Chapter 6 - How the finance function uses digital tech Flashcards
What are the core modernisation tools?
- Cloud tech
- Data visualisation
What is included in exponentials?
- Blockchain
- Advanced analysis
What changes in the finance function has cloud computing driven?
- Collaboration
- Flexible working
- Increased security
- Up to date
- Easier integration
What is the impact of big data and data analytics on business partnering?
Potential for new insights to be gained
What is the impact of big data and data analytics on management accounting?
Contributes to development of more efficient and insightful control and budgeting systems
What is the impact of big data and data analytics on financial accounting?
- Improves quality and relevance of info
- Enhances transparency and stakeholder decision making
What is the impact of big data and data analytics on reporting?
- Assists with creation and improvement of accounting standards
What are the advantages of process automation?
- Cost savings
- Value adding
- Improved accuracy
- Positive return
- Adaptability
What are the disadvantages of process automation?
- Uncertainty
- Relationship management
- Competence
- Training
- Change management
What are some examples of how AI is used?
- Fraud detection
- Machine learning
- Improved analysis
What are the key benefits of data visualisation?
- Accessible
- Real time
- Performance optimisation
- Insight and understanding
How can the blockchain enhance accounting profession?
- Reduce costs of maintaining and reconciling ledgers
- Providing absolute certainty over assets
- Clarity over available resources
- Freeing up resources
What are the 5 qualities of a digital mindset?
- Provide vision yet empower others
- Give up control yet architect choices
- Sustain yet disrupt
- Rely on data yet trust intuition
- Be skeptical yet open minded
What skills will be fundamental to future accountants?
- Analytical skills
- Business acumen
- Judgement
- People skills
- Leadership
What are the 5 key areas of corporate digital responsibility strategy? (CDR)
- Digital stewardship
- Customer experience
- Giving back
- Data value
- Digital inclusion
