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How Emerging Tech is Evolving the Finance Function

In this episode of The Better Finance Podcast, EY’s Myles Corson and Chief Data Analytics Officer and Emerging Technologies Leader, Chris Mazzei, discuss the ways in which emerging technologies such as blockchain, artificial intelligence and robotic process automation are impacting businesses and how finance executives are adapting to these changes. 

Related topics Finance Blockchain AI

EY’s Myles Corson and Chief Data Analytics Officer and Emerging Technologies Leader, Chris Mazzei, discuss the ways in which emerging technologies such as blockchain, artificial intelligence and robotic process automation are impacting businesses and how finance executives are adapting to these changes.

Key takeaways

  • Emerging technologies like AI, blockchain, process automation and robotics are changing the nature of competitive differentiation in most industry sectors.
  • What these technologies will do for the finance function is provide better insights into the business to facilitate decision support, better efficiency in core finance processes such as reporting, and better risk management through new real-time identification.
  • We shouldn’t implement technology like blockchain or robotics just for its own sake, we need to start from the business problem or the business outcome and work backwards.
  • One thing that’s accelerating adoption is cost of performance; many of these innovations were cost prohibitive just a few years ago.
  • Robotics and automation isn’t about eliminating roles and jobs. It’s about complementing the professionals and ultimately redeploying those hours into higher value tasks.
  • Change management is a key part of implementing any new technology. To navigate this, there needs to be more technical depth brought into the organization — people who really understand the technology. And to compliment this, there also needs to be an “upskilling” of the workforce so people can be good partners of the technology folks.

Presenters

Myles Corson
EY Global and Americas Strategy and Markets Leader, Financial Accounting Advisory Services
Chris Mazzei
EY Chief Data & Analytics Officer and EY Global Innovation Technologies Leader

Podcast

Season 2, Episode 3

Duration 27m 19s

In this series

Series overview
(Event List - Manual)

How Emerging Tech is Evolving the Finance Function

In this episode, EY's Myles Corson and Emerging Technologies Leader, Chris Mazzei, discuss emerging technologies.
Podcast

Season 2, Episode 3

Duration
27m 19s

Presenters

Myles Corson

EY Global and Americas Strategy and Markets Leader, Financial Accounting Advisory Services

Chris Mazzei

EY Chief Data & Analytics Officer and EY Global Innovation Technologies Leader

Blockchain: The technology reshaping finances

In this episode EY's Myles Corson and Paul Brody discuss blockchain's revolutionary impact.
Podcast

Season 1, Episode 2

Duration
15m 36s

Presenters

Myles Corson

EY Global and Americas Strategy and Markets Leader, Financial Accounting Advisory Services

Paul R. Brody

EY Global Blockchain Leader

Finance 4.0: The changing role of finance in the new economy

In this episode EY's Myles Corson and Mike Cowan discuss the role of the finance function.
Podcast

Season 1, Episode 1

Duration
12m 20s

Presenters

Myles Corson

EY Global and Americas Strategy and Markets Leader, Financial Accounting Advisory Services