{"id":35550,"date":"2019-08-14T12:26:15","date_gmt":"2019-08-14T12:26:15","guid":{"rendered":""},"modified":"2019-10-23T19:57:00","modified_gmt":"2019-10-23T19:57:00","slug":"powering-your-finance-modernization-with-citizen-data-scientists-and-digital-upskilling","status":"publish","type":"post","link":"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/microsoft-in-business\/business-transformation\/2019\/08\/14\/powering-your-finance-modernization-with-citizen-data-scientists-and-digital-upskilling\/","title":{"rendered":"Powering your finance modernization with citizen data scientists and digital upskilling"},"content":{"rendered":"

Bob Woods<\/a> | Finance Transformation Leader and Seattle Office Managing Partner, PwC<\/em><\/p>\n

Digital transformation is bringing both rapid innovation and drastic changes to the core functions of chief financial officers. When CFOs don\u2019t adapt to these new technologies, they can\u2019t proactively manage new opportunities including evolving workforce expectations and growing data capabilities. Forward-thinking CFOs leverage tech like artificial intelligence (AI) and intelligent process automation (IPA) to simplify and expedite common, repetitive processes, which frees their teams to work on high-value strategic initiatives that have real business impact.\u00a0<\/span>\u00a0<\/span><\/p>\n

Victor\u00a0<\/span>Casalino<\/span>, CFO for Microsoft US, has lived through this change: \u201cBy consistently applying and scaling the early gains and efficiencies we saw in areas like credit and collections, we were able to save around 1,800 hours per month and reduce manual touchpoints by 12,000 queries per month. These are real, meaningful efficiencies that free our team up to focus on more value-add activities.\u201d<\/span>\u00a0<\/span><\/p>\n

However, many CFOs find that they need more than short-term capacity gains. They need analysts, often untrained in the rigors of data science, to help the C-suite make smarter decisions \u2013 but how?<\/span><\/p>\n

Enter the citizen data scientist and digital upskilling.<\/span>\u00a0<\/span><\/p>\n

Your automation approach should unlock the potential of your people \u2013 not the other way around<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

Consistent with Satya Nadella\u2019s perspective that digital transformation relies upon \u201c<\/span>tech intensity<\/span><\/a>\u201d\u00a0<\/span>\u2013<\/span><\/i><\/b>\u00a0one component being the internal, enterprise-wide adoption of new technologies and skills\u00a0<\/span>\u2013<\/span><\/i><\/b>\u00a0PwC believes that \u201csticky\u201d digital capabilities and change reside with your most important resource \u2013\u00a0<\/span>the citizens who make up your workforce.<\/span><\/i>\u00a0<\/span><\/p>\n

\"a<\/p>\n

When CFOs can train, incentivize, and empower their workforce as citizen data scientists to fully leverage these tools, every individual can drive business productivity and modernization.\u00a0<\/span>\u00a0<\/span><\/p>\n

In his own team\u2019s data-visualization transformation work, Victor\u00a0<\/span>Casalino<\/span>\u00a0recalls the impact on Microsoft US: \u201cWhen we built a single source of truth for both financial and business metrics, we not only saw a huge uptick in traffic from around the business, some 7,000+\u00a0<\/span>regular<\/span><\/i>\u00a0users, but we ourselves reduced data compilation and validation times by 20%\u00a0<\/span>\u2013<\/span><\/i><\/b>\u00a0over 150,000 hours per quarter saved. The impact is real.\u201d<\/span>\u00a0<\/span><\/p>\n

Starting the innovation journey with citizen data scientists<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

\"a<\/p>\n

Real change starts with culture, and CFOs need a stated, clear outcome for their digital transformation that aligns to enterprise culture. PwC identifies a\u00a0<\/span>\u201c<\/span>digital aspiration<\/span>\u201d<\/span>\u00a0as<\/span>\u00a0<\/span>outcome<\/span><\/i><\/b>\u00a0(disruption, workforce) +\u00a0<\/span>culture<\/span><\/i><\/b>\u00a0(experience, leadership). Digital aspirations could be built around modernization, increasing efficiency, redefining the business model, or breaking new ground in markets or industries.<\/span><\/p>\n

The first step is an evaluation of the organization\u2019s digital \u201chealth.\u201d PwC\u2019s\u00a0<\/span>Digital Fitness app<\/span><\/a>\u00a0is one tool that helps leaders understand where weaknesses can be addressed and strengths can be turned into peer leadership.\u00a0<\/span>\u00a0<\/span><\/p>\n

Empowering your citizen data scientists with Microsoft technology<\/span><\/i><\/b><\/p>\n

Citizen-led innovation is also an iterative cycle: Initially, the early adopters are inspired to build and then leverage their skills, and they are given the tools to support and grow their digital upskilling and implement their ideas. Improvements are incentivized, helping to inspire and grow the next wave of innovators.\u00a0<\/span>\u00a0<\/span><\/p>\n

PwC calls the modern workplace facilitating this cycle a \u201cDigital Lab,\u201d an internal site hosted in Microsoft Teams that provides the ability to download desktop tools, access learning materials, participate in competitions, and share, rate, and enhance digital innovations.\u00a0 Benefits include:<\/span>\u00a0<\/span><\/p>\n