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6 Lessons on How Finance Can Lead Change

Guest Author

By Krista Sterner, Event Marketing Director, Oracle

At Modern Business Experience 2019, finance leaders from organizations around the world gathered to dissect the latest trends and technologies impacting their strategic direction and day-to-day work. Moreover, they explored how artificial intelligence (AI), machine learning, predictive analytics, and other disruptive technologies can help them drive tangible change for their businesses—and ultimately improve the customer experience.

The finance-specific track offered tailored insights for CFOs and senior finance professionals across accounting, risk and compliance, and more. Here are the top takeaways from the event.

Lesson 1: Disruption is a reality that all organizations and industries must face.

Disruption was the thread connecting all the sessions at Modern Business Experience—especially the keynote sessions. Charlene Li, senior fellow at Altimeter, a Prophet Company, offered advice to help leaders build a culture of innovation and customer-focused operations. Later sessions delved deeper into how specific functions, such as finance, can help make these changes a reality for their organizations.

Lesson 2: Innovative technology and insights are critical to competitive advantage.

AI and machine learning have gotten a lot of hype, but at Modern Business Experience, speakers looked specifically at how intelligent insights affect cross-functional collaboration, decision-making, and innovation. During his session, author and business strategy expert Geoffrey Moore explained how the cloud is enabling these technologies and extending their capabilities to organizations worldwide.

Lesson 3: Successful transformation requires a change-management team.

If organizations want to transform their operations and implement a more innovative mindset, they must first get their employees on board, across all functions. This requires a designated change-management team and executive leadership with a unified vision of where the business is going and why specific tools and technologies are critical. Cottage Health executives drove home this point in their session, as they walked the audience through their transition to Oracle HCM Cloud and Oracle ERP Cloud.

Lesson 4: The cloud makes innovation a reality.

Throughout the event, finance leaders and executive speakers from companies such as Caesars Entertainment, CH Robinson, Hormel Foods, and TrueBlue shared their unique experiences transitioning to the cloud and the benefits they’ve seen. More organizations, especially larger enterprises, are recognizing the value of cloud-based applications and are embarking on their own transformation journeys.

Lesson 5: Data is the gift that keeps on giving.

By breaking down silos across the organization, finance can acquire a more comprehensive view of business performance. Data is no longer confined by specific tools and systems; it is readily available to all parties and enables them to transform information into actionable insights. For finance, that means making smarter business decisions for the present, predicting where the business will go in the future, and having a plan of action for success.

Lesson 6: Change Agents are driving their businesses—and their practices—forward.

Innovative technologies and powerful analytical capabilities are helping finance professionals reduce costs, uncover new business opportunities, and help their organizations differentiate in the marketplace. Oracle’s Change Agents of Finance Awards spotlight the best and brightest minds in finance who are bound to inspire you and your team. Learn more about the winners and how they inspired positive change for their organizations.

Get ready for 2020!

Modern Business Experience was a whirlwind event that brought together some of the brightest and most innovative minds in business today. We’re building on the great content and conversations and already preparing for 2020. Want to see what we have up our sleeves? Sign up to receive exclusive updates and find out how we’ll make the event even better for finance attendees next year.

Sign up now to be notified about Modern Business Experience 2020, presented by Oracle.

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