The business landscape is being transformed by a series of megatrends, of which digital technology is already proving to be the most pervasive and potentially disruptive.
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from digitally-enabled new entrants. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers. Companies from other industries will be looking to your risk insight and expertise to help them navigate an increasingly complex and uncertain business and geopolitical landscape. You’re also in the pole position to capitalise on the new generation of analytics, sensor connectivity, and machine learning technologies that are set to revolutionise our lives. To make the most of these opportunities, it’s important to look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what your business can deliver.
Client case studies: Where will your company find top talent? Look to the cloudPwC
A large entertainment, media & communications company found that its five semi-autonomous divisions each had its own vastly different talent management needs and processes, and that was a problem when it came to identifying and retaining top talent across all the operating units. Although the enterprise technically owned the core HR solution for four of the divisions, the support model was handled at the division level and did not use a Shared Services model, leading to inefficiencies and redundant efforts. The company wanted to develop standardized processes, procedures, and technologies across the divisions to create a cross-divisional view of talent focusing on operational excellence and employee engagement.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
A report looking at comparative rankings of cities specifically
within APEC across multiple indicators; including housing, hard infrastructure, cultural vibrancy, tolerance and inclusion.
Business Pulse - Dual perspectives on the top 10 risks and opportunities 2013...EY
Business Pulse explores the top 10 risks and opportunities faced by global organizations over the next few years.
Ernst & Young’s Business Pulse report is based on a large sample survey of companies in 21 countries and across various industry sectors.
The report takes the pulse of:
• Current thinking on risks and opportunities and emerging challenges
• Dual perspective on the themes arising from the top 10 lists
• Expectations from industry executives and Ernst & Young specialists
Read this presentation to conduct a self-assessment for your business and download the report at: http://goo.gl/CSKGQ
Unlocking the data possibilities of Big Data presentation shared at the Big Data / Internet of Things Conference Board Conference June 25-26, 2015
http://www.pwc.com/us/en/analytics/big-data.jhtml
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from digitally-enabled new entrants. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers. Companies from other industries will be looking to your risk insight and expertise to help them navigate an increasingly complex and uncertain business and geopolitical landscape. You’re also in the pole position to capitalise on the new generation of analytics, sensor connectivity, and machine learning technologies that are set to revolutionise our lives. To make the most of these opportunities, it’s important to look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what your business can deliver.
Client case studies: Where will your company find top talent? Look to the cloudPwC
A large entertainment, media & communications company found that its five semi-autonomous divisions each had its own vastly different talent management needs and processes, and that was a problem when it came to identifying and retaining top talent across all the operating units. Although the enterprise technically owned the core HR solution for four of the divisions, the support model was handled at the division level and did not use a Shared Services model, leading to inefficiencies and redundant efforts. The company wanted to develop standardized processes, procedures, and technologies across the divisions to create a cross-divisional view of talent focusing on operational excellence and employee engagement.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
A report looking at comparative rankings of cities specifically
within APEC across multiple indicators; including housing, hard infrastructure, cultural vibrancy, tolerance and inclusion.
Business Pulse - Dual perspectives on the top 10 risks and opportunities 2013...EY
Business Pulse explores the top 10 risks and opportunities faced by global organizations over the next few years.
Ernst & Young’s Business Pulse report is based on a large sample survey of companies in 21 countries and across various industry sectors.
The report takes the pulse of:
• Current thinking on risks and opportunities and emerging challenges
• Dual perspective on the themes arising from the top 10 lists
• Expectations from industry executives and Ernst & Young specialists
Read this presentation to conduct a self-assessment for your business and download the report at: http://goo.gl/CSKGQ
Unlocking the data possibilities of Big Data presentation shared at the Big Data / Internet of Things Conference Board Conference June 25-26, 2015
http://www.pwc.com/us/en/analytics/big-data.jhtml
Presented by Nate Curran and Greg Bullock of the Center for Entrepreneurial Innovation (CEI), this presentation is the definitive resource for entrepreneurs and startups who want to know more about business incubators, accelerators and coworking spaces. It shares the differences and similarities as well as answers questions such as "how do I know what is right for my business" and "how do I maximize my experience." Download the full kit at http://info.ceigateway.com/phxsw2016.
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
PwC: New IT Platform From Strategy Through ExecutionCA Technologies
Glenn Hobbs, PwC’s technology consulting director, shares how PwC’s new IT Platform can provide the framework to transform IT organizations so they can quickly incorporate the right technology and focus on collaboration and innovation to help solve the most-critical business problems.
For more information on DevOps solutions from CA Technologies, please visit: http://bit.ly/1wbjjqX
When it comes to scrutinizing costs, most insurance companies can say “Been there, done that. Got the t-shirt.” Managers are familiar with the refrain from above to trim here and cut there. The typical result is flirtation with the latest management trends like lean, outsourcing and offshoring, and others. However, the results tend to be the same. Budgets reflect last year’s spend plus or minus a couple of percent in the same places.
Spotlight on Technology: Steering Clear of the IT Danger ZonesL.E.K. Consulting
In this Executive Insights' "Spotlight on Technology: Steering Clear of the Danger Zones," learn why companies are increasingly taking advantage of IT services to migrate their industry-specific services to the cloud, how customers are utilizing vendors and which vendors will win by capitalizing on these opportunities.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
Disruptive outsourcing leaps to the front. Our 2018 survey of more than 500 executives from leading organizations indicates that disruptive outsourcing solutions—led by cloud and automation—are fundamentally transforming traditional outsourcing. https://deloi.tt/2x7zxb8
The accounting profession has felt the impact of change. Over the past several years, operational changes in workflow and process have dramatically altered the scope of the accountant’s role. The profession’s workforce is aging, underlining the importance of succession planning and talent management. Additionally, as the digital universe doubles in size every other year, many firms struggle to keep pace with the latest technology trends.
For today’s firm, change is constant. And across the entire tax, accounting and audit profession, the forecast calls for even greater shifts in people, processes and technology.
These ever-evolving realities inspired Wolters Kluwer, CCH, a strategic partner to accounting firms, to explore two major questions in the 2014 Wolters Kluwer, CCH — Accounting Firm Preparedness Survey.
The 10 Most Innovative Business Leaders Revamping the Future January 2021Merry D'souza
The road ahead is full of challenges but adapting to it is the real quality of the leaders. With such an approach, CIOLOOK comes forward with its upcoming edition The 10 Most Innovative Business Leaders Revamping the Future 2021
Disrupted - Executive Perspectives on Banking & InsuranceAlastair Davies
Management Events' Surveys team interviewed more than 600 decision makers from leading Banks and Insurers in Europe and Southeast Asia to find their key business needs, development projects and solution investments.
Presenting the results of the 4th annual CIONET IT Trends, based on +2500 global responses, of which +800 European.
The study shows that, overall, IT is becoming more strategic and business focused. It appears that organizations are becoming more digitized with their focus shifting away from tactical and organizational IT issues like efficiency, service delivery, and cost reduction to more strategic and organizational priorities like business agility, innovation, the velocity change in the organization, IT time to market, and the value of IT to the business. Some suggest that IT is the business. Time will tell if this is a widespread trend, but it is here now among global and European organizations, and it is confirmed by a corresponding shift in how CIOs are spending their time.
Analytics/Business Intelligence (A/BI) remains in first place as the largest IT investment, a ranking it has held for six years straight. It has ranked in the top three since 2003, when it was first added to the list. A/BI was selected by 801 organizations
Comprehensive Report:
Building bench strategic planning ceos executive successionPwC
Putting the right talent at the top is critical for boards and CEOs who need to ensure their companies thrive in today’s dynamically changing landscape. To compete and win, companies need to cultivate executive talent and teams that can recognize and seize strategic opportunities in constantly shifting conditions. Do you have a succession process that can put the right talent at the top?
Consumer Intelligence Series: The sharing economyPwC
By unlocking the sharing economy today, can companies transform today's threats into tomorrow's opportunity? What must incumbents and challengers do to position themselves ahead of disruption and to capitalize on new sources of revenue? Through consumer surveys, conversations with influencers, interviews with business executives and social listening, PwC's research presents a holistic view of what's unfolding across business and consumer landscapes.
Presented by Nate Curran and Greg Bullock of the Center for Entrepreneurial Innovation (CEI), this presentation is the definitive resource for entrepreneurs and startups who want to know more about business incubators, accelerators and coworking spaces. It shares the differences and similarities as well as answers questions such as "how do I know what is right for my business" and "how do I maximize my experience." Download the full kit at http://info.ceigateway.com/phxsw2016.
