8AUGUST 2021IN MYOPINIONThis is a time of unprecedented technological change, and it has been our reality for more than a decade. These changes are happening faster than the rate at which businesses can absorb them. Therefore, it is difficult to implement new technology in our daily way of doing business. The fact that certain technology exists (e.g., robotic process automation, blockchain, artificial intelligence) does not mean that companies can implement it throughout their businesses.The reality is that it is not easy to implement any technological solution because it requires the effective orchestration of changes beyond technology. We are talking about changes impacting people, the way people do business (i.e., process and behavior), and the financial results of an ongoing business. Additionally, in the quest for growth, companies have been very active in mergers and acquisitions, which pose additional people, processes, and system integration challenges. Finally, we have experienced the unprecedented impact of COVID-19 in our daily personal and work lives, which has focused everyone on what is absolutely necessary to make it through the storm. Yet, can you imagine how much more difficult it would have been to conduct business if the internet and communication technology were not widespread throughout the world? For sure, this experience highlights the importance of keeping up with technology.Finance has been in the middle of enabling technological changes that impact transactional processing and data analytics. The success of the Finance function in leading and enabling ongoing technological transformation highly depends upon how Finance leaders approach the following questions: What is the role of Finance in the implementation of new technology? How should the Finance and Information Technology functions partner to lead technological transformation and successfully implement new solutions that everyone embraces? How should Finance interact with other functions to enable positive change? What should be the ultimate objective of implementing technological changes? Why Robust Data Analytics enable Finance to add value in new ways? Why is effective master data management foundational to enable the implementation of new information system technology? Why understanding system architecture and connectivity is essential to building sustainable processes? How should Finance transform to lead the way toward efficient and effective (i.e., robust) data analytics?Let's reflect upon these questions. Finance is a support function embedded throughout all areas of the business (e.g., Strategy, Marketing, Sales, Supply Chain, Human Resources, etc.). Finance talent is geared toward helping their business partners to achieve their objectives regardless of function. Additionally, Finance is responsible for bringing it all together and provide a holistic vision of what the business has accomplished, where it is going, and the resources needed to achieve future objectives. As a result, the Finance function is in a great position to partner with the Information Technology function and everyone else in the business to identify which technology could have the greatest Return on Investment and then work with everyone in the difficult process of implementing the new technology in a way that is embraced throughout the business.However, as technology is implemented in the business, in some instances, Finance teams become smaller. This highlights the importance of avoiding a silo mentality that could focus functions on the hoarding of human resources and By Ted Delgado, Director, North America Regional Controller, The Hershey CompanyTRANSFORMING FINANCE THROUGH ROBUST DATA ANALYTICSTed Delgado
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