transforming finance, changing business. oracle's modern business summit, day 1 - coffee break...
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Oracle.com
Modern Business Summit - Coffee Break CutDay 1: Finance and Operations in the Cloud
Transforming finance, changing business
Oracle.com
We talk a lot about ‘disruptive’ technology. But in truth the tools available to
finance professionals today aren’t agents of upheaval. Indeed, they’re the
opposite. Yes, they’re enabling agility, facilitating collaboration and giving a
greater overview of our businesses than we’ve ever enjoyed before. But
perhaps most excitingly, they’re making change itself easier – rather than
harder – to enact.
As such, if we embrace the opportunities open to us now, finance is
perfectly placed not only to capitalise on this so called ‘disruption’ – but to
continue doing so for years to come.
Mark Newton
Vice President - Applications, UK and Ireland Commercial Industries, Oracle
Oracle.com
CEOs are nervous they are being
disrupted by new models.
You have to modernise to thrive.
Jeff Henley
Executive Vice Chairman, Oracle
The digital revolution is changing business
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Investment in technology is on the up. And when it
comes to cloud:
47% of CFOs now use it for integrated financial
management
45% use it for management reporting
38% use it for budgeting and planning.
Mark Hulyer
Partner and UK Oracle Practice Partner, Deloitte
And this is reflected in the way businesses are investing
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Today change is so rapid, the world
is in beta.
Peter Simons
CIMA
Cloud enables businesses to be
modern and stay modern.
Jeff Henley
Executive Vice Chairman, Oracle
It’s not enough to transform.
Organisations need to adapt for constant change
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CFOs have moved from
accountants, to business partners,
to value architects.
Now a key part of their role is about
business and digital strategies.
Christopher Wright
Managing Director, Accenture
And as a critical business partner,
finance should be at the centre of this
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Decisions can’t happen in a data vacuum.
Rupert Haines
VP Finance UK Region and Global Operations, Oracle
It could take a business up to three weeks to establish
something as simple as who their top 10 most profitable
customers are.
75% of leading companies are incapable of creating a single
view of the customer.
Christopher Wright
Managing Director, Accenture
It’s driven by data
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Financial service organisations paid £56bn in non-
compliance fines in 2014, £10bn of which came from
not knowing who they were dealing with.
Christopher Wright
Managing Director, Accenture
Disconnected spreadsheets are still largely responsible
for poor forecasting.
Jennifer Toomey
Senior Director, Business Analytics Product Marketing
Because if you can’t see the bigger picture,
you will see huge costs
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When you can harness
unstructured data, you can see
where efficiencies are up for grabs.
We’ve saved $10m a year
streamlining our supply chain.
Jeff Henley
Executive Vice Chairman, Oracle
But when you can see more, opportunities
are easy to spot
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We had a huge number of systems, some new, some
legacy. We needed them all talking to each other without
any latency.
Moving to the cloud has enabled us to do that. Now we
can track our cash out service, we’ve saved £50,000 in
the last two weeks and weekly reporting takes an hour
instead of a day.
Dan Weiss
Financial Controller: Shared Services, Ladbrokes
So it’s important to break down data silos
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One government body saved £70m a year as a result of being
able to run analytics on even their most basic processes.
Rupert Haines
VP Finance UK Region and Global Operations, Oracle
We’re no longer looking to our numbers as a way of keeping
score. We’re using them to change the game.
Maha Muzumdar
Vice President Supply Chain, Products & Cloud Marketing Business Group, Oracle
Because that’s when analytics really starts turning
information into insight
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As social networks evolve inside
organisations, they’ll change the way
we work together. For finance, this
brings an opportunity to increase
visibility and access to our experts.
Mark Hulyer
Partner and UK Oracle Practice Partner, Deloitte
But data isn’t just about systems talking to
each other. The conversations between
employees can also be a huge source of value
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Employees will use social
collaboration tools no matter
what. It’s what they’re used to.
If you can provide in-house
tools, you’ll be able to integrate,
audit and control that
information exchange.
Steve Morton
Oracle Documents Cloud Serivce, Business
Development Director, EMEA, Oracle
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90% of CFOs say that the use of mobile devices will be the
most important technology for success in the next three years.
Mark Hulyer
Partner and UK Oracle Practice Partner, Deloitte
When you’re global, your teams need to be able to access data
wherever they are, from whatever device best suits their
situation.
Elaine McKechnie
Group Head of MIS, Baxters
Especially when everyone’s connected,
wherever they are
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We can now make information
more visual, more powerful,
delivering quicker insights and
improving partnering.