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
PwC: New IT Platform From Strategy Through ExecutionCA Technologies
Glenn Hobbs, PwC’s technology consulting director, shares how PwC’s new IT Platform can provide the framework to transform IT organizations so they can quickly incorporate the right technology and focus on collaboration and innovation to help solve the most-critical business problems.
For more information on DevOps solutions from CA Technologies, please visit: http://bit.ly/1wbjjqX
When it comes to scrutinizing costs, most insurance companies can say “Been there, done that. Got the t-shirt.” Managers are familiar with the refrain from above to trim here and cut there. The typical result is flirtation with the latest management trends like lean, outsourcing and offshoring, and others. However, the results tend to be the same. Budgets reflect last year’s spend plus or minus a couple of percent in the same places.
Spotlight on Technology: Steering Clear of the IT Danger ZonesL.E.K. Consulting
In this Executive Insights' "Spotlight on Technology: Steering Clear of the Danger Zones," learn why companies are increasingly taking advantage of IT services to migrate their industry-specific services to the cloud, how customers are utilizing vendors and which vendors will win by capitalizing on these opportunities.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
Disruptive outsourcing leaps to the front. Our 2018 survey of more than 500 executives from leading organizations indicates that disruptive outsourcing solutions—led by cloud and automation—are fundamentally transforming traditional outsourcing. https://deloi.tt/2x7zxb8
The accounting profession has felt the impact of change. Over the past several years, operational changes in workflow and process have dramatically altered the scope of the accountant’s role. The profession’s workforce is aging, underlining the importance of succession planning and talent management. Additionally, as the digital universe doubles in size every other year, many firms struggle to keep pace with the latest technology trends.
For today’s firm, change is constant. And across the entire tax, accounting and audit profession, the forecast calls for even greater shifts in people, processes and technology.
These ever-evolving realities inspired Wolters Kluwer, CCH, a strategic partner to accounting firms, to explore two major questions in the 2014 Wolters Kluwer, CCH — Accounting Firm Preparedness Survey.
The 10 Most Innovative Business Leaders Revamping the Future January 2021Merry D'souza
The road ahead is full of challenges but adapting to it is the real quality of the leaders. With such an approach, CIOLOOK comes forward with its upcoming edition The 10 Most Innovative Business Leaders Revamping the Future 2021
Disrupted - Executive Perspectives on Banking & InsuranceAlastair Davies
Management Events' Surveys team interviewed more than 600 decision makers from leading Banks and Insurers in Europe and Southeast Asia to find their key business needs, development projects and solution investments.
Presenting the results of the 4th annual CIONET IT Trends, based on +2500 global responses, of which +800 European.
The study shows that, overall, IT is becoming more strategic and business focused. It appears that organizations are becoming more digitized with their focus shifting away from tactical and organizational IT issues like efficiency, service delivery, and cost reduction to more strategic and organizational priorities like business agility, innovation, the velocity change in the organization, IT time to market, and the value of IT to the business. Some suggest that IT is the business. Time will tell if this is a widespread trend, but it is here now among global and European organizations, and it is confirmed by a corresponding shift in how CIOs are spending their time.
Analytics/Business Intelligence (A/BI) remains in first place as the largest IT investment, a ranking it has held for six years straight. It has ranked in the top three since 2003, when it was first added to the list. A/BI was selected by 801 organizations
Comprehensive Report:
Building bench strategic planning ceos executive successionPwC
Putting the right talent at the top is critical for boards and CEOs who need to ensure their companies thrive in today’s dynamically changing landscape. To compete and win, companies need to cultivate executive talent and teams that can recognize and seize strategic opportunities in constantly shifting conditions. Do you have a succession process that can put the right talent at the top?
Consumer Intelligence Series: The sharing economyPwC
By unlocking the sharing economy today, can companies transform today's threats into tomorrow's opportunity? What must incumbents and challengers do to position themselves ahead of disruption and to capitalize on new sources of revenue? Through consumer surveys, conversations with influencers, interviews with business executives and social listening, PwC's research presents a holistic view of what's unfolding across business and consumer landscapes.
We are pleased to present Driving Value: 2015 Midyear Automotive M&A Insights, PwC's review of mergers and acquisitions (M&A) activity and key trends impacting the global automotive industry. In this edition, we look at:
The status of global automotive deal activity amongst vehicle manufacturers, suppliers, financiers, and other related sectors
Key trends that impacted the deal market
Transaction activity by sector and region
Our perspective on the journey to the future
This latest edition is meant to serve only as a preface to the insights and observations that we can provide to drive successful transactions. M&A leaders in the automotive and financial sectors frequently turn to us for advice on potential transactions and the strategies underpinning those deals. Your feedback is important to us, and we welcome the opportunity to provide you with a deeper look into any of these trends that may be of benefit to your organization.
The inaugural edition of our accounting and financial reporting guide, Consolidation and equity method of accounting, addresses the accounting for consolidation matters under U.S. GAAP reflecting the latest standards. The guide discusses the consolidation framework and equity method of accounting, providing specific guidance and examples related to various topics such as:
The consolidation framework
Variable interest entities (VIEs)
Voting interest entities (VOEs)
Equity method investments
Joint ventures (JVs)
Intercompany transactions
The Internet of Things: The next growth engine for the semiconductor industryPwC
The ongoing explosion of mobile devices---smartphones, tablets, ultramobiles, and wearables---continues to drive growth in the semiconductor industry. But it's the Internet of Things---with sensors in everything from automobiles, to electric meters, to refrigerators---that will drive industry growth over the next five years.
This in-depth report looks at 2015-2019 growth by component, region and application with particular focus on the role of semiconductors in the IoT ecosystem and how companies can capture value from this developing megatrend.
Global companies investing in the United States face unique opportunities and challenges. Doing business in the US reviews the key tax issues and provides insights to help investors navigate the US business environment.
Healthcare reform: Five trends to watch as the Affordable Care Act turns fivePwC
In its first five years, the Affordable Care Act (ACA) has had a profound, and likely irreversible, impact on the business of healthcare. Industry leaders must rethink strategies to remain relevant in a post-ACA world.
Web Page: http://www.pwc.com/us/acahealthreform
A consumer study prepared by PwC to investigate how behavioral, regulatory, and technological disruption are changing consumer's approaches to managing their health.
PwC’s Trends in People Analytics report highlights our recently published 2015 PwC Saratoga US benchmark data, as well as the implications for people analytics functions and key trends for consideration.
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
Executives seeking a digital business advantage should take a page from the playbook written by leaders across the Asia-Pacific region, according to finding from our primary research.
PwC's 18th Annual Global CEO Survey 2015: Exploring the importance of technol...James Woodworth
Rethinking the business you’re in
We live in an era of unprecedented digital change – the type of change that’s reshaping the relationship between customers and companies, breaking down the walls between industry sectors and, by extension, prompting forward-thinking CEOs to question the very business they’re in.
Watch this short video to hear about what CEOs had to say on the global economic outlook and their own growth prospects for the months and
One year ago business leaders’ feelings towards growth were sombre across the globe. A year later, and while Australian CEOs are feeling mildly more up-beat than their global peers, significant concerns still remain.
This year, we asked executives about their thoughts across key issues including partnerships, digital, talent and diversity, growth, capabilities, tax and regulation.
There is a dichotomy of perspectives across the board – with CEOs seeing as many threats to their business today as there are opportunities.
Digital transformation is fundamentally changing people’s lives and the
ways companies do business. Around the world, we’re working to develop
solutions that give time back, make us safer and healthier, and bring
significant environmental benefits. People around the world are working
hard to create a future where we’re never delayed during air travel due to
mechanical issues. Where smart buildings have ambient intelligence that
allows meeting rooms to adjust to your preferences. They’re envisioning a
world where automobile accidents are almost nonexistent, and your car
becomes a living room or office on wheels. And a world where medical
treatment is personalized based on your DNA, dramatically improving your
health and quality of life. This is what Microsoft calls the digital difference.
We asked Harvard Business Review Analytic Services to help us look at the pace of innovation
and how prepared business leaders are for this change. We also wanted to know what projects
mattered most and what industries were most receptive to and ready for change.
We were surprised by the strategy gap and encouraged by the optimism. Business leaders know
their industries are ripe for transformation, and in most cases are eager to bring the benefits of
technology to their businesses.
At Microsoft, we aim to partner with business leaders to find the digital difference they can make.
Partnering with companies of all sizes, we recognize that one big idea isn’t enough anymore.
Decades ago an innovative shoe design, a beautiful device, or smartly designed software could
lead a company to achieve market dominance for a long time. But now micro revolutions occur
every 12-18 months, so companies must be in a continual state of transformation.
