Finance and IT ‘must be Agile’ to avoid disruption

More IT and finance leaders are working together to develop flexible approaches to build new applications incrementally - in an Agile approach - to both defend against disruption and enable digital transformation.

This is one of several predictions made in Deloitte’s latest Tech Trends report, which also suggested that those chief information and finance officers who are among the first to work in this way will enjoy the competitive advantages that come when finance funds innovation at Agile speed.

The consultancy firm’s analysis of the key technology trends that will impact business in the next 18 to 24 months - now in its eleventh year - also predicted that ‘digital twins’ are increasingly being developed to give a digital simulation of physical systems, assets or processes.

“As their capabilities grow, digital twins are being used to optimise processes, make data-driven decisions in real time, and design new products, services and business models,” read the report.

The report also stated that technologists will take more responsibility for services and systems, becoming more involved in operations across the business.

“The goal will be to move the most experienced architects into software development teams to design complex technology,” Deloitte noted, adding: “Investing in technology architects and architecture will grow the importance of the IT function and its place as a competitive differentiator in the digital economy.”

Nick Smith, partner in technology strategy and transformation at Deloitte, commented that fundamental to successful digital transformation will be employees and customers being confident in using new applications, and trusting the way data is being handled.

“Many of us in 2020 are still using systems built in the 1980s – the legacy of technology leaders will be designing systems that are relied on for decades to come.”

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To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here