InnTech2020 - FSN's Innovation and Technology Conference, 18^th & 19^th June 2020

Gary Simon, Chief Executive of FSN explains how finance function innovation is falling behind investment in other areas of the business.  Only 12% of expenditure on innovation is finance inspired compared to 50% on customer-facing systems.  So what are the implications for the future finance function and how can CFOs make a better case for innovation and investment?

Nearly 52% of finance functions will be left languishing with old finance systems, either because they are struggling to find a suitable technical solution that will allow them to migrate to a new environment or they cannot find anybody in the organisation willing to take on the challenge.  In this session we will hear from two organisations that successfully overcame technical challenges and internal politics and migrated to new systems. What tools and approaches did they use (e.g. best of breed, unified environment or hybrid) and what lessons can we learn from their experiences?

An opportunity to network in the exhibition area

The cloud is now considered a vital component of digital transformation, (according to FSN’s research, only 8% of organisations will not move to the cloud).  What is driving the move to the cloud and with so many platforms and methods of cloud deployment (public, private and hybrid) to choose from, how do you know which is right approach for your finance function? And how well has the cloud lived up to expectations? In this session we present the highlights of FSN’s research around cloud deployment and hear from two organisations that have successfully migrated to the cloud, together with the challenges and decisions they faced on the way.

The research evidence suggests that the finance function is ill-prepared to develop or acquire the skills it needs for a more technology dependant future. In this session, a selected panel of finance leaders confronts and discusses the wide range of issues affecting the ability to attract and retain tech-savvy talent as we grapple with automation, new finance applications, robotics, social tools and digital assistants.

‘Data mastery’ is the cornerstone of finance function success, driving more accurate forecasting, delivering more compelling insights and carving out more time for business partnering, innovation and advanced analytics. But only 20% of organisations claim to have mastered their data? So what’s holding the finance function back, why have so few invested in non-financial data and how can finance functions prepare for a world in which data volumes are doubling every two years?  We hear from two organisations that have mastered their data and make aggressive use of non-financial data to give them an unassailable edge in their industries.

Thousands of column inches are being written about digital transformation, but what does it actually mean for the modern finance function?  Two organisations that have been through a major finance transformation talk about their projects, the motives and what they achieved.

Few topics are more controversial than the best way of delivering business partnering. Who should do it, how should they be deployed and what skills and tools are necessary to support it, are just some of the topics being discussed by an invited panel of modern finance professionals.

FSN’s research finds that finance process automation is one of the top concerns for CFOs.  It is not an exaggeration to say that it underpins everything the finance function does but what is the difference between, say, automation and Robotic Process Automation, how can you fill in the gaps in automation and why has automation remained so stubbornly elusive for many finance organisations? In this session, Gary Simon, Chief Executive of FSN explains different approaches to automation from workflows and collaborative technologies, the exciting new field of low-code and no-code applications, niche applications, specialist vendors and the much talked-about field of Robotic Process Automation.  So which approach is best for you?

Following on from Gary Simon’s talk, this session brings together three exemplary case studies, each showcasing how different approaches to advanced automation has transformed a core financial process, improved productivity and reduced error.

FSN research indicates that more than 50% of finance functions struggle to forecast beyond the 6 month time horizon and 60% still can’t forecast revenue to within plus or minus 5%.  And although 70% of finance professionals agree that that planning processes are respected, inclusive and strategically aligned, only 40% say that their forecasting is insightful!  So what is going wrong and is the expectation gap down to technology, process or people?  In this session two organisations present how they have transformed the accuracy of their forecasting process.

Changes in technology are forcing finance functions to re-appraise how they are organised.  For example, does data-ownership sit within the finance function or is it a shared responsibility; do data science and advanced analytics belong in the finance function or separate; does FP&A deserve its own function and career path or is it a core part of the finance function and is it time to give more prominence to role of the systems accountant? A member panel discusses the options.

‘Fear of Failure’ is a significant obstacle to process innovation and it’s raised as a concern by twice as many companies in Europe than the USA.  However, techniques such as prototyping and process modelling can significantly reduce implementation risk and enable more innovative and ambitious process change. In this session, we hear from two organisations that have used prototyping and process modelling to ensure that their projects met expectations.

FSN’s research highlights many failings in the boardroom. For example, only 50% of CFOs say that ad-hoc questions about performance can usually be answered immediately in the board meeting, 55% have yet to include more forward-looking information in their board pack and in the face of some of the most turbulent business conditions for decades, only 57% have made changes to the board pack over the last 3 years.

So what differentiates the best run boards from the rest, what technologies and processes do they deploy and what best practices can be learned from say, disruptive and fast-moving industries compared to the rest? We hear from two experienced CFOs about how they have leveraged technology to help make better decisions.

More money has been lavished on reporting than almost any other application area.  FSN’s latest research shows that 42% percent of finance functions either have a pilot programme underway, are currently implementing a change or have recently made changes, yet the approach is very often piecemeal and disappointing.  So what is driving change, can statutory, regulatory and management reporting be unified and what technologies can be deployed? How can finance functions best prepare for the digitisation of reporting demanded by regulators around the world?  Two companies describe their experience of upgrading their reporting systems.