We are moving into a time when rapid innovation and speed to market are more critical than ever.
This makes the partnership between humans and machines critical—when we combine people’s
ideas and creativity with advanced technology, we get digital leadership.
A business leader interviewed for the study said we need to transform “the engine of the
company.” To do this, leaders need to bring in tech and cultural changes that empower their
employees, engage customers in new ways, optimize operations, and transform products.
Rebuilding an organization around these areas creates a fully digital company that can change
ahead of its customers and competition.
http://bit.ly/CEO-Survey-jan15
Selon la 18e édition de l’étude mondiale annuelle « Global CEO Survey » de PwC, dans le cadre de laquelle plus de 1 300 dirigeants ont été interrogés, 37 % d’entre eux estiment que la croissance mondiale sera meilleure en 2015, contre 44 % l'année dernière. Cependant, ils restent confiants dans leur capacité à générer une croissance du chiffre d’affaires de leur propre entreprise (39%, un niveau identique à celui de l’année dernière).
Les dirigeants soulignent que les menaces auxquelles ils sont confrontés ont augmenté ces trois dernières années : ils insistent notamment sur la montée en force de la concurrence, avec un marché qui devient sans frontières et l’arrivée de nouveaux concurrents issus de secteurs d’activité différents.
Pour rester compétitifs, les dirigeants identifient trois leviers essentiels : la transformation digitale, le renforcement des partenariats et la diversité des talents.
Les résultats de cette étude sont rendus publics aujourd'hui à l'ouverture du Forum économique mondial à Davos, en Suisse.
Pour cette 18e édition de l’étude mondiale annuelle de PwC « Global CEO Survey », 1 322 interviews ont été conduites dans 77 countries entre septembre et décembre 2014. 459 entretiens ont été menés en Asie-Pacifique, 455 en Europe, 147 en Amérique du Nord, 167 en Amérique latine, 49 en Afrique et 45 au Moyen-Orient.
People — Not Just Machines — Will Power Digital InnovationCognizant
As new technologies cause value chains to rapidly evolve and organizational boundaries to blur, human roles and tasks are also digitizing, as machines alter how knowledge work is performed.
The ecosystem equation collaboration in the connected economy @harvard biz @i...Diego Alberto Tamayo
IT infrastructure will play a vital role in enabling organizations to become
connected economy leaders. With an IT infrastructure designed for cognitive workloads, you can
act at the speed of thought. It accelerates technology breakthroughs through open architectures
that foster collaborative innovation. Finally, it works with your cloud platforms to extend the value
of your systems and data. Put it all together and instead of observing change unfold, you can seize
the opportunities created by the connected economy.
Manufacturers were hard hit by COVID-19, but our research reveals the next best steps to take, based on the investments digital leaders in the industry have made and plan to make.
Economist Intelligence Unit 2013 report explores the business impact of strategic CIOs and offers advice to CIOs transitioning to a more strategic role.
See how the new CFO is adapting to a changing financial landscape, utilizing transformative new technology to disrupt, innovate and generate value for the insurance industry. Now is a pivotal moment for CFOs. Our new research on the dynamic role of the finance function reveals how the CFO is positioned at the center of the organization, side by side with the CEO, turning finance into an engine that can power the entire enterprise.
Learn more: https://www.accenture.com/us-en/insights/insurance/cfo-research-insurance
In today’s business environment, digital transformation has turned into a necessity to cope with persistent business needs of customer acquisition and brand building. However, the prospect of revamping is an opportunity offered by Digitalization and successfully transformed businesses can become industry leaders to dominate the market.
Also, companies should know that disruption is at the core of such a change and the only way to succeed is to create and follow a comprehensive plan. Moreover, the disruptive technologies can be adopted smartly to propel strategic growth.
As the future is all about innovative technologies such as Augmented Reality, IoT, Virtual Reality, etc., digitalization would eventually become the way of life, and the firms that can keep abreast with the digital macrocosm have better chance to succeed.
Similar to Redesigning finance for digital age (20)
This publication includes the deal activity in the insurance sector such as overall highlights, key announced transactions, and the outlook ahead. Read our full report to learn more.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Many internal audit departments are investing in data analytics, but are struggling to fully realize the anticipated benefits. By avoiding common pitfalls and implementing data analytics holistically throughout the department, stalled analytics programs can be restarted, or new programs more successfully implemented.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
Insurers are upgrading their technology to support more complex
products, lower operating costs, and get closer to their customers.
But they can do more harm than good when they make changes
that alienate their independent agents. We’ve identified five steps
that can help insurers engage agents early and create a
transition plan that meets agents’ needs—converting these
important stakeholders into enthusiastic advocates.
On February 25, 2016, the FASB issued the new standard, Leases (ASC 842). There are elements of the new standard that could impact almost all entities to some extent, although lessees will likely see the most significant changes. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability.
The IASB issued its new standard, IFRS 16, Leases, earlier this year. There are significant areas of divergence between guidance applicable under US GAAP and that required by IFRS.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Putting digital technology and data to work for Tech CMO'sPwC
Tech Company CMOs are uniquely positioned to successfully leverage digital technologies and data to significantly impact business performance. At PwC, we're helping to change the goal of digital marketing from clicks and views to customer experiences designed to generate business performance. Explore how.
The insurance industry has remained much the same for more than 100 years, but over the past decade it has seen a number of exciting new innovations and new business models.
This second machine age has seen the rise of artificial intelligence (AI), or “intelligence” that is not the result of
human cogitation. It is now ubiquitous in many commercial products, from search engines to virtual assistants. aI is the result of exponential growth in computing power, memory capacity, cloud computing, distributed and parallel processing, open-source solutions, and global connectivity of both people
and machines. The massive amounts and the speed at which structured and unstructured (e.g., text, audio, video, sensor) data is being generated has made a necessity of speedily processing and generating meaningful, actionable insights from it.
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Foreword
The way forward
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Contact us
Cover
Leading from the front:
Redesigning finance for
the digital age
Making sense of the changing role
of finance in the digital economy
2. Cover
The way forward
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Contact us
Foreword We’re pleased to introduce Leading from the Front: Redesigning
Finance for the Digital Age. The business landscape is being
transformed by a series of megatrends, of which digital technology is
already proving to be the most pervasive and potentially disruptive.
Finance teams will have to rethink their role and relevance within this
new landscape, both in how they serve the business and in how they
design their own operations.
This point of view outlines a framework for analyzing and understanding
the changing role of finance in the digital economy. We’ve published this
paper in an interactive, modular format, enabling you to explore the
individual components of our framework that are of greatest interest to
you. Each area of digital impact is accompanied by a relevant case study
that illustrates a real-world solution to a finance-related challenge.
NextBack
3. Cover
Foreword
The way forward
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 3
Contact us
Digital as driver and
accelerator
The forces transforming
industry and commerce
From hyper-connectivity to more exacting customer expectations, from the influx into cities to
the escalating pressures on natural resources, the commercial and economic landscape is being
reshaped by five key megatrends (see Figure 1). There are clearly other drivers at play, but our
research and work with clients shows that these five forces are already having the most decisive
impact.
Figure 1. The five megatrends reshaping our world
Shift in global
economic power
Demographic
and social
change
Technological
breakthroughs
Rapid
urbanisation
Climate change
and resource
scarcity
76 10
50%of global GDP is generated
by the 300 largest
metropolitan areas
2030
We predict
that seven of
the world’s
biggest 12
economies
in 2030 will
come from
emerging
markets,
the ‘E7’
E7 E7 E7
E7 E7 E7
E7 35%
more
Expected
increase in
global food
demand by
2030
2015
In 2015 the size of the middle
class in Asia Pacific is expected
to overtake Europe and
North America combined
Years taken for telephones to
reach half of U.S. households;
the smartphone reached the
same penetration rate in ten
Source: 1322 CEOs interviewed for PwC’s 18th Annual Global CEO Survey (www.pwc.com/ceosurvey)
Each of these megatrends will have a significant impact in itself. These impacts range from the
new markets opened up by increasing affluence in Asia, Africa and South America to the need
for innovation in manufacturing and agricultural production created by the mounting
pressures on natural resources. The trends could have even more impact when they coalesce
and collide. Examples include the relocation of labor-intensive manufacturing facilities from
countries with aging populations to ones with younger demographics.
Digital as driver and accelerator
Of the five megatrends, technological breakthroughs—the digital revolution in particular—are
creating a world that is constantly connected, constantly innovating and constantly
confounding conventional wisdom. Technology is also the megatrend with the most interaction
with the other four. We can see the collision of demography and technology in the emergence
of the Millennial generation, for example. The behavior and expectations of this connected
generation is blurring the lines between the digital and physical worlds, reshaping the desired
customer experience and how customers will want to consume in the future.
