Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

Digital tech 'transforming finance functions'

Mar 10
Tags: Accenture
Share this story:
Digital tech 'transforming finance functions'

Management consultants that work closely with finance departments can expect to see digital technologies playing an increasingly prominent role in this aspect of business over the coming years, research has suggested.

In a recent study by Accenture Strategy, nearly half (48 per cent) of chief financial officers (CFOs) said digital tech will have a fundamental impact on "everything finance does".

This is an area where companies are already gaining advantages from increased spending, with more than eight out of ten CFOs (82 per cent) reporting measurable return on investment (ROI) in digital initiatives.

The research highlighted some specific areas where businesses have benefited from digital innovations, with 86 per cent of organisations saying these technologies enabled them to improve risk management.

Enhanced forecast accuracy (67 per cent) is another common benefit, along with better decision making (66 per cent) and more time for finance teams to dedicate to high-value work (61 per cent).

The study also suggested that digital tech is driving improvement in staff productivity and could make concepts such as monthly and quarterly management reports a "relic of a bygone time".

As far as transformational benefits to firms are concerned, cycle time reduction (37 per cent) and staff productivity improvement (36 per cent) were cited as two of the biggest benefits of digitisation.

David Axson, managing director of Accenture Strategy, pointed out that the significance of digital technologies is expanding into new areas of business and delivering a more extensive range of benefits. 

"Today's CFOs are embracing digital more than ever. It is much more than social, mobile and analytics - they are increasingly relying on digital for security threat intelligence, blockchain and artificial intelligence too," he said. "Those that are moving beyond single-point applications to enterprise-wide digital deployment are seeing greater-than-expected ROIs across the board."

The report acknowledged that there are some barriers to growth in this area, the biggest of which is the level of investment required to make the most of digital technologies, which was cited by nearly one in five respondents (18 per cent).

Around one in six (16 per cent) said finding people with the necessary skills to implement and operate new technologies is a challenge.

In January, Accenture released its Technology Vision 2017 report, in which it outlined a future defined by "technology for people, by people". The study highlighted the rapid growth of human-focused technology in fields like artificial intelligence, digital ecosystems and marketplaces, which it predicted will "empower people" and "drive transformation of business and society".

Paul Daugherty, the professional services firm's chief technology and innovation officer, said the current pace of change in technology is heralding "the biggest advancements since the dawn of the Information Age".

He added: "As technology transforms the way we work and live, it raises important societal challenges and creates new opportunities. Ultimately, people are in control of creating the changes that will affect our lives, and we're optimistic that responsive and responsible leaders will ensure the positive impact of new technologies."

Search for the latest management consultancy jobs and consulting recruitment opportunities or contact us on +44(0)207 089 9017.

Image: iStock/kovalchuk

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

£35k-£50k plus excellent bon...
Choice of London, Switzerland and Germ...
Our client is actively seeking exceptional individuals to join their team as Business Analysts in London They are a boutique management consultancy. They partner with private equity firms and
€80k-€90k plus bonus, benefits
Amsterdam, Dutch language not required...
Our client is the consultancy arm of a global integrated marketing agency network. They help our clients grow through disruptions by delivering improved customer experiences
£70k-£100k plus bonus, benef...
Central London
As a communications and culture consultancy that is built around purpose, values and sustainability, every single project that our client delivers makes the world a little bit happier and healthier -
£50k + (OTE £85k+)
About: Our client is a global learning solutions and technology provider to the financial services market in the UK. They have a large variety of products through which they educate over 2m
£40k - £60k
London and Hong Kong
Our Client is a management consulting procurement expert, helping clients to identify, deliver and sustain improvement opportunities. Their international team combines unparalleled procurement