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The better the question. The better the answer. The better the world works. Take, for example, the challenges around digital transformation. How EY can help Finance consulting services Today, finance functions have to look at how the whole organization — and beyond — impacts the bottom line.

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The technology enabled everyone to collaborate live on a canvas that everybody could see whether they were sitting at home, in Hong Kong, the US or London. Francois Rossouw. Challenging assumptions Over the course of an eight-week program, wavespace hosted dozens of key stakeholders in over meetings, giving them the perspective and collaborative focus they needed to think about and ask questions about the best ways to transforming their finance operations.

Technology is a tool. It's how you shape the organization around the opportunities that the tool provides. Jonathan Chesebrough. Developing a truly transformational, measurable strategy Through creative collaboration within wavespace, the client not only honed their transformation strategy to a specifically Cloud-based approach — they also developed clearly defined steps that would allow them to pursue real, measurable value. Real-time data quality visualization, allowing for prompt data validation the process by which data is checked for accuracy and usefulness and data remediation the process of cleaning, organizing and moving data in a way that makes it fit for use.

This included the use of machine learning and artificial intelligence to improve data quality. Detailed reporting tools that broke down standard reporting across different dimensions such as business line or legal entity. These provided detail down to the transaction level, and captured commentary from multiple stakeholders on any given product or investigation.

Continuous and automated control monitoring over the entire data population, rather than manual testing of individual samples. How EY can help Cloud EY teams help financial services organizations realize value from cloud investments.

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The model office approach is the future platform for working with our financial services clients as they develop their digital finance transformation journeys. Christophe Kasolowsky. Related article. Discover more EY search. On the agenda 9. Long-term value Featured: Four ways to put your purpose to work. Diversity and Inclusiveness Featured: Six ways to advance disability inclusion in your organization. People and workforce Featured: The role of the remote worker in the post-pandemic era. Technology Featured: Enterprise resilience: Nine areas of focus to reframe your future.


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Over the course of an eight-week program, wavespace hosted dozens of key stakeholders in over meetings, giving them the perspective and collaborative focus they needed to think about and ask questions about the best ways to transforming their finance operations. At the same time, participants were challenged to work identifying meaningful ways to assess how technology solutions could be applied to their finance processes.

First, the client landed on the Cloud as the most appropriate technology for their needs. Within wavespace, they then started challenging their own assumptions — rightly identifying the fact that the Cloud could not be considered just as a technology play but needed to be understood as a wider platform that could transform the finance function in multiple ways. The client also identified potential roadblocks. Through dialog with respective stakeholders, they found that if they had focused entirely on the tech, but neglected the process side of the equation, the desired results would not be delivered.

EY ensured the wavespace environment provided the frontline finance professionals everything they needed to help design the solution and define the use cases, supported by the IT and Finance Change teams. Through transparent conversations between different stakeholder groups, practical, effective solutions began to emerge. Through creative collaboration within wavespace, the client not only honed their transformation strategy to a specifically Cloud-based approach — they also developed clearly defined steps that would allow them to pursue real, measurable value.

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These included:. These tools allowed the client to come up with solutions that led to real, measurable value for its finance function — and the business as a whole. EY teams help financial services organizations realize value from cloud investments. With these new Cloud-enabled processes, they identified the potential to remove the need for manual reconciliations between different systems or data sets. This could then potentially save significant man-hours — including reducing the time taken to close accounting books from up to 20 days down to four days — freeing up time and resources for more value-adding tasks.

Particularly, it demonstrates that grounding any technological agenda in real world, human experiences — rather than hypothetical ideal scenarios — is critical if technology solutions are to be applied in an effective and valuable way. With the business landscape constantly shifting, organizations increasingly need to be able to reimagine how they work to develop more effective business models, reshape their operations to optimize performance, and continually reinvent themselves to embrace transformation and drive growth. By creating the mental space to think through the challenge early on — actively seeking different perspectives and challenging assumptions about not just the right paths forward, but also the fundamental issues to be addressed — organizations can ensure they are pursuing strategies that can deliver genuine value.

EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organization, please visit ey. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.

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