What prevents finance moving to the frontline

Chaaminda Kumarasiri [CK]
WHAT PREVENTS
FINANCE MOVING
FROM BACK OFFICE
TO THE FRONTLINE
FCA, FCCA, MCSI, ACMA, FMAAT, MBA(COL), B.Sc. Accy.(USJ)
Founder/CEO – The Human Capital Partner

BUSINESS
LADSCAPE IS
CHANGING
ALL RIGHTS RESERVED - THE HUMAN CAPITAL PARTNER - 2017
SOURCE : PWC – WORKFORCE OF THE FUTUREN, THE COMPETING FORCES SHAPING 2030
are worried about
automation putting jobs
at risk
37%
are ready to learn new
skills or re-train to remain
employable in the future
74%
think technology can
never replace the
human mind
73%

“We should
remember that
intellectual
complacency is not
our friend and that
learning - not just
new things but new
ways of thinking - is a
life-long endeavor.”
Blair Sheppard
Global Leader, Strategy and
Leadership Development, PwC

ALL RIGHTS RESERVED - THE HUMAN CAPITAL PARTNER - 2017 4
WHY DO THEY REJECT YOU?
YOUR FOCUS THEIR FOCUS
NUMBERS STORIES
QUANTITY QUALITY
JARGON UNDERSTANDABILITY
TREES FOREST
INFORMATION INSIGHTS
YESTERDAY TOMORROW

FOCUS

“It is a systematic
process of
IDENTIFYING,
RECORDING,
MEASURING,
CLASSIFYING,
VERIFYING,
SUMMARIZING,
INTERPRETING and
COMMUNICATING
financial information”
ACCOUNTING

INTERPRETING
SUMMARIZING
VERIFYING
CLASSIFYING
MEASURING
RECORDING
IDENTIFYING
COMMUNICATING
TO PERMIT
INFORMED
JUDGEMENTS AND
DECISIONS BY USERS
TECHNICALSTRATEGIC
COMFORTZONE
VALUECREATION

.
.
.
STRUCTURE
AUTOMATE OUTSOURCE

CHANGING ROLE
REPORTING
PERFORMANCE
DRIVING
OUTCOMES

DELIVERS INSIGHT AND VALUE TO THE
REST OF THE BUSINESS
ACTS AS A SERVICE- ORIENTED,
STRATEGIC BUSINESS PARTNER
HELPS TO ANTICIPATE FUTURE AND
MANAGE RISK
TECHNOLOGY EVANGELISTS
MODERN FINANCE
“ Modern Finance
will not just
account for
the past.
It will build the
future of business”

11
BEATING THE ODDS
Anticipating and reacting to the
nature and speed of change
Navigating through complexity,
chaos, and confusion.
Maintaining effectiveness despite
constant surprises and a lack of
predictability.
“To thrive in this age of
hyper-change and
growing uncertainty, it
is now an imperative
to learn a new
competency – how to
accurately anticipate
the future”
-Tom Hood,
CEO -Maryland Society of CPAs
Acting decisively without always
having clear direction and certainty

12SOURCE: EY SURVEY ‘IS THE FUTURE OF FINANCE NEW TECHNOLOGY OR NEW PEOPLE ?’

IF AUTOMATED;
A. The Value of the Finance Function Increases
B. The Value of the Finance Function Decreases
72%
BECOME EVEN
MORE
IMPORTANT
WITHIN THE
ORGANISAZION
69%
HAVE SIGNIFICANTLY
MORE TIME
AVAILABLE FOR
HIGHER VALUE WORK
71%
BECOME MORE
INVOLVED WITH
BUSINESS UNITS

PRIORITIES
Improve big data and analytics capabilities to transform
forecasting, risk management
Meet the need for new skills by transforming how finance
talent is recruited, retained and developed
Reduce finance function costs through new technologies
such as robotics and process automation
Refine risk management capability, including cyber
Drive efficiency improvements through offshoring, shared
services and outsourcing
Make significant changes to the finance function skill set

BUILDING TOMORROW’S WORKFORCE
REVISIT HIRING
TRANSFORM THE CULTURE
RE-DESIGN THE STRUCTURE
FOSTER CREATIVITY
STRIKE THE BALANCE
Data scientist
Scenario Planner
Market Maker
Social/behavioral
Scientist
DIGITAL
DISRUPTION

MOVING TO THE FRONT
SEE THE BIG PICTURE
IMPROVE REPORTING
WORK SMARTER
BE TECH SAVVY
UPGRADE SKILLS
BE AGILE
BE HAPPY

THE BIG PICTURE
SEE THE BIG PICTURE

DASHBOARDS
IMPROVE REPORTING
“56% of CFOs will invest in
dashboards & analytics
technologies in
developing, reporting, and
sharing business critical
information across the
organization.”
- CFO Indicator Survey 2016

REPORTING
STORY TELLERANALYST
REVISIT YOUR
MI REPORTS
IMPROVE REPORTING
1. Executive summary with a synopsis
of performance.
2. Variances calculated and
explained.
3. Making use of graphs and charts
to replace lengthy tabular
information where appropriate.
4. Comparison with budget/previous
year and industry where possible.
5. Every key issue identified with
sufficient explanation.
6. Activity data and non-financial
data linked to financial
performance.
7. Supporting documentation and
appendices clearly referenced

FROM INFORMATION TO INSIGHTS
IMPROVE REPORTING

How confident are you in your organization’s
financial forecasts ?
“64% of CFOs
will plan for
multiple
outcomes to
prepare for
unforeseen
changes”
- CFO Indicator Survey 2016
IMPROVE REPORTING

WORK SMARTER
WORK HARDER OR SMARTER

BE TECH SAVVY
SOURCE: ACCENTURE STRATEGY – DIGITAL ADOPTION IN FINANCE SURVEY, 2016

UPGRADE/ACQUIRE SKILLS

Learning agility
is the ability &
willingness to learn
from experience,
and subsequently
apply that learning to
perform successfully
under new or first-time
conditions.
AGILE OR FRAGILE
BE AGILE

CELEBRATE SMALL WINS
CREATIVITY DAY
SHARE THE JOY
GO CRAZY
CREATE A HEAVEN
MOTIVATION
INVOKE EMOTIONS
“Of all the positive
events that influence
inner work life, the
single most powerful
is progress in
meaningful work”
- Teresa Amabile
BE HAPPY

What prevents finance moving to the frontline

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Similar a What prevents finance moving to the frontline

Similar a What prevents finance moving to the frontline (20)

Último

Último (20)

What prevents finance moving to the frontline