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Modern Business Summit - Coffee Break CutDay 1: Finance and Operations in the Cloud

Transforming finance, changing business

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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

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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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So what does this

change look like?

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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

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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

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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

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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

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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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