Digital Finance Function: Driving Efficiency and Effectiveness
During this seminar, we will have a close look at the transformative impact of digitalization on finance function operations. We’ll explore how the finance function can leverage digitalization to enhance Value for the organization. Currently, digitalization stands as a central focus in the strategic development of finance across numerous companies. This seminar helps you understand better what the current state of finance function digitalization is, where it is heading, and how to take the needed steps in your organization to take advantage of the evolving opportunities.
The Digital Finance Function: Driving Efficiency and Effectiveness seminar aims to deepen your understanding of the progress of finance function digitalization, its direction, and how to strategically evolve your professional practices to capitalize on emerging opportunities.
For a contemporary finance function, it is very natural to utilize digitalization, as finance specialists and financial processes deal with large amounts of data. By embracing digital technologies, finance professionals can not only streamline existing processes but also pioneer new, more effective methods. Additionally, cutting-edge data science tools offer insight and support for business decision-making and problem-solving, introducing novel value for those working in the finance function.
The pace of digital innovation is rapid, with, for example, AI tools continually introducing fresh features and applications. This seminar will address key topics such as the most impactful applications currently available and how to integrate these new technologies within the finance domain. Experts from Aalto University will guide attendees through these developments, providing an objective analysis of digitalization’s most pertinent aspects for finance professionals.
The seminar will focus on the following key topics:
- Defining a digital finance function: How does it drive efficiency and effectiveness?
- The evolution of the digital finance function: What are the future trends and areas of focus?
- How can a digital finance function support business value generation?
For
The seminar is planned for finance professionals such as CFOs, Controllers, Business Controllers, financial analysts, business analysts, auditors, and accountants, as well as for Data professionals working closely with financial processes such as Data Scientists, IT developers, etc.
The seminar is useful for all professionals working in finance-related roles who need to understand the current digital development and how to take the next steps in their own organization to better take advantage of new digital approaches.
Schedule
Program changes are possible.
|
8.30 |
Morning coffee |
|
9.00 |
Welcome and opening of the day |
|
9.05
|
What is Digital Finance Function?
David Derichs, Aalto University |
|
10.35 |
Break |
|
10.45
|
How to lift efficiency and effectiveness (continues)
David Derichs, Aalto University |
|
11.45 |
Lunch |
|
12.30 |
Automation tools, Views on Automation, Examples on Automation Esko Penttinen, Aalto University |
|
13.30 |
Generative AI/ChatGPT from finance function perspective, examples on usage Jukka Sihvonen, Aalto University |
|
14.30 |
Afternoon coffee |
|
15.00 |
Company Case: OP Credit Engine |
|
15.45
|
Recap and Closing words David Derichs, Aalto University |
|
16.00 |
Closing the day |
Instructors
David Derichs
Dr. Derichs is Senior University Lecturer at Aalto University School of Business, Department of Accounting.
He is currently engaged in one early-stage startups as senior advisor and draws on more than eight years of international strategy consulting experience at RB (formerly Roland Berger Strategy Consultants).
In his current position as Senior University Lecturer, Dr. Derichs’ research focuses on Performance Measurement and Management, Digitalization of the Finance Function, Cost Accounting, Financial Planning, Lifewide Learning, and Healthcare Productivity related topics. He teaches Financial Management, Performance Management, Cost Accounting, Financial Planning, Information Systems, and Financial Accounting related topics at all levels of the university education cycle (BSc, MSc, MBA, PhD, Lifewide Learning). Recently, he established an international reputation for educational innovation (esp. VR cases) and received three prices for educational development – most notably the Entrepreneurship Facilitator of the year awarded by Kauppalehti and Liikemies Foundation.
As a management/strategy consultant at RB, Dr. Derichs worked on investor support, restructuring and strategic reorientation related engagements across Europe and Asia in a large variety of contexts, including Engineered Products, Healthcare, Platform Businesses, Consumer Goods, Media, and Banking.
David Derichs holds a Ph.D. in Economics from Aalto University and an MSc in Accounting and Finance from the London School of Economics (LSE).
Esko Penttinen
Esko Penttinen is Associate Professor (tenured) in Information Systems at Aalto University School of Business.
Penttinen's research helps organizations understand the intricacies related to the implementation of various forms of artificial intelligence, harnessing its benefits and avoiding the pitfalls. Penttinen is an avid student of the interplay between humans and machines, curious to generate insights on how to coordinate work tasks efficiently between the two. Penttinen's research has also addressed the more traditional information systems topics such as organizational governance issues related to outsourcing and virtual work. Penttinen's main practical expertise lies in the assimilation and economic implications of inter-organizational information systems, focusing on application areas such as electronic financial systems, government reporting, and electronic invoicing. Penttinen's research has appeared in leading IS outlets such as MIS Quarterly, Journal of the Association for Information Systems, Information Systems Journal, European Journal of Information Systems, Journal of Information Technology, International Journal of Electronic Commerce, MIS Quarterly Executive, and Electronic Markets.
Besides teaching and research activities, Penttinen leads the Real-Time Economy Competence Center and he is the co-founder and chairman of XBRL Finland (www.xbrl.fi). Both these initiatives aim to design and develop systems and infrastructures to facilitate the move to electronic financial administration processes. In 2019-2023, Penttinen acted as the Finnish board representative in the IRIS association, which is the Scandinavian information systems community responsible for organizing the yearly IRIS/SCIS conference and overseeing the Scandinavian Journal of Information Systems.
Penttinen holds a D.Sc. in Information Systems Science and a M.Sc. in Economics from Helsinki School of Economics.
Jukka Sihvonen
Jukka Sihvonen is an Assistant Professor specializing in Digitalization in Accounting at Aalto University School of Business.
Sihvonen's research expertise lies in the digital transformation of accounting and finance, with a focus on the applications of artificial intelligence, big data, and textual analytics. His research, which spans various business disciplines, has been recognized with numerous citations and awards.
Sihvonen holds a PhD in Finance from the University of Vaasa.