Crossing the chasm for transformation in finance with machine learning
The global pandemic has made new ways of work reverberate across industries in an uncertain economic landscape. Leaders including the office of the CFO are shifting from tactical to strategic imperatives to navigate the organisation in the ‘new normal’. With change happening faster than ever requiring the finance function to be more agile, it is increasingly important to accelerate digital initiatives and technology adoption to stay ahead.
Despite the clear financial and operational benefits of machine learning, many finance functions have been slow to adapt. Accounting, supplier management, procurement, and auditing are all key areas that are ripe for automation, yet the risk of change can act as a barrier to innovation. Teams in each of these areas are immersed in ‘keeping the lights on’ and managing the ‘day to day’, often at the cost of transformation.
- How have market disruptions and the pandemic changed the demand on finance as a business partner?
- What are the new challenges faced by finance teams in the face of these disruptions and hybrid ways of work?
- What are the key considerations for finance chiefs as they infuse machine learning capability into their system?
- What does it mean to ‘empathetically’ decide and implement automation changes to the team?
- How can machine learning be applied to day-to-day finance? What are the best practices?