For businesses, there are the untold possibilities opened up by virtually unlimited computer
power, 24/7 interaction with customers, and analytics that enable them to understand
consumer behavior like never before. Yet businesses also have to compete in marketplaces in
which innovations can become consumer expectations in a matter of months. They are also
competing for customers who are highly informed and readier than ever to switch if their
demands aren’t met. It is clear that technological breakthroughs, accelerated by the other
megatrends, have the most potential to disrupt businesses and provide opportunity in the
future.
The forces transforming industry and commerce
NextBack
4. Cover
Foreword
The way forward
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 4
Contact us
Digital as driver and
accelerator
How are businesses responding to these developments? More than seventy percent of the
business leaders taking part in PwC’s latest global CEO survey see digital technologies as an
opportunity to enhance operational efficiency, customer experience, innovation capacity and
brand reputation (see Figure 2).
Figure 2: Digital opportunities
Talent Management
Strategic decision making
Sourcing/Supply chain and distribution
Innovation
Brand reputation/Digital trust/Cybersecurity
Internal/External collaboration
Customer experience
Operational excellence
37% 40% 77%
40% 31% 71%
40% 31% 71%
42% 23% 65%
49% 28% 77%
39% 24% 63%
44% 44% 88%
40% 18% 58%
Quite high value Very high value
Source: 1322 CEOs interviewed for PwC’s 18th Annual Global CEO Survey (www.pwc.com/ceosurvey)
When CEOs were asked to rate the strategic importance of particular digital technologies for
their organizations, using mobile to strengthen customer engagement and data analytics to
enhance insight topped the list (see Figure 3). Business leaders are also coming to recognize the
potential of emerging developments including the Internet of Things, which could further
strengthen the connectivity and insights possible between companies and consumers, as well
as their partners and other stakeholders. However, early adopters should be prepared to
experiment and be flexible as the technology and market evolve. For example, sensors will
generate a great deal of data, which businesses will need to collect, store, protect, and analyze.
They’ll also need to ensure they have appropriate tools, infrastructure, and talent in place to
process and then integrate sensor data with other enterprise data. As always, data security and
privacy challenges are critical.2
Figure 3: The strategic importance of different digital technologies
81%
80%
78%
65% 61%
60%
47%
37%
33%
27%
Mobile technologies
for customer engagement
Data mining
and analysis
Cyber
security
Internet
of things
Socially enabled
business processes
Cloud computing
Battery and power
technologies
Robotics
Wearable
computing
3D printing
Source: 1322 CEOs interviewed for PwC’s 18th Annual Global CEO Survey (www.pwc.com/ceosurvey)
2 PwC “Three Surprising Digital Bets for 2015” http://www.pwc.com/us/en/advisory/business-digital-technology-trends-sensors.html
NextBack
5. Cover
Foreword
The way forward
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 5
Contact us
Digital as driver and
accelerator
Businesses are also realizing the importance of mining and analyzing brand sentiment and
product conversations within social data, which enables them to gauge consumer
perspectives and target their marketing more effectively. Finally, CEOs recognize cloud
computing as a way to increase data sharing and reduce costs. By offering software-as-a-
service (SaaS), cloud technologies help enterprises simplify processes and free up resources
to focus on more value-added activities.
NextBack
6. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Leading from the front: Redesigning finance for the digital age 6
Contact us
Positioning the CFO to
lead change
Positioning the CFO to lead change
Boards are increasingly focused on digital strategy and are looking to technology and finance
leaders to help them understand what the digital developments and wider megatrends mean for
their businesses and develop the strategies needed to respond. In some organizations, in fact,
the CFO is ultimately responsible for all digital investments, joining the CEO, CIO, and CDO
(chief digital officer) in that role.3
Key questions facing CFOs include: Which impacts of the digital economy present the biggest
challenge to our organization? Am I part of the solution? How can my finance team become the
nerve center for managing our enterprise’s response to change?
Finance as the owner of much of the required data and analytical techniques on the one side
and its bird’s eye view of the business and its marketplace on the other should mean that it’s
ideally placed to navigate through change and orchestrate innovation. This includes identifying
customers’ emerging needs, the openings this creates for the organization and how resources
can be most effectively deployed to capitalize. It also includes sorting out what is commercially
viable from what’s not and determining how the value potential from innovation can be most
effectively monetized and optimized. With pressure on finance function costs and regulatory
demands continuing to mount, digital also presents a valuable opportunity to improve
efficiency, free up resources and sharpen insight.
As PwC’s latest finance-effectiveness benchmark report highlights, however, some finance
teams have proved more successful than others in leading change and harnessing the potential
of the digital world. The benchmark report rates finance teams across the key areas of business
insight, efficiency and control. The front-runners are using the latest business intelligence and
visualization technology to analyze more data while ensuring that the outputs are more
focused, accessible and actionable for users.4
And they’re operating at 40% lower cost than
their mid-tier counterparts. The result is that these finance teams are playing a stronger role in
winning business and providing innovative thinking about how to make new business ventures
more profitable or more compelling to the customer.
So how can finance teams get up to speed with the changes within the marketplace and their
own functions? The framework for analyzing and understanding the changing role of finance in
the digital economy set out in this report covers eight drivers of value within finance and the
wider enterprise (see Figure 4). The choice of drivers reflects the main digital opportunities
identified by business leaders in our latest global CEO survey (see Figure 2 on page 4).
Figure 4: Drivers of value to shape the new role for finance
Current view
Aspirational
Sample Illustration
Insight
· Strategic decision support aligned with internal
and external customers
· Simplified flows of data, information and analysis
· Predictive, forward looking insight
· Timely and actionable information
Efficiency
· Cost effective back office processes and structure
· Increased capacity for value added activities
· Scalable service delivery models to support
business growth
Compliance and Control
· Greater transparency and accountability
· Embedded culture of controls awareness
· Improved risk management
Insight
Compliance
& Control
Efficiency
Source: PwC
3 PwC, “2015 Global Digital IQ Survey,” http://www.pwc.com/gx/en/services/advisory/2015-global-digital-iq-survey.html
4 PwC, “Breaking Away: How Finance Front-runners Are Redefining Excellence,” www.pwc.co.uk/finance/finance-matters/insights/
breaking-away-finance-effectiveness-benchmark-study-2015.jhtml.
NextBack
7. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Leading from the front: Redesigning finance for the digital age 7
Contact us
Positioning the CFO to
lead change
Each of the value drivers focuses primarily on the objectives of increasing revenue (advisor),
enabling profitability (enabler) and enhancing operational efficiency (operator). Figure 5
outlines some of the key areas in which the finance function will be critical in realizing the
digital potential and the core capabilities that will be demanded of it (these core capabilities are
explored in more detail within each of the modules). An effective CFO should pivot between his
or her role as advisor, enabler and operator. Each of these facets is critical in providing boards
and business teams with quality, cost-efficient support, which evolves in line with changes to
the broader business model.
Figure 5: The complementary roles of finance
Revenue growth
Digital opportunities—Improving stakeholder value—Enterprise digital value drivers
Profitability enablement Operational excellence
Customer
experience
Innovation
capacity
Brand
reputation/
digital trust/
cybersecurity
Sourcing/
supply chain
& distribution
Internal/
external
collaboration
Strategic
Decision
Making
Finance operational
excellence
Finance talent
management
Advisor Enabler Operator
CFO role
attributes
Emerging
technologies
CFO agenda
• Evaluate
impact of
breaches on
reputation
• Define
‘crown
jewels’
targeted
for maximum
protection
• Protection
and response
planning
• Monitor
vendor and
supply chain
performance
• Target and
track
improvements
• Align supply
chain
management
with cost and
tax
management
• Create
information
and
infrastructure
for real-tine/
virtual
collaboration
• Create
incentives
for
collaboration
• Ensuring
quality and
consistency
of source
data
• Asking the
right
questions
• Cutting
through
the ‘noise’
to turn data
into actionable
insight
• Re-defining
operational model
for digital age
• Creating platform
for growth
• Capitalizing on
analytical
developments
• Re-defining talent
needs for
digital age
• Creating
environment that
attracts top talent
• Developing
interface between
human and
artificial intelligence
• Advisor and facilitator of feasibility
and profitability analysis for new
innovative business models.
• Steward of finance back office
operations relative to new
products, channels etc.
• Enabler of the organization’s real
time reporting and analytics.
Ensuring Financial information is
accurate and available in a
timely manner.
