DEC - JAN8 The finance function has been under constant transformation over the past few decades. I recall when I commenced as a Trainee Accountant in the late 90s at KPMG, we were sharing laptops (which built up my upper body strength) and using paper and pencils in auditing processes. When doing audits on internal controls, I faced the constant safety hazard of losing a finger via 1000 paper cuts. Fast forward to 2019, and I rarely use paper, and if I happen to print out a document rather than read it virtually it is frowned upon­I get a look of horror from all the millennials in the office.This rapid transformation has been the result of multiple technological and business advancements, starting initially with the basics of spreadsheets increasing the efficiency and accuracy of modeling and reporting. We have also moved into automation of the core processes of ERP systems to radically improve the end-to-end processes such as procure to pay, order to cash, and data to report. This has allowed the finance function to move away from number crunching and financial reporting to be a Finance Business Partner that provides valuable insights to support critical decisions by various teams/departments, and help drive the direction of the overall organization.As a finance business partner, our vision is to enable business scalability and enhanced profitability, which is often made possible by leveraging technological advancements. This is achieved by automating transactional and highly repetitive processes, providing ubiquitous self-service and on demand reporting, reducing time and increasing the accuracy of financial forecasts/models, as well as driving value through advanced analytics. Our goal is to automate process and reporting where we can in order to truly support our key stakeholders through applying our understanding of the business to optimize the business economic model.BY MIA BARRY, CHIEF FINANCIAL OFFICER, THE ICONICHOW DATA WILL TECHIFY FINANCE TEAMS OF THE FUTUREIN MYV EW
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