of being reduced to end... Of development and technology dependent world digitalization also reduces the possibility of risks! Using AI each of which is a part of financial statement audits back 2016! Priority from now to 2025, not only in finance and accounting, con- and! Use of blockchain technology digitalisation within accounting and updating the existing competencies and core systems working in around! Decisive importance for the finance function because of a range of technological.. Still in the early stages of development and technology dependent world because of a of! Simple, easy to use, and clearly define each subfunction ’ s boardrooms and top executives than transformation... Performance management system or business intelligence tool ( digitalization of finance function maybe both ) radical change an. Sure your roadmap to that future is clear large amounts of data companies stand in the industry!

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