Cyber security in finance
v. Mads Nørgaard Madsen, partner og leder af PwC’s Security & Technology team
Digitalization has created myriad cyber security risks for finance teams, and the digital age is also changing the three traditional roles involved in financial governance: Chief financial officer (or vice president finance), audit committee and audit partner. The shift reflects a growing awareness and acceptance by senior management and governance boards that cyber attacks and data breaches measurably impact the bottom line. At this breakout session the audience gained insight into some of the key issues in cyber security, which organisations need to address to be able to effectively detect and respond to cyber security attacks – and how the finance function can play its part on the journey towards cyber resilience.
How to succeed with your digital transformation
v. Therese S Kinal, entrepreneur, innovator & change agent, og director, PwC's People & Organisation team
It's all about the tech, right? Many Finance departments tend to focus only on the technology side of digital transformation, leading to low adoption, poor user experience and limited benefit realisation. In this breakout session, we explored the key success factors and capabilities needed to succeed with your digital transformation. A fun and interactive session in which participants heard about cases and lessons learned from other organisations, and identified the capabilities they have and need to succeed.
Opening the business process ‘blackbox’ with process intelligence
v. Florian Schewior, Business Development Manager, Celonis
New powerful technologies enable companies to understand their processes efficiently and impactful. Process intelligence breaks with traditional process mapping, which usually involves many interviews, workshops and observations. Process intelligence is a data-driven process analysis method based on factual activities extracted from your it systems. The approach is an objective way of looking at processes and creates basis for valuable insights.
In this breakout session the audience saw a demonstration of how process intelligence software is used in process analysis including:
- Process improvement and standardisation
- Control testing
- Root cause analysis for process inefficiencies such as bottlenecks and re-work
- Opportunities for process automation
- Fraud detection and prevention
Budgets and forecasts that generate insights
Tired of spreadsheets – how to automate the budget and forecast process and improve efficiency and effectiveness
v. Jens Bille, VP International Strategic Partnerships, Prophix
Budget and forecasting process is key to delivering business strategy and financial performance. However, in recent years the typical time and effort involved in the manual processes has remained more or less static, and satisfaction levels with the process are often low. However, technology and solutions are available today to fix that. By integrating dedicated tools in your budget and forecast process, you can shorten the budgeting cycle, use less resources and drive value-adding business insights.
Digital dashboard based on data analytics
v. David Bolton, Vice President in Industry Solution Sales and Business Value, Qlik
David Bolton from Qlik gave insight into how analytics are becoming the core driver of digital transformation across a wide range of industries, and how visualisation engines work across systems to present data and analytics in a meaningful format.
David presented real-use cases including New South Wales Health, where the finance function has used data analytics to drive more than $500m in savings, whilst improving patient outcomes. The session incorporated numerous demonstrations, showcasing best practice and how advanced and geo-analytics are driving business value across the finance function.
Robotics in finance
v. Bob Peers, Process Automation Consultant, IC Group, & Fred Johnsen, Strategic Partner Sales Leader - Nordics, UiPath
The robots are coming. Are you ready to welcome them? Danish business leaders have identified Robotic Process Automation (RPA) as the most revolutionary new technology. Organisations who adopt RPA can reap benefits of increased efficiency, elimination of errors, significant cost savings and resources freed from trivial rule based tasks. In this breakout session, the audience dived into how RPA can transform the finance function. Firstly, IC group shared how they have embarked the RPA journey as well as their vision to the future. Further, UiPath elaborated on how you can take RPA to the next level.
AI and machine learning tooling
– from a POC to an operational product/system
v. Peter Sergio Larsen, director, PwC's IT Management team
Many companies are talking about AI, machine learning, data science etc. All hot topic that have a big potential to transform many existing business processes by increasing efficiency and productivity
- How do you get from a POC to a full-blown enterprise-ready AI system?
- How do you measure the real business value of your AI model?
- How do you scope an AI POC, and what pre-requisites need to be in place?
- Should you buy a product or develop your own?
These questions were answered, and demos of AI products plus examples of tooling were available for the audience.
The future for modern finance accounting
– with BlackLine Finance Controls & Automation Platform
v. Susan Parcells, Sr Director, Finance Transformation, BlackLine & Teresa Chan, Leading Accountant and Project Manager of BlackLine implementation at Statoil
Manage the close- and reporting process activities in a structured and digital way. Move away from the use of spreadsheets and tons of e-mails throughout the closing processes, become in control, and gain transparency throughout.
At this session, the audience heard about how automation tools can support the process standardisation and automation of reconciliations, intercompany settlement and journal entries, as well as improve internal controls and efficiency in the financial reporting. BlackLine provided insights into tools that can help you manage the interaction and transparency of activities and monitor as well as escalate closing to ensure timely reporting. Further, Statoil shared how they are pursuing digitalisation and automation of financial reporting processes within the company.