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Making Finance the Predictive Powerhouse | SlideShare | Accenture

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Making Finance the Predictive Powerhouse | SlideShare | Accenture

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Today’s uncertainty has dialed up the pressure on Chief Financial Officers (CFOs) and their finance planning and analysis (FP&A) teams, who are now being asked to help businesses prepare for what’s next.

Today’s uncertainty has dialed up the pressure on Chief Financial Officers (CFOs) and their finance planning and analysis (FP&A) teams, who are now being asked to help businesses prepare for what’s next.

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Making Finance the Predictive Powerhouse | SlideShare | Accenture

  1. 1. Making finance the predictive powerhouse How to create an agile finance function
  2. 2. Preparing for what’s next hinges on finance planning teams Today’s uncertainty has dialed up the pressure on Chief Financial Officers (CFOs) and their finance planning and analysis (FP&A) teams, who are now being asked to help businesses prepare for what’s next. 62% 53% of CFOs are seeing more demand for insights from financial data, worry that the finance function is reactive.1 2
  3. 3. FP&A teams lack the agility to give businesses the insights they need 85% of their time managing data and just 15% analyzing it. FP&A teams spend 3
  4. 4. Cutting planning time by 80% Improving forecasting accuracy by more than 95% Freeing up 12 hours of employee time each week to focus on more interesting work 80% 95% 12hr Agile FP&A teams deliver more timely, accurate and on-demand insights… 4
  5. 5. How to get from here to there To bring more agility to finance planning, it’s essential to address the four areas that impact planning processes and ultimately operations maturity: data, technology, talent and processes. The goal: Make the FP&A team more agile, efficient, proactive and resilient. 5
  6. 6. 6 88% of finance executives think artificial intelligence (AI) will increase accuracy and predictability of forecasts. 4% of FP&A teams use machine learning or AI to get more value from data, although of finance executives think artificial intelligence will increase the accuracy and predictability of forecasts Just What’s happening Data: Right data, right way 6 But they lack a single source of gold standard data and face significant adoption roadblocks due to: Perception that automation has risk 01 Lack of funding 02 Reliance on legacy IT and spreadsheets.3 03
  7. 7. FP&A teams that have their data house in order have improved their use of data in several ways, transforming data, AI and technology through total enterprise reinvention: Take control of data Data: Right data, right way 7 01. Taking a stakeholder-first approach 02. Creating a stronger data foundation 03. Harnessing artificial intelligence 04. Conducting scenario planning
  8. 8. 8 A global oil and gas company created a model that delivered more than 85% accuracy for year-end projections with reduced fluctuations by using an AI-powered financial insights generator to combine multiple data sources. Engaging AI-powered financial insights Data: Right data, right way
  9. 9. While technology continues to open new possibilities for FP&A professionals to work and collaborate with the business and stakeholders, 54% of finance executives are concerned about the lack of technical tools and resources. What’s happening 9 9 And 76% of FP&A teams still depend on hybrid systems which are spreadsheet based. Technology: Strengthen the stack
  10. 10. Resilient FP&A teams understand technology is essential to providing the connective tissue that drives insights between Finance and other parts of the business. These teams use the right technology for the right task and create a seamless connection across tools by: Maximize existing technology investments 10 01. Creating a resilient tech stack 02. Unleashing the power of cloud 03. Getting the most out of spreadsheets Technology: Strengthen the stack
  11. 11. 11 Stanley Black & Decker adopted digital technologies like automation and AI for transactional tasks as part of an effort to build more agile finance operations. This freed up the team for strategic work including advanced financial modeling to forecast future risk or predict demand.4 Adopting digital technologies Technology: Strengthen the stack
  12. 12. 12 Finance executives struggling with access to talent are most in need of business intelligence and visualization capabilities What’s happening 56% of finance executives are struggling with access to the right talent. Non-traditional finance skills are top of their list. F&A/Business Knowledge Analytical Skills Coding skills & ML Knowledge Business intelligence & Visualization capabilities 9% 20% 20% 51% Talent: One team, many skills
