KPMG: technology and analytics top priority for Hong Kong
Titled ‘Looking Beyond Business Disruption: Hong Kong’s Technology Driven Future’, KPMG China’s recent report surveyed 200 CFOs and finance middle management on how finance functions could provide the capability to refine existing operating models, in order for organisations to cope with the increased adoption of technology in Hong Kong.
"Disruptions over the last year have left a lasting impact on organisations. While many organisations in Hong Kong manage to deliver and show considerable resilience, many others identify areas for significant improvement. The recent prolonged period of business disruption has been a catalyst for finance functions to review their operating and technology strategy. A transformation is required on the organisational structure, people policy and processes to allow finance functions to fully capitalise on their technology investments and manage team welfare,” commented Tracy Shum, Director of Management Consulting at KPMG China.
Key finding from the report
The report found that overall, organisations have coped ‘adequately’ with the disruption of COVID-19, with finance staff able to work remotely and flexibly with the help of technology. However, some felt the level of support to effectively implement technologies could be improved. Other findings include:
- 32% of respondents selected technology as top initiatives they priorities
- 20% believe that data analytics skills will be the most important skill set to possess in the next five years, while 17% said leadership and project management office skills, and 14% said technology skills
- One third of respondents believe that technology could help them complete tasks faster, as well as allow focus to shift to other tasks
- Critical challenges for finance staff to complete their usual work include a reliance on paper (32%) and company culture or policies not supporting flexible working (24%)
- Due to the enhanced focus on technology adoption, 59% of respondents identified that shared services/outsourcing will be a requirement, with 22% believing that technology will help improve work efficiency, and 16% believing that it will make outsourcing more cost effective
"Across all sectors, finance functions can benefit from enhancing their operating model to be more agile and fluid. All change comes at a cost, but technology investments will result in medium-term quantitative benefits and improved operational resilience,” commented Eunice Chu, Head of Policy at ACCA Hong Kong.
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