Move over Deloitte, Ernst & Young, KPMG and PwC, there is a new Big 4 in town!
For many years when you mentioned the ‘Big 4′ in the office of finance the first thing that springs to mind is the big 4 audit firms (Deloitte, Ernst & Young, KPMG and PwC). But not anymore! There’a a new big 4 in town and it’s not another group of auditing firms.
Nowadays when you mention the big four there are only 4 things that spring to mind, and they are:
And the office of finance is no different, let me elaborate:
Big Data: - In the last 5 years we have created more data than all of the rest of time combined. But, it’s not just about making data, it’s how we use it that is important. In the office of finance big data means a more intelligent approach. The combination of understanding social and financial analytics to be able to operate smarter.
Social Media:- For executives in the office of finance social media has taken longer to influence their office than other departments in modern organisations. However, as finance execs work more and more closely with their marketing counterparts social media has become more important.
Social media provides an entirely new tool to measure customer satisfaction, popularities and campaign success. That said traditional ROI measures aren’t always compatible, so it requires a fresh outlook.
Cloud:- The headline with with cloud in the office of finance is normally the total cost of ownership (TCO) due to the savings in license cost and infrastructure. But, the advantages of having a financial system hosted in the cloud is also in the flexibility of deployment allowing the system to be scaled into other markets and countries with ease and above all else keeping the system up to date and compliant is a much easier process, and is normally managed by the vendor.
Mobile:- There are now twice as many mobile phones in the world as there are toothbrushes (5b vs 2.2b), this means that the office of finance is now more connected than ever before. If you mix mobile technology with big data, social media and the cloud you have a office of finance that is smarter and more efficient than ever before.
Gartner calls the big four ‘The Nexus of Forces’ and you can read a very comprehensive report from Gartner here.