SoMoClo technologies: transforming how and where business takes place
This report, drafted in partnership with ACCA (Association of Chartered Certified Accountants) as part of The Future Today research program, provides insights into the challenges and opportunities of SoMoClo (the coming together of social, mobile, and cloud technologies) for finance professionals.
“SoMoClo technologies: transforming how and where business takes place” discusses ways that financial professionals can take the lead in SoMoClo as it breaks down corporate silos and enables the creation of a more flexible and agile finance function. SoMoClo provokes a revisiting and questioning of all processes, which may have evolved in response to constraints that no longer exist. It will be a crucial driver to evolving the role of the finance professional.
- The convergence of social, mobile, and cloud technologies offers the promise of reduced costs, enhanced decision-making, and innovative ways of working.
- While SoMoClo offers great opportunities to continue the automation of processes, it should not be seen simply as more automation. Nor is it merely about “mobilizing” or “socializing” existing processes and putting them in the cloud.
- SoMoClo offers a great many challenges to finance, including where to direct investment, and how to adapt both personally and professionally. Security and reputational threats cannot be discounted and finance is perhaps in a better position than most to ensure that good governance is not overlooked.
- Finance needs to not only understand the challenge that SoMoClo poses to the very work that it does, but also to respond to it actively and make its voice heard. Digital transformation is rapidly breaking down corporate silos and finance must make sure it does not become a subordinate department in the new world of data.
- SoMoClo increases the pace of workflows by reducing bottlenecks found in more rigid work location models. Collaboration among colleagues can rise to a more productive level as the available knowledge pool deepens and widens to include more experts or interested parties.