Theuns Holtshousen –Business Leader @ CaseWare Africa ... · •We are collecting data all the...
Transcript of Theuns Holtshousen –Business Leader @ CaseWare Africa ... · •We are collecting data all the...
Leveraging the machine
TheunsHoltshousen– BusinessLeader@CaseWareAfricaCaseWareAfricaadivisionofAdaptIT(Pty)Ltd
ANNUALFINANCIALSTATEMENTS– AUDITSYSTEMS
Intro
• Weusetechnologyinourpersonallivessoseamlessly,yetwebattletobringitintoourbusinessese.g.Uber,AppleWatch,Whatapp,Facebook.• Weneedtomakethatsametransitioninourprofessionalcapacity.• Whatfearsareholdingyoubacktoautomate– addressthosefearstoday• Everybodyistalkingaboutthefuture,butwhatcanwedotodaytomakesurewedonotfallbehindthefastmovingworldaroundus?• Thequestionforfinancialprofessionalsonthecontinentshouldnolongerbe:shouldweadopttechnology?Yourcompetitorsadopteditalreadyandthereforearemovingatarapidpacegainingcriticalgroundthatwilldifferentiatethemtomorrowintermsofspeedandagility.• Thequestionforfinancialprofessionalstodayshouldthereforebe:whattechnologycanweadopttodaythatwillmakeadifferenceinourbusinessassoonastomorrow?
Weusetechnology inourpersonalliveseveryday,weneedtoadoptit
professionallyaswell.
Whenadoptingtech– keyconsiderations
• Whetherwearetalkingaboutaccountingsystems,erp solutions,reportingtoolsorauditingsystems– theautomationdiscussionisreal• Takelegacysystemsintoaccount– donotunderestimateorlosethedatathatyou’vecollecteduptonow• Transitionfromdesktoptocloud– hybridmodelsareoftenthebestsolutionstoday(especiallywiththeavailabilityofconnectionsandassociatedcosts)– bestofbothworldsinthecurrentclimate• Don’tautomateabrokenprocess– redesignwiththefutureoutcomeyouwouldliketoachieveinmind• Cloudcouldopenupcollaborationopportunity– thereforeyoucanthinkbeyondyourcurrentgeographicalborders,structuralborders,etc.
Key considerations when adopting
technology
Integrationiskey
• Singlefilefromcradletogravee.g.whenpreparingannualfinancialstatements,yourtrialbalancethatgetsproducedbytheaccountingpackageshouldintegratewiththesolutionthatwillpopulateyourreportandallowcloudbasedstorageforthevirtualsupportingdocumentsandcollaborationopportunitiesformultiplebranchestoproduceconsolidatedAFSattheendoftheday.• Integrationensuressecurity,quality,accessibility,efficiencyandaccuracy,ultimatelypoweringthegrowthspurgeyouarelookingtoachieve.• Eventhoughweleveragethemachineforthis,weneedtoremembertheimportanceofhumaninvolvement.Allpeoplewant:contactwithotherpeople.Thereforeyouneedtomarrytheknowledgeofyourpeoplewiththepoweroftechnologyforultimateintegrationbenefits.
Integration is key
AuditSystem
Auditor
CloudStorageTrialbalance
FinancialReportingSystem
RegulatorAccountingSystem
ConsolidationDocumentManagerSystem
Beadatadrivenorganization
• Onecentralpointofentrywilleliminateduplicationofeffort(centralizethedata)• Dataquality– whatyouputiniswhatyouwillgetout• Dataanalytics– whatyouputinismadeunderstandable• Cloudpriority– accessibilityofdataiskeyforALLstakeholders• Mobile– fromanywhereatanytimeonanydevice• Bigdata- Bigdataisnotonlytransformingthewaywemakedecisions,butalsothewaywestructureourorganizations,drivingengagement,innovationandproductivitytonewpeaks.Explorethefuturetoday,anddemonstratehowwhatyoudotodaywillinfluenceandenergizeyourcompanytomorrow.
Dataanalytics
• Descriptive– Whathappened?• Diagnostic– Whydidithappen?• Predictive– Whatwillhappen?• Prescriptive– WhatshouldIdo?
