Finance in a Automated Future - PwC...1 Finance in a Driverless Future | 2018 CFO Pulse Survey Table...

Finance in a Automated Future2018 CFO Pulse SurveyDecember 2018

1 Finance in a Driverless Future | 2018 CFO Pulse Survey

Table of contents:

1. Executive Summary 3

2. Confidenceandbusinessperformance 6

3. Brexit 11

4. The Finance Function 14

5. Going Digital 18

6. The CFO 22

7. Methodology 24

8. Key Contacts 25


Executive Summary

1



Executive Summary

Cautious optimism: The survey revealsthatIreland’sfinanceleadersarelessconfidentabouttheprospectsforIreland’seconomy over the next twelve monthswhencomparedtotwo years ago. Interestingly manyarestilloptimisticabouttheopportunityforgrowthfortheirbusinessandareactively

positioningtheirorganisationstodeliveronthatpotential.ThemajorityofCFOsexpecttoachievethisgrowththroughdevelopingnewproductsandservicesoradaptingexistingportfolios.However,onethirdarealsoplanningtogrowthroughexpandingintonewmarketsandterritories.Remainingcompetitiveisclearlyachallengeforleaders,withasignificantriseamongstthoseexpectingcostsincreases–35%in2012upto72%today.Withmorerestructuringonthehorizon,thesurveysuggestsgreaterappetitetostreamlineoperations,buildplatformsforgrowth,investinginautomationandmachinelearning,whilereducingheadcountcosts.

Regulation and market uncertainty: Increasing regulatory requirementshavebecomemoreoftheconcerntoIreland’sCFOsin2018.Theintroductionofrealtimetaxationreporting(PAYEandVAT)andnewaccountingstandards(revenuerecognition,leasesandfinancialinstruments)haveaddedcomplexitytotheCFOsreportingandcomplianceagenda.UncertaintyrelatingtoUStaxreformandBrexitiscreatingachallengeforCFOsinthecontextofplanningandallocatinginvestment.UptotwothirdsofCFOsreportedtoeithernot

beingpreparedornothavingmadeextensiveplansfortheconsequencesofBrexit,withoverathirdstatingthattheirorganisation’sleveloftradewoulddeclineasaresultofBrexit.44%areoftheviewthatUStaxreformwillresultinreducedopportunityforinvestmentinIreland.However,thereissomeoptimismrelatingtodevelopingstrongertradingrelationshipswithlikemindedEUmemberstatesleadingtoaredirectionofFDIandmorejobsintoIreland.Whilethepoliticaluncertaintyislikelytobeafactoroverthecomingyear,CFOsneedtofocusontheiroperatingmodel,ensuringthattheirorganisationisfitforgrowthbutalsoresilientinthefaceofdisruption.

Free cash (flows):Theyearsoflowinterestratesandstronggrowthhavecontibutedtoreducedfocusonoptimisingworkingcapitalmanagement.However,asourannualglobalworkingcapitalstudyreported,itisbecominghardertoconvertrevenueintocash,capitalexpenditureiscontinuingtodeclineandcompaniesmustcontinuetofocusonthosethingswithintheircontrol,includingworkingcapital.72%ofCFOsassertthattherehasbeennoimprovementintheirworkingcapitalperformanceoverthelastthreeyearsandthecurrentBrexitstockpilingiscontributingtofurtherweakening.

The Automated Future:56%ofCFOsexpecttoleadsmaller,highlyskilledworkforcessupportedby-automationandartificialintelligence(AI).AIwillhaveasignificantimpactinthenextthreeyearsbutonly16%feelreadytoseizetheseopportunities.Theabilitytoleveragenewtechnologieswillbeakeydifferentiatorofthefuture,withbuildinganunderstandingofnewtechnologybeingnotedasthetoprequiredCFOcompetency,alongsideleadershipandteambuilding.SixoutoftenCFOsbelievethatfinanceisnowactingasastrategic

function,addingvaluethroughpartneringwiththebusiness,bringinginsightsandanalysingandinterpretingdata.However,surveyrespondentsindicatethat80%ofavailabletimeisspentonreportingandcomplianceactivitiesandtransactionprocessing,withtheremaining20%oftimeprioritisedonvalueaddactivity.ThisviewchangesacrossafiveyearhorizonwhenCFOsanticipatethatthebalanceshiftsto71%oftimefocusedonprovidinginsightsandinputtodecisionmaking.

