What does the future of finance look like?

Whether it is listening to music, controlling household devices, placing orders or processing a payment – Artificial Intelligence-enabled devices such as digital assistants can make our lives a lot easier and smarter, while at the same time providing plenty of entertainment. (Recently when I moved to Bavaria in Germany, my smartphone assistant knew exactly what an “Oachkatzlschwoaf” is: the Bavarian word for the tail of a squirrel!). Digitalization is changing everything in our daily lives – the way we communicate, buy, work and learn; with speed, flexibility and security being the main drivers. Consequently, digitalization will have a significant impact on various roles for sure, even in the finance sector. This will not only change the way we work and interact with each other but also requires new skills.

Siemens is one of the top 10 software companies worldwide today and digitalization is an essential part of our strategy and of our portfolio. At Siemens Digital Factory we have created the Digital Enterprise Suite and have the most comprehensive portfolio of software-based systems and world leading automation technologies. To live up to the aspiration of selling digitalization, Digital Factory is driving the transformation of its internal financial processes and has already started on this path based on a framework called #ControllingVision leading towards a digitalized setup. The centerpiece for this is the so called #DigiRoadmap which outlines a target state in three different fields: Digital Tools, People and Processes. These are the most important essentials to master the digital transformation in finance.

A great example of doing this is our newly founded #DataVisions team – a center of excellence in the domain of advanced analytics and robotics automation within my team in the Digital Factory finance organization. #DataVisions is a cross-functional team combining know-how and methods from identification of practical digital solutions, through data analytics, machine learning and process automation, into the development of a final user application. By overcoming silo thinking we can bundle these different skills and roles into one strong collaborative team showing new paths and leading us into the future way of working. This is helping us at the Digital Factory Division to provide even better data and information enabling us to make the right decisions, more quickly, improving processes, creating better transparency and making us fit for the future of finance 4.0.

I invite you to take a walk with me and take a look behind the scenes to see how Digital Factory drives the digitalization of finance:

#financegoesdigital #DataVisions #futureofwork