During the CCH Tagetik InTouch Conference, hundreds of attendees gathered to hear Wolters Kluwer experts, industry thought leaders and CCH Tagetik customers share best practices and tangible examples for how the modern CFO can leverage available innovation to push business forward with perpetual motion.
Hundreds of meaningful connections were made during the three-days at the Eden Roc Miami Beach Hotel. The beautiful surroundings and fun networking events brought energy and excitement about the modernization of Finance.
The value of finance modernization
Emerging technologies like artificial intelligence, machine learning and predictive analytics is driving customer-facing innovation. Yet the Office of Finance is often held back by legacy technology, despite the push for CFOs to be more strategic, forward-looking, and business-focused. According to FSN’s Innovation in the Finance Function Survey 2018, a staggering 54% of respondents would like to be more innovative but rarely get the time, funding or support to invest in finance operations innovation.
“Innovation comes in many forms with small steps along the way,” said Manuel Vellutini, Executive Vice President, CCH Tagetik, Wolters Kluwer Tax & Accounting. “CFOs should rethink process architecture to reduce complexity, improve effectiveness and increase collaboration. Moving past legacy systems is crucial. A CFO will be challenged if they’re trying to provide strategic advice to the company while relying on data from offline spreadsheets.”
During the general session, Wolters Kluwer experts discussed key challenges facing the office of Finance and how to solve them including:
- Shifting to cloud CPM solutions address the challenges of annual budgeting, demands for real-time insights, and monitoring decentralized processes
- Transforming granular data into intelligent insights that can be used for operational decision making while still maintaining the control, governance and accountability that CFOs are responsible for
Real world transformations
Throughout the event, several dozen customers shared stories of their company’s Office of Finance transformation. Industry leaders including Driscoll’s, the #1 berry company in the world, Aegon Asset Management, the world’s largest financial services origination and Tarsus Group, an international business-to-business media company, discussed their pain points and how they transformed.