CFOsplayapivotalroleinensuringthattheirorganisationsareinvestingtherighttechnologiesandleveragingtheirresourcesforbetteroutcomes.Thedisruptionishereandtheabilitytomanageexplodingdatavolumes,leveragenewtechnologiesandleadanewlyskilledworkforcewillbethecornerstonesoftomorrow’sbestinclassfinanceteams.

Amy BallConsultingPartner,PwC

I am delighted to introduce our 2018 Chief Financial Officers Pulse Survey which reflects the views of Ireland’s finance leaders on a range of business topics central to both to the development of their organisations and the role of the finance in enabling that development agenda.


57% believetheprospectsfortheIrisheconomyarefavourable

33% ofrespondentsareverypreparedforBrexit

57% believetheiremployeenumberswill not increase over the next year

72% believethattheirworkingcapitalperformancehasnotimprovedover the last three years

56% believe Automation/AI will have asignificantimpactinthenextthree years with only

16% feelingreadyto seizetheseopportunities

68% believethatdigitisationandautomationwillreducethesizeoftheirfinanceteams

Snapshot

Building an understanding of new technology and leadership/team-building skills are the two most important competencies CFOs believe they need

5FinanceinaDriverlessFuture|2018CFOPulseSurvey

Confidence and business performance

2



Prospects for the Irish economy for the next 12 months

Ireland: Growth rate if the real gross domestic product (compared to the previous year)

Thissurveywascompletedinautumn2018andhighlightshowCFOsconfidencehaswanedafterthehighsoftheprioryears.AlthoughstillabovetheconfidencelevelsofIreland’srecoveringeconomyof2013,thesignificantlylowerfavourablepercentageof57%istelling.

ThistrendisinlinewithForecastRealGDPgrowth,althoughsectordeviationwasveryevident,withasignificantcontributortothedroprelatingtounfavourableratingswithinConsumerProducts

Despite72%ofCFOsforecastingcostgrowth,44%stillbelieveprofitswillincreasein2019.CFOsaretakingtheseexpectationsintoaccountwhenhiring,with57%expectingtheiremployeenumberstoremainstagnantordecrease.

How do CFOs perceive our prospects for the next 12 months?

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

GDP

gro

wth

com

pare

d to

pre

vious

yea

r

0%

5%

10%

15%

20%

25%

30%

Projections

2012 2013 2014 2016 2018

Favourable

No Change

Unfavourable

44% ofCFOsstillbelieveprofitswillincrease in 2019

Source: www.statista.com/statistics/375215/gross-domestic-product-gdp-growth-rate-in-ireland/

–

–75%

–50%

–25%

–


CFOs expect to see growth in both revenues and costs

Expectations regarding your company over the next 12 months:

Annual Revenue Growth / Strong Growth*

ModerateGrowth*

No Change

Decline

*From2018‘Growth’hasbeenfurthersplitinto‘ModerateGrowth’and‘StrongGrowth

Net Profit

Annual Costs

Employee Numbers

2012 2013 2014 2016 2018

2012 2013 2014 2016 2018 2012 2013 2014 2016 2018

2012 2013 2014 2016 2018

–

–75%

–50%

–25%

–

–

–75%

–50%

–25%

–

–

–75%

–50%

–25%

–

–

–75%

–50%

–25%

–


GiventhatCFOsareunderpressuretokeepgrowingatthesamerate,while43%expectslowdownintheIrisheconomy,itisnotsurprisingthatgeneratinggrowth,mergersandacquisitions,alongsidepursuingabusinessmodelthatisfitforthefuture,areseenasthegreatestchallengesfor2019

Regulationandattracting&retainingskilledemployeesremainnearthetopofthepile,similartopreviousyears,withtheuncertaintyandriskaroundBrexitnodoubtinthebackofCFOsminds.

