Workforce of the Future for Finance Impacts of the Digital Age - - PowerPoint PPT Presentation

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Workforce of the Future for Finance Impacts of the Digital Age - - PowerPoint PPT Presentation

Oct 26, 2022 375 likes •540 views

Workforce of the Future for Finance Impacts of the Digital Age Media Financial Management Association Los Angeles, CA - February 21, 2019 What are the key business issues driving workforce disruption? 78% of CEOs are concerned about the

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Impacts of the Digital Age Workforce of the Future for Finance

Media Financial Management Association Los Angeles, CA - February 21, 2019

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PwC | Workforce of the Future

78% of CEOs are

concerned about the availability of key skills

37% of CEOs are worried

about automation putting jobs at risk

60% think few people

will have stable, long-term employment in the future

What are the key business issues driving workforce disruption?

Purpose

Tax Reform RPA Diversity & Inclusion

Multi Generational Workforce

AI

Culture

Digital

Employee Experience

Mobility

Reskilling

Skills shortage

Total Rewards “Gig”

Workplace

Confidential information for the sole benefit and use of PwC’s client. PwC | Workforce of the Future

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PwC | Workforce of the Future

Automation dramatically reduces cycle time of all finance activities and the size of finance

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The finance operating model is evolving

What is your workforce strategy?

New skills required to remain competitive New tools demand digital literacy Data analytics, visualization and communication are table stakes Imperative to attract and retain Millennials

Confidential information for the sole benefit and use of PwC’s client.

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PwC Digital Services

Three lenses through which to consider your workforce of the future opportunities

Workforce Strategy “What capabilities do we need?” Workforce Environment “What is our optimal place mix?” Workforce Experience “How can our people thrive?”

Workforce of the Future

Workforce Strategy Workforce Environment Workforce Experience

Workforce

  • f the

Future

Confidential information for the sole benefit and use of PwC’s client. PwC | Workforce of the Future

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PwC | Workforce of the Future

6:05am 3:15am 3:00am 6:00am 3:30am 6:03am

The day in the life of a leading technology CFO

Sales & Booking Dashboards are automatically served via a visualization tool on the CFO’s mobile. Financial reports are pushed to the CFO’s collaboration stream with the Controller group for discussion in the close review. CFO utilizes voice recognition software to alert to Brand commercial team for follow up Booking commentary CFO receives double latte and heads to

  • ffice

CFO receives approval request from High Risk Customer Desk via AI assistant on mobile. CFO asks AI assistant to drill down on Customer History by date and product. Satisfied with the review, she approves via thumbprint ID. CFO sits down at the local café and queries the Booking Dashboard using iPhone voice recognition software CFO orders double latte and pays using digital currency. Performance notes are generated leveraging natural language generation (NLG) and added to the visualization. Outlier transactions are identified by ML algorithms and shipped to the High Risk Customer Desk workflow. Booking, billing and revenue transactions captured and populated by a bot and fed to the finance data lake. This particular bot is supervised by a governance bot managed by the CFO’s Automation CoE

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Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

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Today’s Finance methods, structures and systems were designed to support analog or discrete processes. Tomorrow’s Next Generation Finance model will:

Be digitally enabled and focused on speed Integrate and analyze information on a real time basis Transact events as they occur Dramatically reduce the cycle time of all finance activities and the size

  • f finance

Require a new level of skills to remain competitive

Next Generation Finance 101

Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

Current state headcount

Reporting & compliance Insight & action Transaction processing

Future state headcount

Reporting & compliance Insight & action Transaction processing

Next Generation Finance will significantly reduce in size and require a dramatic shift in Finance skills & capabilities

Process mining Analytics Robotics Blockchain Cloud

Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

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  • “Siri” based on-demand insights
  • >1,000x data available

for analysis

  • Deep business knowledge

needed to interpret AI and business analytics

  • Dynamic portfolio investment

scenario modeling

  • Real-time analytics – anywhere
  • Plug-and-Play integration

Insight & action

  • Transition from accounting focus

to business events

  • Accelerated SEC/Statutory/

Tax filings

  • Continuous audit
  • Instant Treasury/cash

position visibility

  • Fraud/compliance analytics
  • Increased regulator transparency

Reporting & compliance

  • Eliminate offshoring/

75% headcount reduction

  • Real-time digital AP/AR settlement
  • Elimination of reconciliations
  • Virtual closing and consolidation
  • Shift to exception management
  • Distributed ledger

