CRB Event 2018Finance in a digital world
CRB Event 2018
Finance in a digital world
12 June 2018Deloitte Gateway (Brussels)
12 June 2018
Deloitte Gateway
(Brussels)
12 June 2018Deloitte Gateway (Brussels)
12 June 2018
Deloitte Gateway (Brussels)
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CRB event 2018 – Contents
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CRB event 2018 – Contents
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EXPLORE FINANCE IN A DIGITAL WORLD
Together, they form a toolset finance can use to improve its own performance and serve the business more effectively, especially when these tools are used together.
Our research suggests that these seven technologies have growing relevance for how the work of finance gets done.
CRB event 2018 – Contents
Digital tools designed to deliver new and different capabilities to finance
‘Finance in a Digital World’ expo
We will be hosting a ‘Finance in a Digital World’-expo during the 2018 CRB event during which you will have the possibility to get first hand insights from our experts on some of the new tools available to you. Let’s call it a mini-version of our ‘Finance Labs’ that immerses finance leaders in the realities of digital disruption to help them capitalize on Finance in a Digital World opportunities that can be the gateway to advancement in the future.
CORE MODERNIZATION
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EXPONENTIALS
CFOs TALK OFF THE RECORD
This follow-up report provides another glimpse of what these finance executives had to say, this time focused on a broader discussion of finance and what it means to make the digital journey.
CRB event 2018 – Contents
Just about everything we do nowadays is digital.
Direct data links between different business systems represent how we assemble our financial packages, our external reporting, our budgets, and our internal reporting. So I would say, we have become a much more digitally focused function internally.
Digital is an overused shorthand.
And that overuse means people don’t necessarily get to the level of really understanding some of the issues raised. That’s my gut reaction.
It’s showing up everywhere.
We use a real-time digital boardroom so that we can dive deep into areas of our business based on live queries, not predefined ones. We simulate performance volatilities across our different business models using a digital format as well.
Digital is about analytics.
Whichever path we take in the digital genre, if you want to call it that, I can’t tell you yet, but it will be around analytics.
People want to know how we’re doing on a certain product on a daily basis.
I can remember the CEO dancing around on one foot outside my door when we were closing the books at the end of the month. Today, people want to know on a daily basis how we’re doing on a certain product and how does it compare to the same time last year. With offers on the web and new solutions within the product, we have to be able to give them data at least daily, and in some cases intra-day. And secondly, we have to be able to explain the implications. Our business leaders don’t expect us to have all the answers, but they at least expect us to have some of the questions.
The idea is to give the information to people who need it when they need it.
We’re working to facilitate what we call real-time business and real-time decisions. The idea is to give the information to the people who need it when they need it. We’re increasing the use of self-service, which gives management the possibility of having information at hand using a cloud-based infrastructure. On their pads, on their phones, on their laptops. Our people need to have easier access.
All the upstream data needs to be synced up.
The need for real-time data has required us to provide real-time financial management support. But in order to have the data readily available for us to appropriately analyse it, and provide it to our business partners, all the upstream data needs to be synced up.
We have a full-time group that’s called the Finance Transformation Office.
It’s 100 percent focused on driving automation for finance. So far, we’ve done everything from process automation, like reconciling accounts, which is the most basic thing any accounting and finance organization does, right? We’re also automating the whole sub-ledger reconciliation, all these steps that used to be done manually by hundreds of people across the organization in all different entities around the world.
For us, transformation for us is about getting from 1,000 people in finance down to 600 people.
And those 600 will spend more time in advisory roles and less time gathering data.
We’re at 6 on a 10-point scale in our transformation journey.
Getting to 6 was relatively easy and quick. Getting to 7 is going to be a lot harder, and 8 will be even more difficult.
It’s about creating a better process for our sales people and our customers.
One of the biggest opportunities for us is to try and drive touchless transactions all the way from the quoting process. Once a sales person identifies an opportunity, we want to eliminate human intervention in the process. They present a quote to the customer, and the customer can review it, modify it, accept it, and actually purchase without having to print anything or sign anything. That’s something we’re working very hard on.
CFOs talk digital
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CFOs talk real time
CFOs talk transformation
OPTIONS FOR ACTION
CRB event 2018 – Contents
Whether you’re focused on talent, technology, analytics, or any other topic covered, the overall end game is often the same. Business leaders expect finance to deliver better insights faster, so they can make smarter decisions with less risk. Finance transformation in a digital world is all about meeting those expectations quickly and efficiently.
Opportunities:
CFOs should be deepening their understanding of digital technology and its potential applications for the finance function. The entire finance leadership team should be involved.
Take a close look at process automation as a way to serve the business more efficiently. Also, get your data act together. That’s a prerequisite for being able to analyze and interpret information more quickly and accurately.
Reexamine your finance talent model to make sure you’re prepared to meet growing expectations for business partnering.
Walk the walk. Show the rest of the company you’re doing your part to reduce costs while freeing up time for more valuable work.
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@GATEWAY
We will be hosting our CRB event this year at Gateway. The location of the new Deloitte office at the airport fits in with the growth and increasing internationalisation at Deloitte.
Thanks to Gateway, the company can moreover work more efficiently, reduce its environmental footprint and sustain its mobility policy.
An eye catcher is the Stilthouse, a work by Arne Quinze, which will henceforth grace the lobby of the new building.
CRB event 2018 – Contents
Wondering how to get there?
Visit our Gateway webpage for more information and detailed instructions how to get there by car, public transport (train & bus), bike, taxi and plane.
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Gateway is more than just a building at the airport. It shows the international growth and ambition of Deloitte, but also the openness and commitment to make sustainable choices.
Piet Vandendriessche , CEO Deloitte Belgium
IFRS 16 - Leases
The time to act is now.
So get it on balance!
CRB event 2018 – Contents
How can Deloitte help
Impact assessment
In line with your individual requirements and preliminary analysis, we develop the best approach to introduce the new leasing standard at your company.
Contract review
List all contracts that are affected under the new leasing standard and develop a leasing database with relevant terms and conditions.
Systems & processes
Identify the gaps in your current system. Implement the lease accounting and lease financing guidelines.
Communication
We support you in communicating the impact of the new leasing standard to external parties and within your organization to different stakeholders.
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Download
the IFRS article in CFO magazine
Download
the IFRS 16 brochure