  13. 13. FP&A teams with agility are set apart because they focus on diverse skills rather than a singular one. They recognize the need to strike the right balance by: Build teams with a variety of distinct, complementary skills 13 01. Making data literacy a priority 02. Working as one team 03. Partnering to fill the gaps Talent: One team, many skills
  14. 14. 14 Improving access to talent is about being more than a talent consumer. It’s being a talent creator, too. As part of reimagining our finance strategy, Accenture is focusing on reskilling and a mindset shift for our people. Our Finance Reimagined Learning Program supports our people in becoming business advisors. Participants build skills in areas such as problem solving, design thinking, collaboration and cross-cultural teaming.5 Being a talent creator Talent: One team, many skills
  15. 15. 15 Most organizations don’t have FP&A processes that systematically connect Finance to other business areas like Sales, Marketing and Supply Chain on a single platform. As a result, FP&A teams lack a true 360-degree view of the business. Business leaders’ top 3 FP&A priorities: What’s happening Process: Truly data driven Real/right-time insights Real-time close Real-time scenario planning 01 02 03
  16. 16. Finance planning teams shift their teams’ efforts from transaction to strategic by redesigning and automating FP&A processes: Redesign and automate FP&A processes 16 01. Streamlining processes 02. Using workflows to connect functions 03. Continuously improving to refine processes Process: Truly data driven
  17. 17. 17 Establishing visibility to make informed decisions Process: Truly data driven A global hospitality company transformed Finance from a transactional service to a strategic asset by moving to intelligent finance operations. Finance leaders can now predict trends and make more informed decisions— helping the business improve performance and grow value profitably and sustainably. The company now had the visibility and efficiency to quicky process more than US $4.5 billion in payments during the pandemic without disrupting operations.
  18. 18. FP&A teams today face an urgent imperative to make faster, more radical changes to how they work and support the business. By becoming more agile, FP&A teams can help businesses cut through uncertainty. Solve today’s challenges and respond to the unknowns of tomorrow by making finance a predictive powerhouse. Read our full report for more. 18 Make uncertainty less daunting
  19. 19. Contact us 19 Suraj Jadhav Managing Director Global Offering Lead, Finance Operations suraj.g.jadhav@accenture.com Tiffany Brown Managing Director Accenture CFO & Enterprise Value t.m.brown@accenture.com
  20. 20. References 1 Accenture, “Business Agility in Finance: The Missing Link,” 2020 at https://www.accenture.com/us 2 Accenture defines continuous accounting as the migration toward real-time business outcomes by transforming from a batch to a continuous process. This includes continuous monitoring (detect compliance and risk issues on a continuous basis), continuous closing (perform reconciliation on a continuous basis daily and weekly instead of monthly), continuous reporting (continuously generate variances to the 3 financial statements), continuous auditing/assurance (conduct the end-to-end audit & assurance process—internal control and external audit—continuously). 3 Microsoft and Microsoft Excel are trademarks of the Microsoft group of companies. 20 4 Accenture, “Building Finance Operations to Drive Growth,” 2022 at https://www.accenture.com/us- en/insights/operations/building-finance-operations- drive-growth 5 Accenture, “Accenture Expands Apprenticeship Hiring to 20% of US Entry-Level Roles,” January 13, 2022 at https://newsroom.accenture.com/news/accenture- expands-apprenticeship-hiring-to-20- percent-of-us-entry-level-roles.htm
  21. 21. About the research Accenture surveyed 550 finance executives of companies with over one billion dollars in revenue in Australia, France, Germany, Japan, the United Kingdom and the United States to gain insights into how their finance organizations are using data, technology and talent to make better, predictive and more informed business decisions—and ultimately, drive towards intelligent finance operations. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 710,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com. Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.

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