Driving Digital Finance Transformation: A Review of the Digital Finance Forum 2024

Accelerating Digital Finance: The Role of Finance in the Digital Era

The Digital Finance Forum 2024 shed light on the rapidly evolving role of finance organizations in the digital age. With technologies advancing at an unprecedented pace, finance departments face mounting pressure to not only stay current but to lead the way in integrating digital transformation. The forum underscored that this transformation isn’t simply about adopting new tools but calls for a fundamental shift in how finance operates, requiring the integration of technology, governance, processes, and, most importantly, people.

In his talk, “Financial Transformation at KTM,” Christian Pirimeyer at KTM, highlighted several critical challenges finance organizations must navigate:

• Embracing digital transformation and usage of new technologies
• Redefining traditional role profiles and future competencies in accounting
• Adapting to global compliance regulations and evolving process landscapes

These are not just isolated hurdles but interconnected issues that call for strategic foresight and organizational agility.

CFOs as Digital Catalysts: Insights from the CFO Strategy Panel

The forum kicked off with a high-profile CFO Strategy Panel on “Financial Leadership in the Digital Era.” Nicole Reitinger (IKEA Austria), Alexandra Rester (previously Rath AG), Alexandra Riegler-Haag (Frauenthal Handel Group), Peter Skerlan (Frequentis), and others tackled the pressing question: What role does the finance organization play in shaping successful digital transformation?

The consensus? CFOs are becoming digital catalysts, driving organizations toward integrated and agile financial systems. Nicole Reitinger pointed out that “Speed is a challenge. Finding the right data is a challenge.” It’s not just about having the technology, but about empowering the people behind it. It was also noted that the challenge lies in balancing agility and chaos, a sentiment that resonated throughout the forum.

AI and Finance: A Synergy of Fear and Opportunity

Artificial Intelligence (AI) featured prominently throughout the forum, sparking both excitement and concern. The panel discussion on “AI in Finance” with Hans-Peter Pichler (FiveSquare), Andreas Schmidt-Pöstion (Apleona), Bernd Schmutterer (interim CFO), and Angelo Zoccola, (ERSTE Group Services) explored the duality of AI's potential. AI can revolutionize finance, yet its implementation often faces internal resistance. As Hans-Peter Pichler noted, management often sees AI as two daunting letters: “AI. Great ideas are there, but fear prevents them from being implemented.”

The discussion highlighted the importance of adopting a collaborative approach between AI and human intelligence (HI). Bernd Schmutterer passionately remarked, “AI can’t replace human intuition. The real breakthrough happens when AI is used as a tool to set people free from routine tasks.” The key to success, according to Angelo Zoccola from ERSTE Group, lies in employee training, ensuring that teams are prepared for the digital journey ahead.

ESG-Reporting: More than a Compliance Issue

ESG (Environmental, Social, and Governance) reporting was another major focus, addressed by Kristina Aichwalder (EY) and Markus Paier (Andritz). The conversation around “Automation of External Reporting” revealed that ESG-reporting goes beyond fulfilling regulatory requirements. As Kristina put it, “Why have a tool just to generate a report once a year? It’s about much more—providing half-yearly statements, and continuous transparency.”

Nicole Reitinger’s earlier remarks tied this back to the larger theme of digital transformation: finance leaders need to focus not just on the "what" of reporting but the "how," ensuring their organizations are agile enough to adapt to constant regulatory changes.

Is AI Just Hype or a Game-Changer?

On day two, the question “Is AI just hype or a real business case?” was dissected by Anette Scheckmann and Marco Xaver Bornschlegl from STRABAG. Marco Bornschlegl highlighted the unpredictability of AI, pointing out that “You can’t predict chaos—not even with AI.” However, both panelists agreed that AI offers unprecedented transparency and efficiency opportunities, provided organizations are willing to invest in structured data and proper implementation.

Anette Scheckmann also emphasized that while media often stokes fears around AI replacing jobs, the focus should be on “taking people along on the journey.” AI may have been today’s buzzword, but ten years ago, it was IT and cloud technologies. The challenge remains the same: changing the mindset from risk aversion to opportunity-seeking.

Key Takeaways: The Future of Finance Lies in AI-HI Synergy

As the forum concluded, several key themes emerged, offering a glimpse into the future of finance:

• AI is a tool for transparency: Understanding the complex interdependencies within finance requires AI, but human intelligence remains crucial.
• The AI-HI connection: Success lies in the synergy between AI and human intelligence and intuition. One cannot fully replace the other.
• AI is here to stay: Unlocking its full potential requires top-down commitment and vision.
• Mindset matters: Embracing AI is as much about attitude as it is about technology—“Do I see this as an opportunity or a risk?”
• Agility is key: Companies that can bridge the gap between agility and chaos will thrive in the competitive financial landscape.

The overarching message from the Digital Finance Forum 2024 was clear: AI and digital transformation are reshaping the future of finance. But it’s not just about technology—it’s about empowering people, redefining processes, and embracing a forward-thinking mindset. Organizations that can blend AI with human intelligence will be the ones leading the way in this exciting new era of finance.

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