Interestingly,controllinglabourcostsruncontrarytothistrenddespiteIreland’sunemploymentratebeingatitslowestsince2008,possiblyreflectingtheexpectationthatautomationwillallowemployerstoleveragesmallerteams

Finally,theabilitytogetareturnfromIT,includingemergingtechnologies,isbecomingcrucialasthepaceofchangeincreasesandorganisationsfindthemselvesunderpressure,despitestrongevidencethatCFOsareinvesting.

Growth and future proofing

Top challenges in your business right now? (Tick up to 3 boxes)

2012 2013 2014 2016 2018

Maintaining margins / profitability

Other

Rising costs, including wages/maintain margins/profitability

Controlling costs including labour

Lack of skilled employees / retaining key talent

Over-regulation

Increased productivity

Ability to get a return on investment from IT including emerging technology

Having a business models that are fit for the future

Generating Growth, mergers and acquisitions

43% expectaslowdownintheIrisheconomy


ThenumberofCFOswithnoplanstorestructuretheirbusinessintheforthcomingyearhasmorethanhalvedfromathird(35%)in2016toasixth(16%)in2018.Withthepressuretounlockgrowth,bothorganicandinorganic,thisisperhapsnotsurprising.

Thestrategicre-designingofoperatingmodelsandinvestmentinemergingtechnologies(suchasmachinelearningandAI)aretheleadingtwoinitiatives,withmoreoperationalactivities,suchasreviewofkeycontracts,reducingsignificantly.Suchmovesmaybeaprecursortoexpansion,allowingforleveragingofenhancedsystems.

Increased focus on restructuring for the 4th Revolution

Restructuring initiatives in the year ahead (Tick up to 3 boxes)

2012 2013 2014 2016 2018

Simplify and standardise operating processes

Review all key contracts with third parties for efficiencies

Critical review of supply chain to identify efficiencies

Strategic re-design of operating models

Invest in IT systems

Invest in machine learning, automation and other emerging technology

Increase focus on working capital and treasury management

Reduce headcount

Outsource a business process or function29% increaseinCFOsplanningtorestructure


Brexit

3



Brexit impact on trade and compliance

33%ofrespondentsfeeltheyare“Veryprepared”and44%feel“Somewhatprepared”forpotentialdisruptionfromBrexit–howeverthisdoesstillleaveasignificantminoritywithworktodobeforethe29March2019deadline.

38%ofrespondentsexpectadeclineintradewiththeUK,withtheuncertaintyaroundthefinalagreementandcompliancebeingthetwogreatestsourcesofrisk.

ResponsestoBrexitdifferedacrossindustrysectors,withInsuranceconcernedprimarilywiththeimpactoncompliance,whileRetailandConsumerwasmoreconcernedabouttariffsandexpectedanoverallmorenegativeoutcomefromBrexit.

IndustriesoutsideofRetailandConsumerhadamoreoptimisticoutlook,notingsomepotentialopportunities,includingamongothers:

• Diversification–markets/suppliers

• Strongerrelationshipswithlikemindedcountries

• IncreasedFDI



Brexit Survey

How well prepared is your organisation for Brexit? What do you expect to happen to your organisation’s level of trade with the UK as a result of Brexit?

What are your concerns as a result of Brexit? (Tick up to 3 boxes) What opportunity, if any do you see as a result of Brexit? (Tick up to 3 boxes)

33%Veryprepared(scenariosmodelled,plansagreed)

5% Increase

24%Uncertaintyforbusiness/investmentdecisions

13%Greaterfocusoncosts/improvedcostcompetitiveness

3%Notprepared

15%Tarrifs/importsVAT15%Noopportunities

43%Somewhatprepared(someplansmade,butnotextensive)

38% Decline

13%Competitiveness/additionalcosts

19%Diversification-newmarkets/suppliers

6% Ability to continue to supplyUKmarkets

5%IncreasedopportunitiesinUKmarket

7%Availabilityofskills/people

12%NewproductinnovationinIrelandtodisplaceproducts

21% Awareness only

57% Stay the same

21%Additionalcompliance 19%Strongerrelationships

withlikemindedmemberstates

7% Delays at borders/ports

17%IncreasedFDIandjobsintoIreland7%Supplychain

/ access to raw materials

33+43+21+3+N 5+38+57+N24+13+6+7+7+7+21+15+N 13+19+5+12+17+19+15+N


The Finance Function

4



LeadingIrishCFOsarecontinuingtosupportthetransformationofthefinancefunctionfromplayingatraditionalaccountingroleintoafunctionwithleaderswhocaninfluencestrategicdecisionsmadeacrosstheirbusiness.Thisisbeingachievedbyunderstandingmarkettrends,analysingtheimpactoftechnologyandnewbusinessmodels,allculminatingininsightfulanalysis.Currentlyasubstantial63%ofCFOsfeeltheirfinancefunctionisalready“Excellent”or“VeryGood”ataddingvaluetothebusiness.