• Supporter and provider of data to
allow for strategic decision making.
• Owner of leveraging new
technologies to provide better
insight, increase control and
transactional efficiency.
• Owner of upgrading talent based
on changing demographics as
well as related digital trends.
• Social as a means of harvesting
consumer desires.
• New digital platforms to reach
new customer groups.
• New tools and data sets to
support decision making
and risk taking
• Big Data/Analytics
• Cloud ERP/EPM for improved
collaboration and reduced TCO.
• Continued automation of controls
and transactional processing.
• Revenue recognition.
• Implications on Finance operating
model (e.g., billing, invoicing, etc.)
• Profitability analysis of new
products, customer segments
and channels.
• New ways of collaborating with
internal/external stakeholders.
• Enabling a more efficient
supply chain process.
• Managing and upgrading the
Finance Operating Model
using digital tools.
• Managing and developing a
diverse and global workforce—
Gen Y vs Gen X.
• Evaluate
impact of
digital
initiatives on
customer
expectations
and return
•Adjust pricing
model to
enhance
experience
•Provide
stewardship
of the finance
operating
model
• Determining
how to
allocate capital
and promote
innovative
decision
making
• Evaluate and
validate
business case
for innovation
• Facilitate
monetization
• Track and
optimize real
return
LinktoFinancecapabilities
Source: PwC
NextBack
8. 3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 8
Contact us
1. Customer experience
1. Customer experience
Digital is offering an entirely new way to explore, understand and deliver a differentiated
customer experience. With digital, new channels can be used to reach customers and
understand what they are thinking, responsive products can be developed and delivery and
pricing models can be streamlined.
The challenge for finance is that digital interactions close the gap between the customer
touchpoint and back-office systems, requiring finance teams to engage in product development,
pricing and monetization processes much earlier and more prominently than previously
required. Figure 6 outlines some of the key questions finance should consider in these early
stages. Boards and business teams will be looking to finance to assess the impact of digital
disruption on the business model and help lead the redesign of value, pricing and operational
models to take account of changing customer expectations.
Figure 6: Finance moves to the forefront of customer strategy
Customer
experience
Value
lens
New sales
model
• What do I do
with my sales
team/channel?
• How do I
pay them?
New pricing
and licensing
model
• How are
margins
impacted?
New bundling
model
• What do I do
with my current
products?
New delivery
and service
model
• How do I get
more agile?
• How do I
understand
needs?
• How do I
change from
products to
outcomes?
Source: PwC
The role of the CFO in enhancing the customer experience pivots between advisor and enabler.
The advisor focuses on financial impacts and controls. The enabler works with the organization
to coordinate all the strands of insight, development and launch needed to bring new customer
experiences to market quickly and successfully. We have identified four key capabilities
required for successful CFO direction and cross-functional collaboration in the area of
profitable customer-experience development:
Business case advisor: Objective assessment of the projected benefits put forward by business
and creative teams and, if validated by finance, how these benefits can be realized.
Operational enabler: Cutting through the complexities and inefficiencies in the back-office that
slow customer response and undermine the experience. Digitally enabled customer experience
is driving rapid changes in business models. As a result, finance teams can see significant
changes in transaction volumes, customer billing requirements and revenue recognition,
imposing significant pressure on the finance operating model. Finance stewardship is necessary
to ensure models are not only compliant but also profitable. Finance capabilities supporting
profitable customer experiences require high-level strategic input and early engagement
between finance and creative teams.
Revenue recognition enabler: Digital customer experience affects revenue recognition through
new contract terms, types of service and delivery and payment methods. The new demands can
put pressure on finance systems and divert resources from analysis and insight. In an
environment of high transaction volumes and increasingly complex subscription and bundling
NextBack
9. 3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 9
Contact us
1. Customer experience
models, finance leaders are implementing new revenue automation systems, which they can
then integrate with their Enterprise Resource Planning platform to maintain an efficient
revenue recognition process.
Digital tax advisor: Digital commerce can complicate and potentially increase sales and
property tax liabilities. Solutions are available, but appropriate tax strategies must be
developed up-front.
Case study: The back-office’s role in creating an exceptional
customer experience
The challenge
A leading retailer has developed a strong reputation for superior customer experience. The
company recognizes that although some customers like the speed and convenience of digital,
others still prefer a more leisurely in-store experience. The challenge is how to maintain a
high-touch customer experience across all the different sales channels while competing with
low-cost market entrants.
The retailer has decided that creating the right customer experience in this new digital age
would require a technological transformation, not only within the digital channel, but also in
creating a more cost-effective in-store experience.
The solution
To meet the demands of cost, technological enablement and customer experience, the retailer is
looking to forge closer collaboration and joint accountability among the business, finance and
IT groups—the ‘three legs of the stool.’ This collaboration includes a technology business office
that brings together finance and IT and runs technology like a business.
A focus on rigorous post-project reviews and measurement allows the retailer to ensure that
new functionality and features deliver value for the organization. Every technology investment
over a certain threshold is thoroughly post-tested. What was spent? Did the project meet
expectations? Were there scope changes? What are the financial and nonfinancial benefits?
The finance team coordinates this process, working with IT and business lines to ensure that
people are held accountable.
To initiate this degree of change successfully, the retailer also recognizes the need to bring in
new talent from outside the organization. Such talent includes business people who are more
comfortable with new technology as well as IT and finance people who are able to work more
closely with the business in support of innovation.
Questions for your organization
• How does your organization generate creative new customer experiences? How does the CFO
participate and at what stage of the cycle?
• How do you measure value generation from new customer experiences? What value
measurement tools do you have in place? Can they handle iterative development and
investment? Are new demands on the back-office operational model accounted for in the
profitability analysis?
• Do you have a clear view of the digitally enabled elements of your operating model? Is it clear
who owns those operating elements?
• How recently have you reviewed your revenue-recognition policies, tax structure, and payment-
processing capabilities? Do you have a process to review revenue recognition, tax implications
and payment capabilities during product and customer-experience innovation development?
NextBack
10. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 10
Contact us
2. Innovation capacity
2. Innovation capacity
Digital provides a stronger platform for innovation through iterative product testing (Cloud),
cross-team collaboration (Social), faster feedback from customers (Mobile) and data mining
across multiple disciplines (Analytics). The result is sharper market insight and speedier
product development, launch and adaptation.
Many of the finance capabilities required to facilitate profitable customer experiences will also
be required to enable profitable innovation. As Figure 7 highlights, boards and business teams
will be looking to finance to judge whether existing decision-making, product-development,
launch and sales processes are still relevant and how they might need to change. In many
businesses, this strategy will include a shift from a product- to customer-outcome and solution
focus. Finance should also ensure that capital and resources are directed toward competitive
innovation in the most efficient way. Developing the necessary capacity will include both
organic and acquisition strategies.
Figure 7: Finance’s role in facilitating innovation
Innovation
capacity
Value
lens
Channel and
market
strategy
• How do
customer buy?
Monetization
strategy
• How do
customer pay?
Product
strategy
• What do
customers buy?
Distribution
and service
strategy
• How do
customers use
what they
buy?
Source: PwC
Finance’s other key role is as the sense check for innovation. In this capacity, finance provides
an objective assessment and metrics to track projected benefits put forward by business teams.
Its role also includes facilitating monetization within today’s evolving pricing and delivery
models and tracking and optimizing return of validated innovations.
Case study: Building the foundations for profitable
innovation
The challenge
A leading toy manufacturer was following all the well-known mantras about how to foster
creativity and develop an innovative culture across the organization. As the company
developed groundbreaking new toys and games, it was able to carve out new markets for itself
where there was little or no competition, while creating a disruptive stir in existing markets.
Yet in trying to do too much at once, the company found that it was running out of cash.
The solution
Innovations should clearly be governed by practical commercial as well as creative
considerations to ensure the competitiveness and growth of the enterprise in fast-changing
markets. As such, the CFO recognized the importance of finance’s role in evaluating and
optimizing ‘idea-to-value’ to ensure that innovations are marketable and profitable, as well as
original.
NextBack
11. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 11
Contact us
2. Innovation capacity
In seeking to optimize the return on innovation, finance played an active role in the creation
of a new approach to crowdsourcing design, which has enabled the company to increase the
commercial viability and cost-efficiency of product development. Social network users
provide ideas and feedback, which contribute to the development of new products and enable
the finance team to track performance against objectives. This more open, return-driven
approach to innovation has put the business in a much stronger position to align creative and
financial objectives.
Questions for your organization
• How is innovation defined in your organization? Is it ingrained in your culture, or managed
as a process? How does the CFO participate and at what stage of the innovation cycle?
