Technology and the finance function. Prof. dr. F.H.M. Verbeeten MBA 14 June 2017

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1 Technology and the finance function Prof. dr. F.H.M. Verbeeten MBA 14 June 2017

2 Agenda Developments in the field of finance function Recent trends in finance function design Historical design and emerging design Robotization Data analytics What next?

3 Developments in the field of finance function It s a VUCA-world Volatile, uncertain, complex, ambiguous; business models change continuously Impact of new technologies (digital era) Business impact as well as finance function impact Drive for efficiency and effectiveness in finance SSCs, outsourcing, data analytics Increasing complexity How does that impact the finance function? And where do we come from?

4 Developments in the field of finance function Around 1900: Academic: Production- and cost theory, micro-economic perspective Practice: focus on direct cost (labour, materials) Scientific management, process/job costing Controller = engineer Around 1930: Academic: different costs for different purposes (US) Practice: cost allocations to determine sales price and monitor efficiency Standard costing, budgeting, divisional performance measures Controller = financial advisor

5 Developments in the field of finance function Around 1960: Academic: DCF, operations research Practice: use of cost information in planning and financial accounting Direct costing, transfer pricing Controller = financial accountant Around 1990: Academic: information economics, agency theory Practice: relevance lost ABC, CPA,EVA, BSC, TC, Benchmarking, et cetera Controller = management accountant, business partner

6 Developments in the field of finance function Present: Academic: behavioural finance, strategic management accounting Practice: supply chain management, out/in-sourcing, big data, predictive analytics, robotization/automation, bitcoin CLV, Brand Equity, SCM, VCA, TCO, et cetera Rolling forecasts, integrated PMS, integrated reporting, big data analytics, et cetera Controller = all-round finance professional, data scientist, teamplayer, financial leader, many more?

7 Finance function: Historical design CEO CEO CFO SC Oprts Sales CFO SC Oprts Sales CEO CFO SC Oprts Sales = reporting line CEO CFO SC Oprts Sales Controller Transaction processing Specialists (tax, IFRS, tr) FP&A Business Partner 7

8 Finance function: current developments CFO SSC CEO SC Oprts Sales Robotization BPO partner CEO CFO SC Oprts Sales CEO CFO SC Oprts Sales CEO CFO SC Oprts Sales Controller = reporting line = communication line FP&A Business Partner 8

9 Finance activities Joint research project with NBA

10 Finance activities Main part of employees in Accounting (44%) en Management & Control (25%) Significant differences in design of finance function across organizations No structural differences in design of finance function in specific industries Exception: compliance more important in Financial services No differences with regard to size, ownership or age of respondent

11 Automation and robotizing finance activities Automating/robotizing finance activities 1= Not at all 2= Barely (<25%) 3= Half (25%-75%) 4= For a large part (75-90%) 5= (almost) completely(>90%)

12 Automation and robotizing finance activities Transaction processing, internal reporting and business performance analysis are (most likely to be) automated or robotized For all finance activities, the expectation is that automation and robotization will increase Impact is largest for financial services, somewhat less for public sector and foundations

13 Automation and robotizing finance activities Automation/robotization is more important in stocklisted companies, both now and in the future CFOs expect higher impact of automation and robotization for transaction processing, pricing & revenue management and reporting relative to other finance professionals (specifically business controllers), especially with regard to the future CFOs have better overview as to what is happening in the organization?

14 Automation and robotizing finance activities Robotization useful for cost reductions From 5,000 invoices per fte to 500,000 invoices per fte Several companies looking into this Lack of qualitative capacity Some challenges for robotization Robotization/automation of inefficient processes How to safeguard the fiduciary responsibilities (linking modules)? Increased demand for IT audits Lack of trust in joint numbers 14

15 Data analytics in finance function What data is used in the finance function? 1=not at all, 5= to a large extent 15

16 Data analytics in finance function Currently, most companies use internal data from other functions in the organization (supply chain, marketing) External, unstructured data is hardly used, yet expected to grow More than other finance professionals, CFOs expect that the use of data (both external and internal data) will increase Stocklisted companies use more internal data currently, and expect to use more internal and external data in the future Manufacturing firms use more data from machines; financial service firms expect to use more external data; public sector companies appear to use less data 16

17 Data analytics in finance function Use of data analytics 1= Not at all 2= Barely (<25%) 3= Half (25%-75%) 4= For a large part (75-90%) 5= (almost) completely(>90%)

18 Data analytics in finance function Data analytics is mainly used in Business performance analysis, Financial Planning & Analyisis and Internal reporting Main growth of use in data analytics is expected in in Internal reporting, Business performance analysis, and Risk management & internal control Some challenges for data analytics How to link data sets (data warehouses, data lakes?) How to secure data integrity? What is the role of finance in the use of e.g. social media data? How does this affect financial processes? Standardize, optimize, data analytics?

19 Finance function competences 1: Unimportant, 5: Very important Note: expectations from finance professionals, not necessarily from managers! 19

20 Finance function competences Important competences for finance professional now are objectivity, reliability and integrity; strong communicator; open to change; and understanding the business Both now and in the future Largest changes expected in data-analytics skills; system thinking; leadership; and open to change

21 Finance function competences Generation gap: younger respondents identify competences in the area of data gathering and especially data analytics as more important CFOs regard competences in the areas of leadership, integrity/objectivity and open to change more important than other finance professionals Business controllers regard competences in the areas of leadership, open to change, building relations, resiliance and communication skills as more important than other finance professionals Stock listed companies regard data skills, system thinking and open to change most important competences Different changes in future for different categories of finance professionals?

22 Finance function competences 22

23 What next? Is finance future-proof? Are you future proof?

24 What next? Finance at the side line Finance as trusted advisor Finance as master of reliable information Finance as data analyst Finance as team leader

25 Questions or remarks? 25 Watson / Presentation Title / Date

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