CFOsforeseeaFinanceFunctionthatprovides>71%ofitstimeproviding“insightsandactions”infiveyears,ratherthanmeeting“reportingandcompliance”(currently69%)andtransactionsposting(currently11%).

Providing excellence in insights and action

How would you best describe your finance function in five years time?

71%Majorityoftimewillbespentonprovidinginsightandaction

3%Majorityoftimewillbespenton transaction processing

3% Poor

26%Majorityoftimewillbespentonreportingandcompliance 71+26+3+N

How would you rate your finance function in terms of adding value to the business?

17% Excellent

46%Verygood

34%Moderate 17+46+34+3+NHow would you best describe your finance function right now?

20%Majorityoftimeisspentonprovidinginsightandaction

69%Majorityoftimeisspentonreportingandcompliance

11% Majority oftimeisspentontransaction processing 20+69+11+N


Optimisationofworkingcapitalmanagementhaslaggedbehind,potentiallyasaresultofthepaceofgrowth,andspeedofchangewithintheIrishmarket.Brexitisnowfurtherdeterioratinginventorymanagement,withtheuncertaintyleadingtostockpiling.

Significantliquidity,whichcouldbeutilisedelsewhereinthebusiness,remainstrapped,howeversomepainwillberequiredtoimprovesystemsandprocessestoallowforastreamlinedvaluechaintobeimplemented.Thedaysoutstandinggapbetweenthetopandbottomperformerscanexceedtwomonthsacrossallthreecategories,whichhighlightstheopportunitiesavailabletoCFOstoimproveliquidity.

Thisisevenmoreconcerningas81%ofIrishCEOsinPwC’sAnnualSurveyfor2017highlightedworkingcapitalmanagementasatopeconomicandpolicythreatforbusinessgrowth,withrisinginterestratesmeaningprofitability,andnotjustfreecashflows,areunderthreatfrominaction.

PwC’s2018/2019AnnualGlobalWorkingCapitalStudyidentifiedfourimpendingchallengesfororganisations;it’sbecominghardertoconvertrevenueintocash,capitalexpenditureiscontinuingtodeclinewhichmaythreatenlongtermgrowth,thecostofcashisincreasingandworkingcapitalhasonlymarginallyimprovedwhichsuggestsamissedopportunity.Inuncertaintimes,companiesmustfocusonwhattheycancontrol-includingworkingcapital.

Downloadthereportbelow:https://www.pwc.com/gx/en/services/advisory/deals/business-recovery-restructuring/working-capital-opportunity.html

Navigating uncertainty: PwC’s annual global Working Capital Study

2018/19

Unlocking cash to shore up your business

Back to basics – working capital management?

How has your working capital performed over the last three years:

0% 20% 40% 60% 80% 100%

Worsened

The same

Improved

Inventory Creditors Debtors 81% IrishCEOsinPwC’sAnnualSurveyfor2017highlightedworkingcapitalmanagementasatopeconomicandpolicythreatforbusinessgrowth


WiththeconcernsofCFOsaroundtheimplicationsofBrexitandUSTaxreform(44%believingitwillresultinreducedinvestment),increasingchallengesaroundregulatoryreportingfeatureprominentlyin2018,continuingthetrendofprioryears.

RealtimeVATandPAYEreportingisseenasthelargestconcern(makingup34%ofrespondentsprimaryconcerns).ChallengesexpectedbynewInternationalFinancialReportingStandardsforRevenueRecognition,OperatingLeasesandFinancialInstrumentsaccounting,followcloselybehindwith30%ofourrespondents.RespondentswithintheinsurancespacewerealsofocusedonSolvencyII.