• How do you measure value generation for innovative digital products and services? What
value-measurement tools do you have in place? Can they handle iterative development and
investment? Are new demands on the back-office operational model accounted for in the
profitability analysis?
NextBack
12. 1. Customer experience
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 12
Contact us
3. Brand reputation and
cyber security
3. Brand reputation and cyber security
Digital is creating new forms of customer engagement and becoming the most important arena
for shaping brand awareness. But these new forms of interaction are also heightening the risk
of cyber breaches, which can lead to a loss of trust that would be extremely difficult to restore.
With the speed and complexity of the threats changing on a daily basis, businesses need to keep
pace with the fast-shifting risks and respond when attacks do occur. If (and when) a data
breach occurs, it’s important to limit its impact, including the potential damage to the
organization’s reputation.
New risks to data security and confidentiality are also sprouting as the use of connected
devices, mobile, social and back-office technologies grows and traditional corporate technology
boundaries are opened in favor of federated models. Further concerns center on the need to
protect customer and employee data, as well as confidential information from business
partners.
As one of the main custodians and users of sensitive information within the business, finance
teams have a crucial role to play. It’s their job to know where information is at all times, how it’s
secured, who might want to steal it, and how unauthorized access to it might occur. Perhaps
most important, the CFO should take the lead in assessing and advising the board on the full
financial impact of a cyber-attack on the organization. A key part of this role is determining the
impact of potential breaches on reputational equity and evaluating the return on investment in
improved security. It’s impossible to protect everything, so finance should determine what are
the ‘crown jewels’ most in need of protection and how resources can be most effectively
targeted to support this objective.
Case study: Putting sensitive data off-limits
The challenge
A large and diversified financial services company operates more than 200 financial systems.
Each standalone system contains sensitive employee and financial performance information.
To avoid any real-time data leakage that would affect the company’s market performance, the
CFO wanted to develop a data-masking strategy to prevent developers, quality assurance and
third-party service providers from having direct access to the confidential financial data.
The solution
Using our developed data-masking tool, the company was able to map its information risks and
identify areas of particular vulnerability and financial data sensitivity. This analysis provided
the basis for a review of data-masking options and how they could be applied within the
business.
The implementation included IT safeguards as well as a new governance and communication
framework to oversee security. It also included a program of changes designed to eliminate
breach risks in business processes. As a result, IT could continue supporting financial systems
in production mode and the CFO had assurance that critical financial data was masked from
external users.
Questions for your organization
• What is your reputation worth and how is the value sustained?
• If catastrophe strikes, how is your reputation protected? Or potentially enhanced?
• Does reputational equity form part of your enterprise risk and value strategy?
NextBack
13. 1. Customer experience
3. Brand reputation and
cyber security
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 13
Contact us
4. Supply chain optimization
4. Supply chain optimization
To fully realize digital’s potential, it’s important to understand the impact of digital technology
on the sourcing and supply chain functions. Internet of Things, supply chain control towers,
integrated omni-channels, sensors, inventory controls – are each having an effect on the
transformation of many industries but the real challenge is in integrating the right
combinations of technologies to enable new supply chain models that are faster and more
tailored to the customer.
Social provides companies with the opportunity to monitor the customer experience from the
processing of an order through to fulfilment. For example, social applications can provide
real-time feedback on the launch of new products, allowing for the mapping of customer
reaction and the identification of opportunities to reduce costs in the future.
Mobile and cloud technologies are improving sourcing and streamlining supply chain
operations. For example, mobile applications provide the ability to place and approve orders
from vendors via personal devices.
Analytics provide performance metrics on vendor performance. For example, data can be used
to determine the top vendors for the enterprise based on spend versus returns.
Cloud technologies are making it easier for businesses to share information. For example, cloud
solutions provide portals in which vendors and suppliers of services can monitor metrics of
their own performance as a supplier.
The importance of ensuring that the supply chain strategy is aligned with the financial targets
of the enterprise means that the role of the CFO in the supply chain process is broadening. The
CFO’s role has expanded from invoice payment to working with other functions to provide the
systems and data needed to monitor performance, analyze and address supply chain issues and
align supply chain management with other financial indicators including tax and cost to better
manage overall financial performance. By understanding the critical strategies of the company,
the CFO can provide oversight to ensure that investments in systems integration strike the
optimal balance between the cost of implementation and the value in terms of addressing
customer needs.
Case study: Creating a more efficient supply chain
The challenge
A large international real estate company was relying on disparate systems, processes and
performance indicators that were proving difficult to scale up and integrate in support of its fast
expanding and increasingly complex needs.
Finance and IT decided to embark on a technological transformation aimed at providing the
capabilities needed to accommodate a growing supplier and customer base and meet the
demands of an increasingly mobile workforce. The key objective was to provide improved
visibility of vendor spend to strengthen management and reduce the costs of third-party client
engagements.
NextBack
14. 1. Customer experience
3. Brand reputation and
cyber security
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 14
Contact us
4. Supply chain optimization
The solution
The foundation for the technical solution has been Oracle’s PeopleSoft Financials application,
along with other peripheral technology solutions. The company deployed a single supplier
portal in which all vendors could log in and enter their respective invoices electronically.
Vendors benefit from shorter payment cycles, while finance needs fewer payables clerks to
process invoices. The benefit to operations is better visibility into vendor spend across the
business, which allows the company to negotiate better pricing from their vendors. In turn,
customers can analyze their expenditures more effectively and compare it against their peers.
Users working remotely in the field can use their mobile device to take care of all
administrative tasks, including approving and processing payments from wherever they are.
The centralized and automated procurement processes and approvals have significantly
reduced transaction costs and provided easier measurement and tracking.
Questions for your organization
• How are you navigating the challenges of improving the return on your companies’ investments
in supply chain technologies?
• Is the supply chain and procurement information easily accessible?
• Can you easily access information about vendors in order to make business decisions? Have you
identified the business decisions you need to make?
• Are you making the most of social applications to enhance the relationship with customers?
• How connected is finance to the sourcing and supply chain processes? Are you involved in the
decision making?
NextBack
15. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 15
Contact us
5. Internal/external
collaboration
5. Internal/external collaboration
Digital technology helps organizations to forge connections, share ideas and collaborate as part
of virtual teams. It also enables them to reach out to new partners and tap into new
crowdsourcing models.
The success of these collaborative networks depends on the effective sourcing, analysis and
dissemination of information. An enormous amount of internal data, market research,
customer data and social media insight is adding to the profusion of external and internal
information available to the business. But many companies are finding it difficult to pull this
information together to produce meaningful insights and make it available to the right parties
within their network.
We’re also seeing significant advances in the use of technology to enhance collaboration in the
day-to-day work environment. While web conferencing technologies like Oracle conferencing
have been around for some time, tools now allow for real-time collaboration, helping to avoid
version control issues with documents emailed across the enterprise and improving efficiency
in an increasingly virtual working environment.
Finance teams should take the lead in fostering a collaborative environment in which
actionable information is readily available. This includes clearing away obstacles to
information sharing while ensuring data security. Relevant performance measures and
incentives should be put in place to foster a culture of collaboration. Business process velocity is
increasing in a digitally enabled enterprise, which will continue to demand that finance use
efficient collaboration tools. CFOs can model this collaborative way of working, teaming with
other members of the leadership team, especially the CIO. Our Digital IQ study found that CIOs
and CFOs have strong working relationships, more robust than that between the CIO and any
other direct reports to the CEO.5
Case study: Seeing where value is created and lost
The challenge
Daily store P&Ls are a critical part of operations for most restaurant chains. Restaurant
managers need to have a clear view of supply and demand upon which to make decisions. But a
leading chain found that the process of evaluating and distributing daily P&Ls had become
excessively slow and cumbersome. The chain wanted a fully automated solution to strengthen
data integrity and speed up delivery; it wanted to provide its store managers with online access
to up-to-date information.
The solution
The company has deployed a store manager information portal, which provides all the
information managers need to run their outlets. The company uses Oracle Cloud Financials
coupled with Oracle Cloud Analytics to prepare and distribute daily P&Ls to store managers.
The implementation of a cloud-based solution allows the company to prepare and supply these
reports faster. Restaurant managers see the same information as central teams, and they can
view the reports on their mobile devices in a user-friendly format.
5 PwC, “2015 Global Digital IQ Survey,” http://www.pwc.com/gx/en/services/advisory/2015-global-digital-iq-survey.html
NextBack
16. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 16
Contact us
5. Internal/external
collaboration
Once security safeguards are in place, the company plans to use Oracle Cloud Financials to
allow managers to drill down from the P&L into the sub-ledgers to develop a better
understanding of expense sources.
