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Ready, Willing and Able: A New Era for Finance in Social Services - US

Social services and CFO must think proactively. From leveraging organizational assets and building infrastructure to partnerships with private enterprise, the future of finance is here.

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Ready, Willing and Able: A New Era for Finance in Social Services - US

  1. 1. Finance is expanding from back office, to strategy and beyond. 2 Social services CFOs must think proactively. From leveraging organizational assets, building infrastructure, to partnerships with private enterprises, the future of finance is here.
  2. 2. 3 Value is a key driver for social services CFOs More than organizational value, it is vital that social services CFOs keep public value and outcomes delivered top of mind.
  3. 3. Identifying and targeting new sources of value will prepare CFOs and their organizations FORTHEFUTURE Social services CFOs are leading by example as they begin to take more strategic roles in their organizations and shape key enterprise decisions and investments. 4
  4. 4. We spoke with finance leaders Worldwide Brazil US UK France Germany Italy City National/Central and Municipal Working asThroughout Government Budget Director Secretary of Finance Head of Finance Finance Director Director of Treasury Controller and Finance controller 18% 17% 17% 16% 16% 16% 49% 30% 21% 44% 16% 10% 9% 7% 4% 2% 5
  5. 5. The results show that a digitally enabled future for social services CFOs is achievable, and just AROUNDTHE CORNER. 6
  6. 6. Finance in the new Pivot to Smart Digital Data & Talent How will this happen? • 100% automated back office • Real-time monitoring • Guide on strategic enterprise decisions & investments • Measure and manage value across business • Evaluating and prioritizing • Sophisticated reporting and business insights • Governance of enterprise data and platforms • Plan, budget and forecast • Smart digital solutions • Planning, control and reporting • Advanced digital, statistics, operational and collaborative talent • Agile and fluid • Finance silos crumble • Exceptions, perpetual close and self-service reporting 7
  8. 8. CFOs are focusing on a wide range of strategic initiatives in order to create new value across the organization 83% Identifying and targeting areas of new value across the organization Proportion of CFOs who say these ambitions are a major focus: Identifying and targeting areas of new value across the wider business ecosystem Providing real-time or near-real-time insight of organizational performance to highlight risks and opportunities 81% 80% 80% 67% 57% Social Services Private 9
  9. 9. The impact of digital on finance will primarily be to improve efficiency and productivity, rather than to transform the function dramatically 83% OFCFOs AGREE 10
  10. 10. SocialServicesCFOsaspiretoplaya strongerroleindigitaltransformation Finance should be involved at the very beginning in any investments decision about new enterprise technologies and their suppliers Without a strong finance function, our organization will not be able to achieve its goals in the digital world The finance function is best placed to apply advanced analytics to multi-dimensional data, to deliver sophisticated reporting and organizational insights Finance is best placed, of all functions in the organization, to help the organization understand the economic model underpinning new technology investments 87% 80% Extent CFOs agree with these statements 80% 70% 11
  11. 11. The CFO is best placed to lead any initiative that uses digital enablers to improve organization-wide performance 73% OFCFOs AGREE 12
  12. 12. To drive strategic change CFOs must facilitate greater collaboration and cross-functional working Proportion of social services CFOs that say their function is moving faster than the rest of the business is ready for 56% Providing proactive analysis of future operational scenarios Assurance of control, compliance and financial integrity Exploring how disruptive new technologies could benefit the entire organization Driving organization-wide operational transformation Real-time monitoring of organizational performance 53% 43% 38% 31% Social services 13
  13. 13. Believe their organization is moving at the optimum pace to identify and target areas of new value across the organization 29% OFCFOs 14
  14. 14. The most critical skill of CFOs is their ability to formulate long-term strategy and move with agility Top skills required to be a successful CFO today Long-term strategic thinking Agile and responsive ways of working, such as enabled by new technology platforms Ability to identify, hire, develop and place the best talent Lateral and innovative thinking 43% 36% 37% 29% 33% 30% 30% 21% Social Services Private 15
  16. 16. Planning, budgeting, and forecasting Social services CFOs are ahead of the private sector When it comes to adopting a future-focused mind-set 47% vs 33% Investment planning 47% vs 33% Setting organizational goals and objectives 47% vs 27% 17
  17. 17. Social services are adopting automation more slowly And employee acceptance of working with robots and standardized data will be crucial Barriers to achieving results through automation Employee resistance to working with non-human “colleagues” 60% Difficulty in standardizing enterprise data or agreeing upon a single “version of truth” Concern about information security 60% 40% Social services 18
  18. 18. Of finance tasks are being performed by technology today 22% In 3 years’ time, automated tasks will grow to 36% 19
  19. 19. While social services CFOs have difficulty defining ROI, they are not far behind the public sector ROI from digital technology investments to date 13%Investments exceeding initial ROI expectations Attractive business cases emerging Difficulty defining the ROI for digital investments No tangible ROI to date 21% 20% 25% 23% 18% 10% 10% Social Services Private 20
  20. 20. DATA& TALENT 221
  21. 21. Social services CFOs may need to enable greater cross-departmental connectivity to secure advanced analytical skills How the finance function can ensure access to new and essential capabilities Engagement with the tech ecosystem 80% 37% 70% 45% 45% 67% 57% 36% Empowerment/enablement of existing workforce to develop new skills Create a collaborative and agile environment to ensure connectivity and cross- departmental sharing of ideas/insight Remove traditional finance silos, pool resources across functional departments Social Services Private 22
  22. 22. Social services CFOs are rethinking who is carrying out tasks and recruiting different skills Essential skills when recruiting junior finance staff in three years’ time Analytical skills Ability to innovate Financial modeling General management Advanced data visualization 50% 47% 40% 40% 40% Social services 23
  23. 23. Social media data “e.g. sentiment analysis” The pivot of finance to an insights center will support strategic decision-making, risk assessment and value creation. 67% Finance functions are seeing growing demand for insight and analytics across the following areas Risk and compliance data ‘regulated data sets” 63% Operational data “information on workforce, resources, creditors, suppliers, environment” 40% 24
  24. 24. As pressure to provide more strategic insight grows social services CFOs must enhance analytical capabilities CFOs that rate their function as “strong” across key areas of analytics Adopting new analytics technologies 70% Understanding, measuring, and managing value across business partners, customers and suppliers Identifying which data sets contain the most potential value Moving data analysis from traditional “reporting” to a “predictive” mindset Combining financial data with non-finance data and analyzing effectively 72% 60% 74% 60% 72% 60% 70% 60% 72% Social Services Private 25
  25. 25. The volume, velocity and variety of data means the finance function will need to enhance its adaptive capacity to reach decisions quickly 77% OF SOCIAL SERVICES CFOsAGREE 26
  26. 26. As the CFO’s role expands, the innovation gap between social services and the private sector will continue to shrink. Finance is set to become a catalyst for a pivotal change, capitalizing on smart digital, driving insight through data & cultivating the right talent. 27
  27. 27. Copyright © 2019 Accenture. All rights reserved. For more information: GAURAV GUJRAL Global Managing Director and Consulting Lead, Accenture Social Services BERNARD LE MASSON Managing Director of Health & Public Services, Accenture Strategy @gauravgujral1 in/gaurav-gujral-02b @bernardlemasson in/bernardlemasson g.gujral@accenture.com bernard.le.masson@accenture.com 28