Future Skills in Finance Landscape

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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?

They have transformed their operations to compete (D) Signup and view all the answers

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

All of the above (D) Signup and view all the answers

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

They have evolved together over centuries (A) Signup and view all the answers

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

Pursuit of competitive advantage (C) Signup and view all the answers

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

Efficiencies in terms of $30 million by 2023 (C) Signup and view all the answers

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

Achieving better performance than competitors and maintaining it over time (B) Signup and view all the answers

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

Their knowledge of emerging technologies and their impact on finance functions (C) Signup and view all the answers

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

Striving for competitive advantage or transient advantage (A) Signup and view all the answers

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

Changing the tasks that finance teams focus on (D) 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?

Business leaders disagree on the type of technology that will drive the greatest change in their industry (C) Signup and view all the answers

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

Financial accounting (A) Signup and view all the answers

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

Employees engaged in transaction-oriented processes (B) 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?

Offer retraining opportunities to those with high potential (D) 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?

Focusing on value creation for the business entity (B) Signup and view all the answers

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

Businesses that are early adopters of new technology will likely have a higher percentage of staff affected by automation (A) Signup and view all the answers