The CFO is clearly in the ‘operator’ role in this example. From design and development to
ongoing maintenance, these systems are directly within the CFO’s influence and line of sight.
Questions for your organization
• Is financial information easy to obtain for the right internal and external customers? Is the
technology platform in place to enable real-time collaboration across the enterprise?
• Do you have a change-management program in place to help workers transition to a virtual
real-time collaboration environment?
• Are the right incentives and performance measures in place to encourage the workforce to adopt
and explore new methods of collaboration in the digital age?
NextBack
17. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 17
Contact us
6. Strategic decision
making
6. Strategic decision making
Digital technologies and the use of big data analytics have forever changed the way CFOs
participate in strategic decision making. Yet effective decision making is proving to be
increasingly challenging as the complexity and variables that go into determining the right
course of action continue to grow. Moreover, although there is more information than ever
before to draw on, it’s difficult to know how to make sense of it all. The more data that finance
is presented with, the greater the risk of information overload.
Our latest finance benchmark study shows that many finance teams are still disappointed by
the ability of technology to make business insight efficient and effective—Figure 8 shows that
most give this and other potential benefits of technology middling ratings at best. Investment
in new data warehouses is designed to improve a company’s ability to source and assimilate
data from multiple sources, but most finance teams still struggle to cleanse and aggregate the
data they need to provide meaningful analysis for the business.
Figure 8: Technology’s ability to support finance’s business insight needs
Automated workflow
Integrated systems
Simple to use technology tools
User self-service
Overall, aids in making business
insight efficient and effective
Easily accesible data
Secure and stable enviroment
Accurate data
Median agreement on a 1–10 scale
7.08
6.80
6.48
6.24
6.15
6.14
5.90
5.68
Source: PwC Finance benchmark data, Performance surveys—finance feedback
Working with the business to improve the quality and consistency of source data is clearly
critical. It’s also important to think about finance’s approach to analysis and advice. While
most organizations are still looking at how to increase their capacity to mine and analyze
data, a more effective approach would be to start with the key drivers of business success,
such as customer loyalty, and then focus the analysis on how to provide fresh insights in these
areas. Examples include focusing on the data that would provide better insight to sharpen
customer segmentation (e.g. behavior, aspiration etc.) and improve the experience for that
particular segment.
This is no longer a world of spreadsheet number crunching, but one in which big data has
opened up new ways to identify and assess targets. The analysis includes trends, performance
statistics, financial metrics and cash positions, all of which can be brought to life with
interactive visualization. The keys to success aren’t just the availability of data and the
technology to analyze it, but the ability within the team to ask the right questions and identify
the market openings, which in turn requires deep commercial understanding and an eye for
innovation. The proliferation of connected devices and the resulting eruption in real-time
information as the Internet of Things takes hold is a clear example of how the ability to cut
through the noise to identify the commercial potential will be critical.
NextBack
18. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
8. Talent management
The way forward
2. Innovation capacity
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 18
Contact us
6. Strategic decision
making
Case study: Coming together to drive down cost
The challenge
A global engineering and manufacturing firm was concerned about the level of IT and other
indirect spend, which had been spiraling upwards. Each business division was responsible for
its own indirect spend and the underlying technologies such as Enterprise Resource Planning
(ERP) platforms, analytical tools, mobile apps etc. Divisions rarely collaborated on tools and
technologies; thus spending on IT was needlessly high and integration was minimal.
The solution
The CFO and Procurement Officer launched a multiyear program to help rein in indirect costs,
starting with implementation of Oracle Business Intelligence technology on top of distributed
data sources. The guiding vision is an enterprise data model with consistent definitions of
spending categories, vendor groupings etc. They have challenged the finance and IT teams to
capture two years of historical data in a common model. Their goal is to derive spending
analytics across the company and use that for decision making.
The key data-gathering challenge centers on the mismatches in the information on the
different ERP systems (e.g., different names were used for the same supplier). The finance
team has decided not to normalize the underlying ERP data; instead, it uses multiple logic
algorithms within their business intelligence platform to provide high-level spend
comparisons. Such use of big data principles and analytics helps the CFO drive data
consistency and aggregation across the divisions. Looking to the longer term, the CFO has
launched a program to consolidate ERPs and further reduce IT costs.
Questions for your organization
• What elements of strategic decision making aren’t being supported by digital technologies?
• What is the best way to align internal and external data sources to strengthen analytics
and insight?
• What functional areas would benefit from digital technologies and newer analytical
capabilities to support strategic decision making?
NextBack
19. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 19
Contact us
7. Operational efficiency
7. Operational efficiency
Digital provides an immediate opportunity to improve operational efficiency. Key areas of
focus go beyond costs savings to include developing the capabilities needed to facilitate more
efficient acquisition and wider growth strategies.
Cloud and application providers have developed digital toolsets for finance professionals that
effectively provide an ‘out of the box’ business capability. With these products, finance
professionals can find, compare, test, purchase and deploy new capabilities in a day. If they
need a better way to correlate variables in their forecasting function, for example, they can
purchase a subscription for data visualization and intelligence tools. If they need to remove
manual steps from a particular process, they can deploy collaboration and workflow software.
If the enterprise is looking to set up operations in a new country, finance can buy a Cloud
Enterprise Resource Planning license and use pre-built connectors to connect it to their
consolidation engine.
Using digital developments to sharpen efficiency frees up finance to provide more decision-
support and value for the enterprise, especially when deployed alongside new analytical
capabilities. Figure 9 identifies how operational efficiency improvements enhance finance
value delivery as it matures towards a more digitally enabled function. As growth enabler, the
CFO must understand these levers in order to actively measure and acquire insight into
changes and trends.
Figure 9: Operational efficiency enhancements in finance driving value for the business
... Results in increased valueIncreased focus on strategic business partnering...
Emphasis on business partnering capability
• Transaction processing.
• Closing.
• Basic cost center and
P&L reporting
• Basic analytical skills
(reactiveand historical).
• Dual focus (GAAP and
business units)
• More advanced analytical
skills (sought after by
business units).
• Translation of financial
goals into operating plans
• Proactive, forward-looking
decision-support using
flexible digital tools
• Decision making
participant
Digitally enabled strategic
business partnering
Transaction
and control
Control and
reporting
Valueprovidedbyfinance
Better decisions, both
short-term/operational
and long-term/
strategic decisions.
More effective
allocation of capital
toward value-creating
opportunities.
Tighter linkage
between strategy,
performance metrics
and shareholder
value creation.
Culture and decision
making are focused on
shareholder value
creation.
•
•
•
•
Financial partnering
and analysis reporting
Source: PwC Finance benchmark data, Performance surveys—finance feedback
NextBack
20. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 20
Contact us
7. Operational efficiency
Despite digital’s potential to improve operational efficiency, it can also create difficult
governance issues. The typical risks and issues that CFOs should assess and address are listed
below. In all instances, ensuring procurement and IT governance, while balancing the time-to-
execute, is a key role that the CFO can own working with his or her CIO and COO peers:
• Multiple purchases of the same digital solutions to solve point-to-point operational issues,
increasing the total cost of operations rather than decreasing it
• Data privacy and security risks where operational processes rely on cloud-enabled digital
solutions
• Data-mastering issues resulting from siloed digital solutions without appropriate connectors
to central systems
• Change-management issues, which are typically heightened by the presence of legacy
systems that are difficult to decommission and detach from core operations
• Perception issues by senior leadership that digital investments are a ‘silver bullet’ for issues
that in reality stem from policy misalignment, process design, or personnel capabilities
In addition to core transaction operational efficiency, digital technologies provide new ways
for CFOs to strengthen compliance and control. For example, advanced data analytics allow
correlations not previously sought after or understood that can highlight fraud or risk
indicators to finance teams. Social collaboration techniques can also allow teams to collaborate
on compliance tracking in a more real-time, insightful way. In turn, mobile provides new ways
to capture data at the point of transaction, which can enhance preventative controls and lessen
the need for manual detection procedures.
Further, the CFO can play a pivotal leadership role in assessing and validating the value of
digitally enabled efficiency investments and savings beyond finance operations. To perform
this function, many companies are considering the creation of a technology business office,
which would work for the CFO with accountability to the COO, CIO and CMO. Questions such
as Is this cloud service secure? Is this really cheaper? How do we know we’re getting the right
return? are just the first layer of issues CFOs face as operational efficiency goals are aligned
with digital investments.
Finally, for companies that are selling and providing digital tools to the market in addition to
leveraging digital within their own infrastructure, the CFO has additional operational
efficiency roles to play.