• Wearecollectingdataallthetime,wemightaswellanalyzeitthroughmachinelearningtoanswerthosequestionsthatwilltakeusforward.Themachineisreplacingalotofthemanualworkweusedtodo,wecanthereforeusethisadditionaltimetointerprettheoutputsandthroughleadershippredictthefutureforourselvesandourclients.
Structureddata,findthingswhenyouneedthem
Predictingthefuture
• Writeyourownendingbyknowingwhereyougoingandhowyouwillgetthere.• Withtherightreports,youcandiscoverthegaps,planhowtoclosethemandpredictthefuture.• Predictionswithoutactionsaremeaningless.Actproactivelytochangetheoutcome.• Deeperinsightsandsmarterdecisionsarethedifferentiatingfactorsofthebusinessesthatwillstillbeheretomorrow.• Healthierleadershipprinciplesandfasterdecisionmaking- whatwecandotochallengeourpersonalgrowthtoday.
Predicting the future
Continuedadvancementofthemachine
• Evenmoreprescriptiveandintelligentrecommendationscoming• SomepeopleworrythatAIwilldestroyjobs.Historyhasshownthatwhilenewtechnologydoesindeedeliminatejobs,italsocreatesnewandbetterjobstoreplacethem.
• Hopeistheonlyemotionstrongerthanfear.Createhopeinyourorganizationsbyadoptingtechnologythatrelievespressure,supportsthevisionandproducestangibleresultsinstantaneously.
• Makethemachinesomethingthatworksforyou,andnottheotherwayaround.Leveragesolutionsavailabletothefinancialprofessionthatnotonlypromisesabettertomorrow,butalsoproducesabettertoday– thesesolutionswillhaveadirectimpactonproductivityandturnaroundtimes– allcrucialingredientsinsuccessfulbusinesses.
• Blockchain datawhereasimplebankstatementtransactioncancometolifeintheaccountingsystemmappedtoanaccountinthefinancialstatementswithoutanyhumanintervention.Understandthetechnologytoleveragethebenefit.
Continued advancementof the machine
Artificialintelligence
• TheimpactofAIwilldoubleinorganizationsacrossAfricainthenext12months(Salesforceresearch)• TruevalueliesinthecollaborationbetweenAIandpeople• Creatingnewvaluethatishumaninaworldthatisincreasinglydigital• WithAIandmachinelearningmoreprevalentandembeddedwithineverydaydigitalservices,customersareexpectingintelligentanddifferentiatedexperiences– thisisaccessibletoeventhesmallestofbusinesstodayataffordablerates(subscriptionpricingmodels)• Wenolongeronlydeliverflatreports,buttheinterpretationoftheinformationdeliversmoremeaningfulrelationshipwithourclients• Forresterpredicts,“machine-learningalgorithmsusedforbusinessandcustomerintelligencefindanswerstoquestionsthathumansdidn’tevenknowtoask.”
Leveragingtechnology
• AsmoreandmoreexperiencesarebuiltwiththeintegrationofAIandmachinelearning,westillhavealottolearnabouthowtoleveragethetechnologyinmeaningfulwaysandkeeptheexperiencehuman.• Thehumans’abilitytoadapt,connectandtranslateisstillneeded.• Agoodcustomerexperiencespeakstoacustomers’value,notjusttheirpreferences,andwhileAIcanbeameanstoanend,it’snotacure-allsolution.• Makedataeasytouse– dashboards,graphs,etc.• Leveragethemachinetoconnectwithotherhumans,inamoreintelligentwaythaneverbefore.• Understandyourvalueinrelationtothevalueofautomation– findthecomplementingtippingpoint.
Leveraging technology
Whenshouldyoudoit?
• Today• Nottomorrow• Today• Understandthelandscapetodayandadaptyourbusinesstoleveragewhat’savailabletoapointwhereyouexhilarateyourselfexponentially• AsfuturistKevinKellysays:"So,thetruth:Rightnow,today,in2016isthebesttimetostartup.Therehasneverbeenabetterdayinthewholehistoryoftheworldtoinventsomething.Therehasneverbeenabettertimewithmoreopportunities,moreopenings,lowerbarriers,higherbenefit/riskratios,betterreturns,greaterupsidethannow.Rightnow,thisminute.Thisisthemomentthatfolksinthefuturewilllookbackatandsay,'Oh,tohavebeenaliveandwellbackthen!'
When should you do it?
TODAY
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