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With these new Cloud-enabled processes, they identified the potential to remove the need for manual reconciliations between different systems or data sets.

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This could then potentially save significant man-hours — including reducing the time taken to close accounting books from up to 20 days down to four days — freeing up time and resources for more value-adding tasks. Particularly, it demonstrates that grounding any technological agenda in real world, human experiences — rather than hypothetical ideal scenarios — is critical if technology solutions are to be applied in an effective and valuable way.

With the business landscape constantly shifting, organizations increasingly need to be able to reimagine how they work to develop more effective business models, reshape their operations to optimize performance, and continually reinvent themselves to embrace transformation and drive growth.

By creating the mental space to think through the challenge early on — actively seeking different perspectives and challenging assumptions about not just the right paths forward, but also the fundamental issues to be addressed — organizations can ensure they are pursuing strategies that can deliver genuine value. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.

We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organization, please visit ey.

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Protecting your organization during a pandemic Read more. Does your first move have to be the perfect move? Can your data strategy be your competitive strategy? How blockchain helps accelerate DevOps adoption Read more. Setting the pace or keeping up — is your board future-fit? How do we plan for the now, the next and what lies beyond?

For CEOs, are the days of sidelining global challenges numbered? How do you connect with the connected customer?

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Reframe your future Now is the time for change. Watch now. Featured content. Short-term license to operate response not enough to quell risk within mining and metals 30 Sep. Featured Leveraging a distributed workforce model to accelerate your business transformation. Direct to your inbox Stay up to date with our Editor's Picks newsletter. Build enterprise resilience Get the insights to help you adapt to disruptive forces, plan for business continuity and become a resilient enterprise - for now next and beyond. The better the question. The better the answer. The better the world works. Take, for example, the challenges around digital transformation.

How EY can help Finance consulting services Today, finance functions have to look at how the whole organization — and beyond — impacts the bottom line. The technology enabled everyone to collaborate live on a canvas that everybody could see whether they were sitting at home, in Hong Kong, the US or London. Francois Rossouw.

Challenging assumptions Over the course of an eight-week program, wavespace hosted dozens of key stakeholders in over meetings, giving them the perspective and collaborative focus they needed to think about and ask questions about the best ways to transforming their finance operations.

Technology is a tool. It's how you shape the organization around the opportunities that the tool provides.

How EY can help

Jonathan Chesebrough. Developing a truly transformational, measurable strategy Through creative collaboration within wavespace, the client not only honed their transformation strategy to a specifically Cloud-based approach — they also developed clearly defined steps that would allow them to pursue real, measurable value.

Real-time data quality visualization, allowing for prompt data validation the process by which data is checked for accuracy and usefulness and data remediation the process of cleaning, organizing and moving data in a way that makes it fit for use.

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This included the use of machine learning and artificial intelligence to improve data quality. Detailed reporting tools that broke down standard reporting across different dimensions such as business line or legal entity. These provided detail down to the transaction level, and captured commentary from multiple stakeholders on any given product or investigation. Continuous and automated control monitoring over the entire data population, rather than manual testing of individual samples. How EY can help Cloud EY teams help financial services organizations realize value from cloud investments.