Transaction processing

Digital Architects & Data Scientists will play key roles in Finance

Key characteristics of a Next Generation Finance Model

Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

Finance will evolve to be increasingly automated and digitized

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  • Strategic
  • Target setting
  • Financial

management

  • Forecasting
  • Tax/Treasury
  • Supplier

payments

  • Employee

payments

  • Customer

receipts

  • Cash

management

  • Transaction

accounting

  • Asset

accounting

  • Tax accounting
  • Accounting

close

  • Account

reconciliation

  • Error

processing

  • Internal audit
  • Statutory

reporting

  • Tax filing
  • Statutory

compliance

  • Policy

compliance

  • Enterprise

performance reporting

  • Financial

reporting

  • Management

reporting

  • Enterprise

performance management

  • Portfolio

analysis

  • Performance

analysis

  • Investment

analysis

  • Business

advisor

  • Strategy

execution support

  • M&A support
  • Board

engagement

Plan Transact Account Control Comply Report Analyze Advise Plan Transact Account Control Comply Report Analyze Advise

Today Tomorrow

Finance focus Automated and digitized

PwC | Workforce of the Future Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

Data science and analytics skills, by 2021 How will employers fill the talent pipeline?

Employer demand Student supply

69%

Of employers say they will prefer job candidates with deep data science and analytical skills over ones without

23%

Graduates will have deep data science and analytics skills

Tomorrow’s changing landscape will demand data science and analytical skills

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Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

Financial Controllership roles of the future

(Example: Global Technology Company)

Analytics and Value Manager Business Growth Partner Data Scientist Digital Engineer

Responsible for leveraging cross- functional and business data to inform strategic,

  • perational and

domain specific decisions. Critical bridge between the data scientist and business growth. partner Responsible from ideation to delivery

  • f big business
  • pportunities, e.g.,

growth, cash or profitability. Focused on delivering outcomes and partners closely with Analytics Manager. Responsible for developing and implementing decision models based on collating multiple sources of data, data flows, and modeling techniques. Looks to improve data architecture. Responsible for identifying and implementing emerging technologies, including automation projects within the business. Works with the GPO to drive digital process enablers.

Emerging “new” roles

  • Multiple emerging roles must be

considered to take advantage of emerging trends

  • These new competencies must be

integrated into both the Finance professional development framework and the workforce skillset

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Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

Financial Controllership roles of the future

(Example: Global Technology Company)

Digital Technical Accountant Global Process Owner Compliance and Risk Manager

Subject matter expert in a specialized process area, with deep knowledge of related digital and technology tools. Coaches and reviews team on tool design, process and system. Owns end to end innovation and standardization of global process and technology design. Connected with leading practices across industries and also runs an innovation lab for the process. Responsible for risk and compliance requirements in a highly digitized environment. Monitors integrated risk including cyber security, data privacy, regulatory and policy.

Transform- ation Lead

Leads the

  • rganizational

transformation in a program based role and works with FCO’s and partner network to implement solutions. Evolve to product manager post implementation of solutions. Emerging “transformed” roles

Emerging “transformed” roles

  • The existing roles will decrease

and evolve to become “insights”, “business partnering” and “technology” oriented roles, working with emerging roles

  • Trends will impact all roles.

Existing roles will decrease by 40% and nature of the work done today will change.

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Confidential information for the sole benefit and use of PwC’s client.

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PwC | Workforce of the Future

The journey begins with a finance workforce assessment

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Confidential information for the sole benefit and use of PwC’s client.

Assess Workforce Readiness Prioritize and Deploy Solutions Plan to Close Skills Gaps

Roadmap to Build Future Capabilities Host FP&A Analytics Workshop Automate Transactional Processes Optimize Use of Gig Economy Attract and Retain Next Gen Implement Digital Fitness App New Role Hire and Develop Plan*

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Thank You!

Karlie Humphreys: karlie.j.humphreys@pwc.com Carrie Duarte: carrie.duarte@pwc.com