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