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[email protected] @timoelliott
Timo ElliottGlobal innovation Evangelist
The Top Technology Trends Helping Finance Become a Better Business Partner
How Technology Can Help CFOs
In Memory Computing
Big Data & Analytics
Cloud Mobile, Etc
In-Memory Computing
Can you respond to data requests in under
a day?
Need to analyzedata more quickly
Data is hard tofind and understand
Only 12% 90% agree 58% agree
“Finance executives recognize need for speed in data analysis – but few companies are able to deliver in real time.”
cfo.com research
The Need For Speed
Store financial information just once…
In-Memory Computing
A transformative technology that slowly but surely upturns the whole industry
Faster, Simpler Finance
70% less reconciliation time
ICO reconciliation
30%less processing time
Financial Close
10% fewer fraud cases
Risk & compliance – real time screening on anomalies
40%less posting corrections
Financial Close
10%DSO reduction
Receivables management
1,8 TB ERP Database
Database footprint reduced from once 7.1 TB
80% less cost center re-org time
Organizational change
Soft close
Intra-month. Information when & where needed
3% cash optimization
Treasury
Greater Speed Equals Better Business Partnership
Reliable or very reliable
Valuable or very valuable
Effective or very effective analysis
Well-aligned or very well-aligned with strategy
89%
76%
94%
62%
54%
43%
50%
25%
Do Not UseUse
Source: Grant Thornton, APQC FP&A report Influencing Corporate Performance with Stellar Processes, People, and Technology Feb 2015
Impact of rolling forecasts on business evaluation of finance department
Analytics & Big Data
“WAR IS 90% INFORMATION”
Napoleon Bonaparte
83% of finance executives want to provide a holistic view of financial and operational performance that can support strategy development.
16© 2015 SAP SE or an SAP affiliate company. All rights reserved.
“Intricate calculations of sales by territories will appear as if by magic in the digital age ahead”
Decision Cockpits
Looking To The Future, Not the Past
Predictive Finance
Predictive Finance
Analysis
Optimization
What happened ?
Why did it happen ?
What will happen (when) ?
What should happen (how)?Com
petit
ive
Adv
anta
ge
Analytics Maturity
Record-to-Report
Impact of Predictive Analysis
Effective
Valuable
Well-aligned
95%
87%
71%
76%
55%
30%
Do Not UseUse
Using advanced analytics in Finance results in better alignment, effectiveness, and value
Source: Grant Thornton, APQC FP&A report Influencing Corporate Performance with Stellar Processes, People, and Technology Feb 2015
DATA SCIENCE
QUIZ.
These numbers were found in two tax declarations. One is entirely made up. Which one?
EUR
127,-2.863,-
10.983,-694,-
29.309,-32,-
843,-119.846,-18.744,-1.946,-
275,-
EUR
937,-82.654,-18.465,-
725,-98.832,-7.363,-4.538,-
38,-8.327,-
482,-2.945,-
1 2 3 4 5 6 7 8 9
30.1%
17.6%
12.5%
9.7%7.9%
6.7%5.8% 5.1% 4.6%
Benford’s LawDistribution of the first digit of real-world sets of numbers that uniformly span several orders of magnitude
DATA SCIENCE
QUIZ.
These numbers were found in two tax declarations. One is entirely made up. Which one?
EUR
127,-2.863,-
10.983,-694,-
29.309,-32,-
843,-119.846,-18.744,-1.946,-
275,-
EUR
937,-82.654,-18.465,-
725,-98.832,-7.363,-4.538,-
38,-8.327,-
482,-2.945,-
Benford's Law, also called the First-Digit Law
Many Other Examples
“Why We Got Rid of Budgets”
The traditional budgeting process involved a lot of gaming
Our focus was extremely backwards looking
Deviations to budgets had to be explained
New forecasts were only made twice a year
Being in line with budgets was what made you a success
We were very detailed in our budgeting levels
We were spending 4-5 months on the process
Make planning a continuous and inclusive process, not a top-down annual event
Cloud
CheaperFaster
ImplementationFaster Innovation
Finance And Cloud Computing
Source: Saugatuck Technology
No plans for finance on cloud
Plan to replace all on-premise
Will be hybrid
almost 1/3 14% 60%
Leaving the Medieval Era?
Cloud-Based Business Networks
SuppliersBuyers
ProcurementTravel & Expenses
SalesFinance
LogisticsSupply ChainSustainabilityCompliance
Partners
Enable the business to make better decisions in
real time, anytime, anywhere
Enable Finance executives to manage their operations more
effectively
.Accelerate key process cycle times and eliminate
approval bottlenecks
Mobile Finance
Money, Reinvented
In cryptography we trust
“A way to transfer digital property in a way that is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.”
Blockchains
Replicated, shared ledgers
“Blockchain technology will not only change the way we do payments but it will change the whole trading and settlement topic”
CIO, UBS
CONCLUSION
Top Three Barriers to Better Finance
Insufficient knowledge of business strategy and dynamics among finance staff
Insufficient access to operational metrics that drive and impact financial measures
Staff buried in basic duties; no time to improve FP&A
27%
31%
62%
Source: Grant Thornton, APQC FP&A report Influencing Corporate Performance with Stellar Processes, People, and Technology Feb 2015
Technology Can Help CFOs
In Memory Computing
Big Data & Analytics
Cloud Mobile, etc