Jeff Henley
Executive Vice Chairman, Oracle
But it’s more than just dissemination, it’s about
presenting data in its most valuable form
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The word ‘report’ stretches so
far. Some want to sit down and
read through columns of data,
others want something visual
that they can bring up on their
iPad and grasp instantly. It’s
about providing the right tool for
the right person at the right
time.
Matthew Robinson
VP Enabling Functions Programme, Pearson
Oracle.com
We have to make working in
finance an attractive place to
spend the future.
Mark Newton
Vice President - Applications, UK and Ireland Commercial
Industries, Oracle
Taking these measures isn’t just about making the
most of finance talent you have now. It’s vital to
attracting the talent of tomorrow
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We’re asking how we can be better
business partners, how we can
make that central to what we do.
And that’s something future finance
leaders will demand of their role.
Rupert Haines
VP Finance UK Region and Global Operations, Oracle
Oracle.com
On-premise ERP can cost a lot and, by the time it arrives,
it’s often no longer relevant.
Adrian Griffiths
Partner KPMG
Updating on-premises systems usually takes around four
years. Think how much technology changes over that
time span.
Jeff Henley
Executive Vice Chairman, Oracle
For some organisations, the scope of change
required is large. And traditionally change has taken
time…
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You don’t need to go through a painful process
of rip and replace.
Rupert Haines
VP Finance UK Region and Global Operations, Oracle
We’ve managed to build integrated data
centres, and as the project was cloud based,
we’ve done it all in six months.
Elaine McKechnie
Group Head of MIS, Baxters
But cloud changes all that
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We find ‘power users’ who’ll show
off what they can do with their new
tools, and when others see that it’s
far easier to get them on board.
Heather Hobden
Director, Strategy & Process Improvement, American Express
And because it’s enabling, employees can champion
change rather than resisting it
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When a system’s intuitive you don’t
need to spend as much time on
training. After a point you can just
say ‘go and use it’. After all, nobody
needed training to use Facebook…
Andrew Blake-Herbert
Group Director Communities and Resources, London
Borough of Havering
Oracle.com
We can be a ‘living lab’. With cloud we can
turn feedback into new fuctionality in months.
Jeff Henley
Executive Vice Chairman, Oracle
Even if poor processes have been entrenched,
cloud offers a second chance to establish best
practice.
Mark Newton
Vice President - Applications, UK and Ireland Commercial Industries, Oracle
And when change is easier, you can frequently
adjust to the world around you
Oracle.com
You need to have common processes if you’re going to run
a global set of business applications.
Jeff Henley
Executive Vice Chairman, Oracle
Every finance function is asking how to be a better
business partner, how to drive insight. But without a
standardised foundation, it’s hard to build to that level.
Adrian Griffiths
Partner KPMG
And make the most of having a standardised set
of processes
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Automation is so important. It’s
allowing us to report on a daily
basis.
Elaine McKechnie
Group Head of MIS, Baxters
Automate wherever you can. It’s
the lowest cost way to work.
Jeff Henley
Executive Vice Chairman, Oracle
Which are automated as fully as possible
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As well as more efficient processes, cost of ownership
is also cheaper with the cloud.
Jeff Henley
Executive Vice Chairman, Oracle
Using the cloud allows my team to focus more on
making systems deliver, and less on simply
maintaining them.
Elaine McKechnie
Group Head of MIS, Baxters
Freeing time and money across the business
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By 2017 80% of finance functions
will use the cloud.
Adrian Griffiths
Partner KPMG
Across industries it’s been
projected that $200bn will have
been invested in cloud this year.
Jeff Henley
Executive Vice Chairman, Oracle
The tide won’t be held back
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You need to carry out an
organisational readiness
assessment before you start. It’s
important to ask tough questions
and find out where the challenges
lie.
Richard Piercy
Group Chief Information Officer, UBM
The time to change is now. But groundwork
has to be laid first
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The key to preparing for change is
communication, communication,
communication.
Andrew Blake-Herbert
Group Director Communities and Resources, London
Borough of Havering
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• Win executive sponsorship and drive from the top
• Make a fresh start
• Have a clear end goal, based on well-defined business
benefits
• Where appropriate, go with a single global go live
schedule
• Prepare your training and communication plan.
Jeff Henley
Executive Vice Chairman, Oracle
Go in with a plan
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Move fast and stay the course.
Jeff Henley
Executive Vice Chairman, Oracle
And embrace the future
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