Are Robots going to destroy the Financial Function?
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The document discusses the impact of automation and robotics on the financial function, highlighting that many routine, rule-based tasks can be effectively automated. This shift is positioned as beneficial, allowing CFOs to focus more on strategic priorities and creativity rather than compliance and repetitive tasks. Overall, it suggests that technology can enhance human capabilities and reshape roles in the finance sector positively.
Are Robots going to destroy the Financial Function?
- 1. In business for people.Page 1 Proprietary and Confidential Are Robots going to destroy the Financial Function? “ ”Ton Dobbe, Chief Evangelist 17-Nov-16
- 2. Page 2 Proprietary and Confidential This is your domain Compliance Performance 24/7 Insight Continuous Growth Shareholder Value Accurate Data Managed Risks Compliant Reports 17-Nov-16
- 3. Page 3 Proprietary and Confidential Everything that’s rule based can be automated… And bots are the ultimate candidates What we see… 17-Nov-16
- 4. Page 4 Proprietary and Confidential …And this is how we expect it to impact your domain Compliance Performance Accurate Data Managed Risks Compliant Reports Continuous Growth Shareholder Value 24/7 Insight 17-Nov-16
- 5. In business for people.Page 5 Proprietary and Confidential Now, why is this not a bad thing? 17-Nov-16
- 6. In business for people.Page 6 Proprietary and Confidential too much time and effort spent on not doing enough of the right thing… ...or not doing them at all! “ 56% of global CFO’s cannot focus on strategic priorities because time spent on compliance, controls, cost ” 17-Nov-16 Source: The DNA of the CFO, EY, 2016
- 7. In business for people.Page 7 Proprietary and Confidential Inability to continue to meet stakeholder expectations “ 47% of global CFOs say their current finance function does not have the right mix of capabilities ” 17-Nov-16 Source: The DNA of the CFO, EY, 2016
- 8. In business for people.Page 8 Proprietary and Confidential The number of regulations grow exponentially “ Your challenge: Inability to continue to stay compliant” 17-Nov-16
- 9. In business for people.Page 9 Proprietary and Confidential Regulations are killing innovation and creativity “ Your challenge: Inability to meet new norms of being fast enough” 17-Nov-16
- 10. In business for people.Page 10 Proprietary and Confidential So it could take a good part of your job… But there’s also good news… 17-Nov-16
- 11. Page 11 Proprietary and Confidential We are at a stage where technology has the power to amplify people’s skills beyond their natural limits 17-Nov-16
- 12. Page 12 Proprietary and Confidential Augment people where they are at their best Take the Non-Value adding Repetitive tasks What this means – two angles 1 Wasting your time / interruptions 2 Disruption from organisational change 3 Administration 4 Inefficiencies 1 Productivity 2 Focus 3 Creativity 4 Clarity 17-Nov-16
- 13. Page 13 Proprietary and Confidential FOCUS TODAY DESIRED FOCUS 70% 5% of effort 25% 5% 70% 25% TRANSACTIONAL SPECIALISED EXPERTISE DECISION SUPPORT TRANSACTIONAL SPECIALISED EXPERTISE DECISION SUPPORT … and that, will give a transformation of focus 17-Nov-16
- 14. Page 14 Proprietary and Confidential Can you make the jump? 17-Nov-16 Levelofempowerment Level of maturity Automated self-service model Efficient process execution Flexible real-time analysis Structured finance procedures Manual Self drivingAutomate Manual Tasks Reduce Input Required Exception Management Real Time Insightful Decisions Intelligent Recommendations Sense potential problems Prescribe solutions Driverless actions STANDARDIZE OPTIMIZE PREDICT DRIVE
- 15. Page 15 Proprietary and Confidential Will you be jobless or… will your role change for the better? 17-Nov-16