ThisisallexasperatedbyanotherofthegrowingchallengesforCFOs–poormanagementinformationandITsystems,whichlimitavailabilitytotherelevantdata.

Top challenges facing the finance function

What are the top challenges facing your finance function right now? (Tick up to 3 boxes)

2012 2013 2014 2016 2018

Increase in regulatory reporting

Other

Development of business strategy

Accurate budgeting / forecasting / managing cost control

Supporting organisation restructuring

Under resourced

Lack of people with correct skills

Poor mangement information / IT systems

Managing liquidity

Use of emerging technology

Which of the following reporting requirements are the most demanding for your finance function?

13% Country by Countryreporting23% Other

19%Realtimereporting/PAYEmodernisation

15%VATrealtimereporting

11%IFRS15RevenueRecognition

13%IFRS9FinancialInstruments

6%IFRS16LeaseAccounting13+19+15+11+6+13+23+N


Going Digital

5



28% Between €1mand€3mperannum

AswehaveconcludedinpreviousCFOPulseSurveys,overthenextfewyearstheremitoftheCFOwillextendfromthatofFinanceLeadertooneof‘ChiefPerformanceOfficer’.ThiswouldinvolvenotonlyadvisingCEOsonfinancialaspectsofwherethebusinessisheading,butalsoformulatingcoursesofactionthebusinessmaynothavebeenabletodeterminealone.

Achievingthiswillrequiremoredynamicprocesses,supportedbyaflexibleFinanceteamwiththeskillsandcapabilitiesthathelpandsupportgrowthandinnovation.

2018’srespondentsonaverageareplanningathreeyearminimuminvestmentinemergingtechnologyof€1m.This,whenpairedwiththeheightenedbusinessriskthatinvestmentsdon’tdelivervaluefortheorganisation,highlightsthevalueofgettingitrightfirsttime.

Thisdrivetowardsdigitisationandautomationisdriveninpartbythesavingtobeaccruedthroughareduced,butupskilled,workforcewith37%ofCFOs(inparticularwithininsurance)expectinga>10%reductioninemployeenumbers.

Getting the most out of your digital investment

What is your planned investment in emerging technologies in the next 3 years?

Due to digitisation and automation, how do you see the size of your finance function change in, say, 3 years time?

13%Peoplenumberswill increase

6% More than €5mperannum

44% Less than €500kperannum

6%Peoplenumberswillreduceby50%or more

13%Between€500kand€1mperannum

3%Peoplenumberswillreducebetween25%and50%

28%Peoplenumberswillreducebetween10%and25%

9% Between €3mand€5mperannum

19% No change in peoplenumbers

31%Peoplenumberswillreducebylessthan10%

37% ofCFO’sexpecta>10%reduction inemployeenumbers

44+13+28+9+6+N 13+6+3+28+31+19+N


Just3%ofrespondentsbelievetechnologywillhavenoimpactoncompetitionordisrupttheirindustryinthenext3years.

Expectationsarethatkeydriversofthechangewithinthetraditionalfinancemodelwillbe:

• RadicalautomationanduseofAI

• Changing regulation

• Changingbusinessmodels

• Explodingdatavolumes

Theproliferationofdataasaresultofthegrowthofdigitaltechnologiesdemandsthatorganisationsharnessthisdatatocreatedeeper,moredynamicinsightintocustomerandbusinessperformance.

Asthefinancefunctiontakesincreasingresponsibilityandoversightforoverallbusinessperformance,therecomesaneedforenhancedinsighttoinformdecisionmaking.Theincreasingadoptionofdigitaltechnologiesaugmentsthevolumeandbreadthofdataavailable,ultimatelyenablingfaster,moreinformeddecision-making.

