CIMA E1 Syllabus D. Shape And Structure Of The Finance Function - Impact Of Technology - Notes ^{6 / 6}

Technology is resulting in a narrowing of the level 4 activities of finance operations to generate
information and preliminary insight.

Technology has increased the need for skills and talent at level 2 (working with specialists to
provide further insight) and level 3 (communicating insight to influence users and business
partnering to influence and impact the organisation).

Finance professionals working at Level 2 and 3 will need to develop competencies required to
adequately carry out these activities to ensure that they are on top of the fast pace of change.

There have been two main technological changes that have impacted the finance function:

• New data sources and analysis methods

• Automation and cognitive computing

What can technology do?

• Machines can detect a lie

• Machines can read receipts and scan for disallowable costs.

What can technology NOT do?

• Chatbots cannot be used to answer any questions a customer might have.

• Machines can monitor prices across multiple websites and find the cheapest prices of a product.

  However, decisions to purchase cannot be made by machines based on the cheapest price found because this may result in loss of relationship with suppliers.