Case study: Making it easier to grow
The challenge
A restaurant chain was operating with outdated and cumbersome systems that were impeding
growth. An upgrade to their current system would have required a major investment in
hardware.
The solution
The restaurant chain opted for a software-as-a-service (SaaS) solution over a traditional
systems upgrade. As the company looked to boost growth, one of the determining factors was
the need to create a licensing agreement that would be less rigid and cheaper to administer
than the current version.
NextBack
21. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
8. Talent management
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 21
Contact us
7. Operational efficiency
Cloud-based Oracle solutions provided the company with a flexible and scalable plug-and-play
platform for growth. The system optimizes mergers and acquisitions by speeding up deal
making and minimizing integration times and costs. Oracle Cloud Financials coupled with
Oracle Cloud Analytics are enabling the finance team to provide real-time reporting and
increased analytics. The cloud-based solution can be updated quickly enough to keep up with
the pace of business change while delivering value in terms of cost savings: implementation
costs are lower, as are costs for IT hardware, maintenance, support and long-term licensing.
Questions for your organization
• What are your goals for investing in digital technology? Cost savings? Flexibility for your staff?
How can you enforce these guiding principles?
• How are you tracking the use of cloud-based services at your company? Do you have a
procurement strategy? Is finance involved in the selection process?
• How is mobile integrated into the day-to-day work of your finance operations? Can you create a
more mobile/flexible workforce through this technology?
• As a digital provider, what is your Enterprise Performance Management strategy for measuring
the cost and margin profile of your new services as compared to existing products and services?
Can you track uplift and cannibalization of your channels and/or products?
NextBack
22. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 22
Contact us
8. Talent management
8. Talent management
When PwC asked 10,000 people from a selection of countries around the world what will
transform the world of work over the next 5 to 10 years, technology was the clear number one
(see Figure 10).
Figure 10: Transforming the world of work
None of these
Don´t know/not sure
Rapid urbanisation
Demographic shifts
Shifts in global economic power
Resource scarcity and climate change
Technology breakthroughs
PwC survey of 10,000 members of the general population based in China,
Germany, India, the UK and the US
53%
39%
36%
33%
26%
4%
13%
Technological breakthroughs are causing companies to better align talent strategy to their
changing business models. As such, finance teams need to ensure they have the right skills in
place to meet the demands of the digital economy. One key priority is finding ways to foster
innovation and creativity among employees rather than focusing solely on technical
capabilities. It’s also important to look at how to attract and retain millennials, who will
eventually make up the bulk of the workforce, while recognizing the differing perspectives of
other generations. Digital natives, for example, will not want to work for companies that are
still using primarily paper-based processes. As part of a wider enterprise-wide workforce plan,
CFOs must look at what skill sets will be required and how the relevant talent can be attracted.
The ability to execute the business strategy with the right talent is a make or break issue. PwC’s
2015 CEO Survey shows that 80% of CEOs are concerned that the lack of key skills threatens
their organization’s growth prospects.
CFOs also need to understand how the megatrends are changing the sources of talent and how
they are managed. Companies are beginning to modernize how they find, develop, and retain
talent. According to PwC’s 2015 CEO Survey, sixty-six percent of US CEOs say that digital
technologies (like mobile and data analytics) yield high value in sourcing, developing and
retaining talent. As more and more of finance’s routine functions are automated and artificial
intelligence plays an increasing role in business analysis and service delivery, CFOs must look
at how people and machines work together within this hybrid workforce.
As much of the focus of investment and demand shifts toward Asia, Africa and other fast
growing regions, the challenge is determining how to attract and train finance professionals
from markets where appropriate skills may be in short supply. One strategy is to work with
local universities to develop the talent pool. Giving local students the opportunity to gain
experience in mature market operations is a highly effective way to attract talent and
demonstrate the business’s commitment to career development. When staff returns, they can
harness their new skills and pass them on in their home business, thus reducing the need for
incoming assignments.
Further shifts are going to come from the emergence of new financial centers and super
metropolises, where the bulk of the global population and production will be situated. As
connectivity creates more flexibility in the places and ways in which people work, people will
want to be in the city as much for its lifestyle as its economic opportunities. Finance teams and
businesses as a whole will need to adapt to new ways of working and attracting talent.
NextBack
23. 1. Customer experience
3. Brand reputation and
cyber security
4. Supply chain optimization
5. Internal/external
collaboration
7. Operational efficiency
The way forward
2. Innovation capacity
6. Strategic decision
making
Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Leading from the front: Redesigning finance for the digital age 23
Contact us
8. Talent management
The underlying priority is to promote greater diversity within the recruitment and leadership
of finance teams. Marketplaces in transformation and a more business-facing finance function
demand the fresh perspectives and new capabilities that come from a more diverse workforce.
Leaders know they need to increase their organizations’ ability to learn and innovate. They’re
looking for a broader range of skills and finding talent in more places: eighty-one percent are
looking for a much broader range of skills when hiring than they did in the past; 92% say they
always use multiple channels to find talent, including online platforms and social networks;
and 85% are actively searching for talent in different geographies, industries, or demographic
segments, according to PwC’s 2015 CEO Survey.
Case study: Excited by coming into work
The challenge
A distribution company has been has been operating with a 25-year-old mainframe system.
When a new CFO was hired, he was struck by the low morale and high rate of employee
turnover within the finance team, especially among younger staff. Further research into the
causes of dissatisfaction showed that having worked in more modern environments, staff
quickly became frustrated by the antiquated systems being used within the company. Today’s
employees expect systems to take care of the routine and repetitive tasks so they can
concentrate on high-value work. They want better reporting and transactional systems that
can improve their working life and ability to contribute to company success.
The solution
The company has embarked on a business transformation initiative that will replace their
financial systems with modern, digitally enabled processes and e-commerce platforms.
While systems modernization is a key part of the initiative, the CFO recognized that bridging
the generational gap and creating a sense of excitement across the finance team would require
more than an IT upgrade. From working on this and similar change projects, we’ve identified a
number of key priorities:
Creating confidence in the new systems: Helping everyone to embrace change by encouraging
digital natives to serve as mentors and coaches for their colleagues.
Embedding social media into finance: Enterprise social networks are typically geared to sales
teams, but can easily be extended to finance communities to help strengthen collaboration in
areas ranging from close processes to new initiatives. At a leading technology client, we used
an enterprise social network as a way to develop communities, understand leading practices
and gain feedback on training and process improvement opportunities. The initiative was led
by the more digitally savvy members of team and supported by training for the broader finance
community.
Questions for your organization
• Have you considered the training needs of your workforce to ensure that they can use digital
technologies productively?
• Are you providing the right incentives for your employees to embrace digital technologies that
will make finance processes more efficient?
• Are you equipped to attract and retain the broader sources of talent that will be increasingly
critical to success?
NextBack
24. Cover
Foreword
The forces transforming
industry and commerce
Positioning the CFO to
lead change
Contact us
The way forward
Finance has reached a pivotal juncture as it looks at how to meet the
business demands being placed on it within the digital economy and
digital begins to transform its own operational capabilities.
Finance has an opportunity to carve out a more strategically influential
role within the business, pivoting between their roles as advisor, enabler
and operator across the digital value drivers in this fast moving
environment. But it also could be marginalized if it fails to provide the
analysis, insight and guidance that boards and business teams demand in
the digital age.
This will no longer be a world of long lead times and marginal
adjustments to forecasts and budgets. Finance needs to become a creative
visionary, capable of judging how whole business models rather than just
budgets might need to change and mobilizing the organization to respond
quickly. The outlook and approach of the finance professionals that
emerge will have more in common with venture capitalists than today’s
analysts and business partners.
The first step toward transformation is ensuring that your finance team
and wider business are equipped to deal with disruption and change. Key
priorities include stripping out all the baggage that slows down your
ability to respond, be this unwieldy legacy systems or the tendency to
simply do what’s always been done. It’s then vital to judge what creates
value in this new world. The information you hold and your ability to use
it may be more valuable than your physical assets. Similarly, the real value
of your finance team may not be its ability to gauge current performance,
but rather its ability to determine what your business needs to do to
survive.
The key attributes of this new finance function are speed, agility and
foresight. What’s needed is a clear vision and leadership from the CFO—a
strategy for the digital age rather than a digital strategy. There also needs
to be a willingness within the wider finance team to embrace change as an
opportunity rather than as a threat. The front-runners are already
reaping the dividends. Their priorities for relevance and success aren’t just
following trends, but ensuring their thinking is original and farsighted
enough to lead them.
The way forward
NextBack