Future Skills in Finance Landscape
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Questions and Answers

What is a key characteristic of the Network Age?

  • Interconnectivity enabled by the internet and smart devices (correct)
  • Rapid computerization of the workplace
  • Centralized control over technological advancements
  • Diminishing cost of manual labor

    • Which of the following is NOT a task affected by digital finance technologies?

  • Sales
  • Payroll
  • Manufacturing (correct)
  • Procurement

    • What role do FinTech companies play in the digital finance landscape?

  • They are responsible for many technological innovations (correct)
  • They are responsible for developing new financial software only
  • They are not involved in any technological innovations
  • They are solely responsible for all technological innovations

    • How have existing financial providers responded to the competition from FinTech companies?

    <p>They have transformed their operations to compete</p> Signup and view all the answers

    What is the primary goal of this part of the module?

    <p>All of the above</p> Signup and view all the answers

    What is the relationship between technology, business, and finance according to the text?

    <p>They have evolved together over centuries</p> Signup and view all the answers

    Which factor is driving innovation in digital finance according to the text?

    <p>Pursuit of competitive advantage</p> Signup and view all the answers

    What is the primary way in which the success of the finance initiative mentioned is measured?

    <p>Efficiencies in terms of $30 million by 2023</p> Signup and view all the answers

    How is a competitive advantage defined in the context of the text?

    <p>Achieving better performance than competitors and maintaining it over time</p> Signup and view all the answers

    What does the text suggest finance professionals should reflect on regarding digital literacy?

    <p>Their knowledge of emerging technologies and their impact on finance functions</p> Signup and view all the answers

    In the context of digital finance, what drives innovation according to the text?

    <p>Striving for competitive advantage or transient advantage</p> Signup and view all the answers

    What does the text imply about the impact of automation and analytics on finance teams?

    <p>Changing the tasks that finance teams focus on</p> Signup and view all the answers

    What is the main reason why it is difficult to precisely predict the required skills in the future finance landscape?

    <p>Business leaders disagree on the type of technology that will drive the greatest change in their industry</p> Signup and view all the answers

    Which of the following skills is NOT mentioned as an example of a broad and adaptable enabling skill?

    <p>Financial accounting</p> Signup and view all the answers

    Which group of employees is likely to be the first to be impacted by automation?

    <p>Employees engaged in transaction-oriented processes</p> Signup and view all the answers

    What is the key recommendation for businesses to retain a greater proportion of their workforce in the face of automation?

    <p>Offer retraining opportunities to those with high potential</p> Signup and view all the answers

    Which of the following is identified as a key role for accounting and finance professionals in creating a future-ready finance function?

    <p>Focusing on value creation for the business entity</p> Signup and view all the answers

    What is the main impact of the digital transformation on businesses, according to the text?

    <p>Businesses that are early adopters of new technology will likely have a higher percentage of staff affected by automation</p> Signup and view all the answers

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