WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
was doing the same. The organization did not yet fully
Really intelligent instruments will speed and alter our
understand the benefits that a blockchain solution could
measurements; really huge sets of constant real-time data will
bring them. However, the fear of being left behind was
speed and alter our model making; really smart documents
driving their investment.
will speed and alter our acceptance of when we “know”
Other interviews reveal that geography isn’t playing a part
something. The scientific method is a way of knowing, but it
in the investment or deployment of technology. In fact,
has been based on how humans know. Once we add a new
multinational organizations will take their preferred
kind of intelligence into this method, science will have to
technologies and deploy them around the world wherever
know, and progress, according to the criteria of new minds.
they have a footprint. Where transnational or national
Kelly’s conclusions will apply equally to the way we practice
organizations compete with multinationals, they will try to
the science of management accounting in the future.
match the technological investment and deployment
The future of finance: join us on our journey
exhibited by the competition.
Our briefings on these emerging themes will enable us to
It is interesting to note McKinsey’s view on automotive
discuss a new delivery model for modern finance, with certain
technology adoption. From their review of previous
key features. Ultimately, all organizations face the same
technological adoptions, ‘the time from commercial
obstacle of building capacity, competence and credibility
availability to 90 percent adoption ranges from
within their future finance functions.
approximately eight to 28 years’. However, as our research
The difference is that some organizations are innovators on
suggests, social demand and activity by supply chain
the journey to the future, while others are lagging behind.
partners in the ecosystem is another important hygiene
With this research, we want to help more organizations lead
factor. This factor alone will continue to drive down the
from the front.
time gap between innovators, early adopters and laggards on
the innovation adoption curve.
The keys to transformation
Based on our interviews, it appears that an organization’s top
priorities to transform its finance function should be to:
3. Where’s your finance function on the technology
a. Make use of the latest technologies to release the full
adoption journey?
Management accountants have a critical role to play in
capacity of the finance function
developing the digital strategy that will be essential to the
b. Widen the remit of finance to cover a broader range
ongoing success of their organization. The first step in the
of management information, generating new insights
process is to fully understand where your finance function is
and business solutions
in the technology adoption journey and what the most likely
c. Provide and empower finance professionals with new
disrupting technologies are for your business.
competencies and growth mindsets to help your
The data from our interviews is highlighting patterns of
organizations create and preserve value.
technology adoption. Similar industries’ and sectors’
That’s what this project is all about.
adoption journeys are mirroring supply chain partner
activity. By using the Gartner Hype Cycle and Innovation
So, armed with this briefing, why not start a conversation on
Adoption Curve, it is possible to predict when new
the future of finance in your organization? Read one or all of
disrupting technologies will impact a particular industry or
our briefing papers on emerging themes and share them within
sector. Once an organization has prioritized its potential
your network.
technological disruptors, the CGMA (Chartered Global
Management Accountants) horizon scanner is a tool that can
You can then ask yourself:
help a business put these challenges into context. The tool
a. How do the emerging themes resonate in your
can frame organizational conversations about the impact of
organization?
future technology in the ecosystem, adding a time dimension
b. Where are you and your organization on the journey
and an integrated view.
to realizing the finance function of the future?
c. How, in the light of these themes, will you reconsider
your strategies to meet the future finance function’s
The
CGMA
(Chartered
Global
Management
innovative mandate?
Accountants) horizon scanner
The CGMA horizon scanner acts like a time based PESTEL
analysis (political, economic, social, technological,
environmental and legal) that considers impact over the
short, medium and long term. For example: customers might
be concerned about blockchain technology; regulators might
already be embracing it; investors or stakeholders might
need assurance that the business is prepared; and
competitors might be responding faster. Its value lies in
emphasizing the connectivity between customers,
competitors,
processes,
technology,
stakeholders,
environment, suppliers and regulators. Kelly carried out his
own horizon-scanning exercise of embedded artificial
intelligence. This led him to conclude that AI will
fundamentally change the nature of science.
www.waims.co.in
FIVE THINGS YOU CAN DO IN LIGHT OF THIS
BRIEFING
1. Begin by reviewing your work activities against the
McKinsey research rankings, according to which are highly
and least susceptible to automation. It’ll also be valuable to
start building people, leadership and empathy skills into your
continuing
professional
development
or
education
programmes.
2. To gain critical insight, invest time in researching the
technology solutions that your supply chainpartners and others
in your industry ecosystem have implemented. You can use
the CGMA horizon scanner tool to plan your finance function
future technology journey. However, in doing this remember
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