Chapter 6: How the Finance Function uses Digital Technologies

What are some of the changes cloud computing has driven in the finance function?

Why have advances in cloud computing and other technologies made it more difficult to determine the underlying value of a business?

How does big data analytics and finance business partnering link together?

What will be the impacts of big data on:

• Management accounting

• Financial accounting

• Reporting

How will big data impact internal audit?

What are the advantages and disadvantages of process automation in the finance function?

What are some example use cases of AI in accounting

What are the limitations of using AI in a business setting?

Why is data visualisation important to the finance function and what are its key benefits

What would be the impacts on the following if blockchain technology is implemented:

• Financial Reporting

• Cross border payments

• Smart contracts

• Security and traceability

What are some examples of how blockchain technology can enhance the finance function?

Describe the ‘Internet of things’

What are some efficiencies delivered by mobile technologies?

What impacts does 3D printing have from a costing perspective?

What is a digital mindset? Describe the five qualities outlined by Forbes as being important in contributing to it.

• Provide vision yet empower others

• Give up control yet architect the choices

• Sustain yet disrupt

• Rely on data yet trust your intuition

• Be sceptical yet open minded

In the future, finance professionals will see a reduction in basic and routine work with a shift to higher level skills. Explain the following skills anticipated to be fundamental to future accountants:

• Analytical skills

• Business Acumen

• Judgement

• People skills

• Leadership

What is the automation paradox?

What is GDPR, what requirements does it have?

Why was GDPR introduced?

What are some ethical and social considerations important in handling technology and data? Think about this from the perspective of investors, customers and employees for example.

What is corporate digital responsibility?

Explain the following 5 areas essential to the development of a CDR strategy:

• Digital stewardship

• Customer expectations

• Giving back

• Data value

• Digital inclusion