Workday Co-President and Chief Financial Officer Mark Peek discussed the impact of technology on compliance, control and other finance issues during a Thought Leadership Spotlight Presented by Workday at the 2015 Chief Financial Officer Think Tank in Washington DC on Sept. 17. In his presentation, Peek noted that finance system changes can be difficult, but finance professionals must constantly explore system improvements to become more efficient.
According to Peek, many business decisions are outdated due to the fact that outdated systems are being used to help make these decisions. However, smartphones, tablets and other devices are transforming finance, Peek said. He also pointed out that the "Z generation" and its focus on new technology will transform how businesses operate: "[Z generation] expectations as to how they will interact in the workplace and what they expect will come from having an experience that is at least as good if not better than the experience they have as a consumer in their life."
In addition, Peek said employee engagement is becoming increasingly important for businesses worldwide. As such, today's finance leaders must find ways to connect with employees and ensure they get the support they need: "As we think about how do we not only provide information to run our businesses effectively, it’s how do we engage with our employees, how do we win that fight for talented people, and part of that is in the tools and the technology that you give them."