Given the dizzying pace of today’s technological advancements, the transformative shifts in the workplace, and the ever-shortening time between idea and changing market, it’s no wonder that companies are struggling to keep up with the times.

“Many are using the same processes and approaches they have used for the past two decades, but the reality is that many of these approaches and associated technologies are reaching end of life,” said Erick Vandeweghe, managing partner at Deloitte Operate. which specializes in helping organizations bring technology and talent on board.

Certainly, it can be costly for companies to keep pace in a rapidly changing marketplace. But for those who don’t act quickly and adapt, the gaps in technology and talent will only widen. So companies need to rethink and accelerate their capabilities to stay competitive.

Erick Vandeweghe

managing partner at Deloitte Operate.SUPPLIED

Navigating Fiscal Constraints and Digital Transformation with Deloitte Operate

“Many organizations struggle to manage the numerous investments required due to fiscal and other constraints, forcing them to prioritize certain areas while others fall behind,” Mr. Vandeweghe explains. “This is putting significant pressure on businesses, causing them to seek partnerships with organizations like ours to address these challenges.”

With 179 years of experience in the financial sector and more than 400,000 employees worldwide, Deloitte offers unparalleled expertise to help companies thrive in today’s disruptive landscape and tight labor market. “We have integrated our extensive accounting and tax knowledge with cutting-edge technology and mature financial processes to deliver solutions that address the rapid pace of change, complexity and talent shortages, especially in back-office and finance areas,” added Mr. Vandeweghe.

Keeping pace with change
Over the past three years, we have witnessed unprecedented disruption, especially with the rise of artificial intelligence (AI). Canadian organizations are lagging behind in AI adoption, partly due to a talent shortage in this area. According to Deloitte’s recent report, Global Disruption in 4D: Exploring Intersecting Forces Impacting Canada’s Future, only 19% of Canadian companies plan to adopt AI in the coming years, and only 15% are already using it.

If the talent gap is not addressed quickly, Deloitte predicts that long-term vacancies and skills shortages will continue to hinder business innovation and growth, affecting Canada’s productivity.

Deloitte Operate: total solutions
Deloitte Operate provides the expertise, technology and talent needed to meet these challenges with results-oriented solutions. Its portfolio of value-oriented services includes tax compliance, cybersecurity, AI, technology, finance, human resources, application management, accounting and more.

“It is not about one-off solutions,” says Mr Vandeweghe. “Companies don’t have to worry about keeping pace or facing the same challenges again in ten years. They sign up for our service, we help with the migration and then they’re done. It becomes our responsibility to stay ahead of market trends.”

When organizations upgrade their technology solutions, this is often done by technology specialists. However, as leaders in the fintech ecosystem, the financial experts at Deloitte Operate are leading the way.

Expertise-driven technology development
“The advantage of our platform and automation tools is that they are designed and built by our accountants and financial professionals, and not just by technical experts,” says Fatima Almeida, partner of Operate Business Services. “This creates a finance and accounting-led transformation rather than a purely technology-driven transformation.”

Ensuring cybersecurity
With any technological change, cybersecurity is crucial. Deloitte Operate provides cloud infrastructure security, cloud security management, strategy and planning, and cloud management and compliance.

“When we manage a back-office function such as finance or payroll, this is highly sensitive information, and our customers need to be confident that it is secure,” says Ms Almeida. “We protect organizations’ data while ensuring process efficiency.”

Tackling the talent gap
While significant capital can be spent on remediating an organization’s technological shortcomings, effectiveness is compromised if there are not the right people in place to implement and manage the new solutions.

Deloitte’s Global Disruptions report highlights that 74% of organizations find it challenging to hire employees with the necessary skills, and 62% face an ongoing skills shortage among existing employees.

Attracting and retaining top talent is something Deloitte is good at and they share this expertise with their clients. Mr. Vandeweghe emphasizes the importance of nurturing current employees and leveraging existing human capital through growth and continuous improvement opportunities.

“We are a people-oriented company,” he explains. “Our employees are our assets and we invest heavily in their training, development and programs to keep them at the forefront of their field.”

Reliable guidance in digital transformation
As companies accelerate their digital transformation and attract the right talent, having a trusted guide is critical.

“When a client engages Deloitte Operate, he entrusts a business-critical part of his business,” says Mr. Vandeweghe. “We cannot afford for things to go wrong. The stakes are too high.”