Bringing the siloes of financial processes and insights closer together
An interview with Glyn Morris, Partner – Head of Finance of Higgs & Sons
“They’re not opposed to each other but they’re very separate siloes,” Glyn Morris, Partner – Head of Finance of Higgs & Sons says when talking about financial processes and better information and insights; two key components of digital transformation of the finance function.
“I think one of the things I’ve found in a senior role in finance is the business interest in the process side is considerably lower than the need for the insights they’re looking for,” he adds.
But this subsequently creates a challenging dilemma, as, according to Morris, many senior executives know they need to know more but they often don’t know what it is that they really need to know more of.
A key example Morris gives is the idea of artificial intelligence (AI) taking over many roles in business. He says that while this is something that may be happening in some industries, where there is access to large resources, great R&D and the best skill sets, in a law firm it’s a much more difficult concept to implement.
“This is because a partner or certain people in the organisation have a knowledge of these things existing but what they often haven’t any knowledge of are the steps, the process, the development, the trial and error to actually deliver those solutions within a law firm,” he says.