Finance technology

The expectations that organisations have of their finance functions have undergone a significant shift in recent years. While the traditional finance role, acting as the “scorekeeper” and maintaining an accurate system of record continues, the introduction of advanced technologies means there is increased potential in the capability of finance functions. As such, finance departments are expected to do more than they used to and faster. This often includes providing deep financial insights and strategic thinking, partnering with the business to drive performance, as well as delivering more sophisticated reporting to harness the power of data.

Adopting new and innovative technology solutions is central to Finance fulfilling these roles, delivering increased efficiency, reduced costs, and dramatically improved analytic capabilities. This allows your finance teams to do more with less, focus on adding value to the organisation, and ultimately helping inform wider business strategy.

PwC is at the forefront of helping finance functions access the true value of technology. We combine our knowledge of finance and ways of working, both now and in the future, with a deep understanding of finance software solutions and other technologies to deliver successful implementations that can transform your finance function.

Why invest in your financial technology?

The reasons for adapting or investing in finance technology can often vary, but typically we see the following instigators:

  • “Our finance team is too large and we’re not as efficient as we could be”
  • “We’re not sure that we’re being effective”
  • “We’re not able to deliver accurate insights and drive decision making”
  • “We struggle to extract information that is ‘right first time’ and spend too much time correcting reports, leading to poor forecasting“
  • “Our current technology platform is outdated, inflexible and costly to run.”

Finance technology has significantly evolved in recent years, and there is often a need to replace older, costly and less agile systems with modern finance software solutions. Traditional ERP (Enterprise resource planning) systems that offered relatively inflexible transactional capabilities are now expanding their capabilities at pace, and new financial software and SaaS (Software as a Service) solutions support enhanced data analysis, reporting, modelling and other functions.

There’s also been an explosion of data in recent years. Businesses now know more about their customers, suppliers, and internal operations than ever before. This mountain of data can help support strategic decisions, but without the tools to collate, analyse and report on it accurately it can be meaningless. The right financial technology will help you control and understand data effectively.

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Robotic Process Automation and Artificial Intelligence

Too often finance teams are tied up carrying out repetitive tasks, often without following a consistently optimised process. In fact it’s quite common to find people working in the same department, on the same tasks, but following completely different methods to get the job done.

Increasingly Robotic Process Automation (RPA), is seen as a way to reduce the cost and improve the efficiency and accuracy of the more transactional aspects of finance. In fact, our recent report ‘Stepping up: How finance functions are transforming to drive business results’ found that in the top four process areas where finance functions are most active, 35-46% of time could be eliminated by automation or adopting more effective working techniques.

We begin by assessing your current processes and work out the most efficient approach to achieve your business objectives. After that we can then begin integrating RPA, in some cases enhancing RPA with Artificial Intelligence (AI) to further improve operational effectiveness and decision support, into the business and allow employees to focus on more value-add activities.

It’s not just about making the finance function less costly, but allowing it to be more valuable to the business.

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Why choose PwC for finance software solutions

We have a comprehensive understanding of finance technology and years of experience implementing it. Alongside this we have expertise in ways of working, which means we can effectively bridge the gap between the wider business, the finance function, and the systems integrators. This ensures that the technical implementation always aligns with business objectives.

Our sector focused teams bring a deep understanding of your industry and its unique conditions and challenges and we also bring the insight we have through our alliances with leading technology players. This means you’ll never get a one-size-fits-all solution, but something tailored precisely to your industry, challenges and goals.

Importantly we work closely with you and your team, understanding your culture and business strategy to deliver a faster and more cohesive project. We won’t be afraid to challenge your assumptions, because what we want is the right solution for you.

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Contact us

Richard Pinder

Richard Pinder

Partner, PwC United Kingdom

Tel: +44 (0)20 7212 4895

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