This ‘Future of Finance Forum’ event explored how the Finance function needs to evolve and ways to deliver this evolution. We enjoyed a vigorous debate about the desirable role of the Finance department and focused heavily on the role of technology and data.
One interesting discussion theme was around balancing ROI requirements of new technology projects with the time, budget and flexibility required to truly innovate. The group agreed that it’s helpful, event critical, to have an ‘innovation’ team made up of the right change agents who can create and advocate for an ROI model that takes into account benefits like better service, culture improvements and business partnering benefits – in addition to cost reductions.
Another interesting discussion centered around where investments should be made with respect to data. One attendee talked about spending millions of dollars on data scientists – with little to show for it because the right data standards were never established. This received vigorous nods from around the room with the agreement that it is important to use budget, technology and process improvements to fix the data foundation – not just the visualization and reporting aspects. One respondent commented, “Unless you use these technologies to enhance the foundations, you’re just putting lipstick on a pig.”
Interested in reading more about our event and discussion? Download the post-event summary.
We are looking forward to hosting our next meeting of the Future of Finance Forum! If you’d like to receive an invitation, email us at firstname.lastname@example.org.