DespitegrowingexposuretoDataAnalytics(inparticularwithinBanking)andCloudSolutions;thereisstilllittleknowledgeofAugmentedReality,BlockchainandsurprisinglyAI,inparticularChatbots.Thiscontrastswithtechnologytrends,whereChatbotdevelopmentrecentlyoutstrippedthatofmobileapps

Drivers and Exposure

Augmented Reality / Virtual Reality

Cloud Based Solutions

Blockchain Technologies

Data Analytics

Chatbots / conversational AI

The Internet of Things

Artificial Intelligence

Robotics / automation

1 2 3 4 5

Evolving business models and digital processing capabilities will drastically change the traditional finance and accounting model beyond 2020. What will be the key drivers of this change in your organisation? (Tick up to 3 boxes)

Level of exposure (1=very little - 5=significant)

17%Explodingdatavolumes

19% Changing regulations

3%Noneofthese/others 18%Changeof

businessmodel

10%Useofunstructureddata

21%Radicalautomation anduseofAI

12%AcceleratedMergers&Acquisitions 18+21+10+17+12+19+3+N


Despite56%ofrespondentsnotingthatAutomationandAIwillhaveasignificantimpactontheirorganisationsinthenextthreeyearsonly16%feeltheyarereadytoseizetheopportunitiesitwillcreate.ThisalignstoCFOsconfirmationthatlessthan20%ofthemhavereasonableexposuretotheseareas(seeDrivers and Exposure).

Evenso,53%and75%notedtheirorganisationswereplanningtouseAIwithinthenextthreeyearsto“Enhancecustomerexperience/enhancecustomerloyalty”and“Createoperationalefficienciesandreducecosts”respectively.

ThisshowsthebroadapplicabilityofAI,fromthefronttothebackoffice,andshouldprovidestrongencouragementforCFOstoinvesttogetaheadofthecrestofthewave.

Automation and Artificial Intelligence

34% Minimal impact

9%Verysignificantimpact

16% Yes

48% Significantimpact 68%Partially,

weneedtomakemore investment

9%Noimpact 16% No

What do you think Automation/Artificial Intelligence will have on your business in the next 3 years?

Is your business ready to seize the opportubnity of Automation/Artificial Intelligence?

My organisation is planning to use Automation/Artificial Intelligence in the next 1-3 years to: (Tick all that apply)

Disrupt our core business

Enhance customer experience/enhance customer loyalty

Create operational efficiencies and reduce costs

Innovate with new services for existing clients

Improve existing services

Create greater insight into the value chain

Support a redesign of our business model

Support management decision making

Improve controls

Other

0% 20% 40% 60% 80% 100%

Yes No9+48+34+9+N 16+68+16+N


The CFO

6



When addressing the challenges of the future CFOs have identified two crucial skills (22% each) which are required.

Building an understanding of digital, smart and other emerging technologies

Thishasbecomeofincreasingimportanceinrecentyears,withourdigitalresearchshowingthatcompaniesarefallingfurtherbehind.Thisistheresultoftechnicalinnovationaccelerationoutstrippingthepaceofadoption,howeverorganisationsthatareabletofullyutilisenewtechopportunitieshaveadistinctadvantage.

Building leadership and team-building skills

ShowingthedichotomyoftheCFOrole,thesetraditionalsoftskillsarestillvital,re-enforcedbyaworkforcethatisupskilling,butpotentiallyalsoreducing.

CFO Skillset

As a CFO, what are the top three most important personal skills and experience you will need to address those challenges?

9%Improvecommunication skills

13%Improvestakeholdermanagement skills

7%Increasepersonalnetworks/peergroups

2% Other

22%Buildmyunderstandingofdigital,smarttech

22%Buildleadershipandteam-buildingskills

14%Improvestrategicriskmanagementskills

11% Increase exposuretomajorstrategic change programmes 22+14+22+13+9+11+7+2+N


Methodology

7



Thesurveywascarriedoutinautumn2018amongstIreland’stopChiefFinanceOfficers(CFOs)andFinanceLeaders,coveringarangeofsectorsandownershiptypes.

Methodology

Respondents by sector (%) Ownership of company (%)

13%Improvecommunicationskills

6%Manufacturing

6%Technologyandcommunications

10% Other

6%Notforprofit30%IndigenousIrish / Private Company

7% Asset Management

28% Insurance

49% Multinational headquarteredoutsideIreland

7%Banking 16% Multinational headquarteredinIreland

7% Consumer Products

10% Services

5% Other7+7+7+28+6+13+10+6+6+10+N 16+49+5+30+N


Key Contacts

Amy Ball

Consulting Partner

+35317925836

[email protected]

JensGladikowski

Consulting Director

+35317928455

[email protected]

Byron Smith

Consulting Manager

+353864584504

[email protected]



Thank you

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