Think bold to lead: Digital finance enables the leap
May 31, 2018
May 31, 2018
The traditional ways of working in the finance function are being altered at fundamental levels. As an example, CFOs are refocusing people from routine data collection to deliver value-added analysis, which paves the way for realizing top- and bottom-line gains.
Our study finds that those companies that are harnessing digital finance to surpass peers in value creation have leading capabilities, such as:
Leaders are redefining the role of finance as a strategic advisor, providing forensic-level insights and predictive foresight to inform better business decisions. In addition, digital finance is leading to efficiency improvements that support profitable business growth.
We have been able to improve our bottom line in upstream by more than 30% in the last two years in the US region [...] At a global level, we were also able to decrease debt by 20% in the last two years.
- US Integrated Oil & Gas Company
Accenture's video explores five key insights that emerged about the potential billions in value to be gained through redefining the finance workforce. See more.
View TranscriptFive insights emerged from our analysis of the survey data and through extensive conversations with CFOs in oil and gas companies across six continents:
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Finance executives in oil and gas today need to:
Digital is empowering finance teams to choose from a range of levers to unlock greater value. Many exploration and production companies are achieving cost take-out while retail and oilfield services companies are capturing top-line growth. A small set of our survey respondents manage to capture both.
The rise of new services centered around analytics suggests future finance functions will leverage digital increasingly to target improved insight for decision-making.
Accenture’s global research of oil and gas chief financial officers conducted by a third-party agency.
In-depth, 60-minute interviews, in person or by telephone, were conducted from July to September 2017 with executives of 80 different oil and gas companies.
Countries and six continents are represented by the 80 distinct companies in our survey.