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Transforming the Finance Function

What are the finance trends impacting your business?

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82% of CFOs who have already begun to introduce multiple digital tools are seeing measurable business ROI from digital finance investments

From automation to blockchain, finance departments are set to rapidly increase their adoption of both mainstream and digital technologies. CFOs need to play a key role in leading digital transformation, and delivering ROI

Innovation Frontiers: Blockchain & AI

Using blockchain for accounts payable, cost can be reduced per invoice by 60 to 80% due to straight through processing2

“Blockchain is set to move beyond ICOs and cryptocurrencies and start to deliver genuine business value in the form of smart contracts.” - Antonio Grasso, Founder and CEO of Digital Business Innovation Srl, dbi.srl

25% of CEOs

Already report achieving significant returns from AI investments that have reshaped business functions3

By 2020, embedded AI will become a key differentiating factor in finance systems evaluations

The rise of finance automation

A business can realise a 10-25% increase in cost savings with RPA, potentially scaling to 30-50% with AI-enhancement6

The rise of finance automation currently technologies have the potential to fully automate 42% of finance activities and mostly automate a further 19%

The changing role of the CFO

CFOs are moving from back room to boardroom, with 75% spending at least half their time on strategic aspects of their work

77% of CEOs agree that finance should set the agenda for the implementation of new technologies across the enterprise

The digital-first finance workforce

Nearly three quarters of FS CEOs are concerned by the availability of key skills9

The digital-first finance workforce 62% of senior leaders in the financial industry believe that the digital talent gap has been widening in recent years

Advanced analytics

Research estimated that Big Data investments in the FS industry would account for nearly $9 Billion in 2018 alone10

Financial institutions collect huge amounts of data, but by some estimates, businesses use only 0.5% of it

The rise of regtech

Investments in regulatory software can lead to an ROI of 600% or more with a payback period of less than three years13

The rise of regtech global demand for regulatory, and compliance software is growing, and is expected to reach 118.7 billion dollars by 2020
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1 https://www.accenture.com/t20180110T093015Z__w__/us-en/_acnmedia/PDF-47/Accenture-CFOs-Are-The-New-Digital-Apostles-PoV-FINAL.pdf
3 http://www.pharmexec.com/ceos-see-quick-roi-digital-transformation-and-ai-investments
4 https://www.gartner.com/smarterwithgartner/how-ai-will-transform-financial-management-applications/
5 https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/bots-algorithms-and-the-future-of-the-finance-function
6 https://www.capgemini.com/gb-en/news/intelligent-automation-could-add-512-billion-to-the-global-revenues-of-financial-services-firms-by-2020/#
7 https://www.accenture.com/us-en/insights/strategy/unleashing-future-digital-finance
8 https://www.ey.com/Publication/vwLUAssets/ey-the-future-of-talent-in-banking/$FILE/ey-the-future-of-talent-in-banking.pdf
9 https://www.pwc.com/gx/en/ceo-survey/2017/industries/ceo-survey-fs-talent.pdf?logActivity=true
10 https://www.prnewswire.com/news-releases/big-data-investments-in-the-financial-services-industry-will-account-for-nearly-9-billion-in-2018-alone-300690188.html