– the future
If you could start with a blank piece of paper how would you design the finance team, and would it resemble in any way the structures we see today?
Six hypotheses driving the future of finance
This report, which is based upon a series of interactive workshops with leading finance professionals, interviews and survey responses, considers several the common views of the key attributes of the finance function of tomorrow and explains how these might be addressed by forward-thinking finance teams. Many of the suggestions come from those who have embraced the change so far. Above all it is a story of relevance and organisational success.
The research is based around six hypotheses that were defined on the basis of conversations with ACCA members and PwC clients. These represented differing views on the future finance function.
Dimensions underlying the evolution of finance
The opportunity for the finance function of the future is borne upon the need to consider how it manages a number of dimensions.
The ability to serve the organisation’s purpose in the functions that it performs is fundamental to the future success of finance. To achieve this the finance function needs to consider each of these dimensions in isolation, but more importantly together. Our panel of experts in the report consider these areas and offer specific insights.
A threat and an opportunity
This level of change can be viewed as both a threat and an opportunity. Perhaps the greatest threat to the finance professional is that unless you actively grasp the opportunities to do things differently, you will have very little influence on defining the direction of the finance function and your role within it.
– the future
Key actions for the finance leaders:
1. Ensure that finance competence is at the core of strategic decision making.
2. Promote a culture of learning to ensure that finance team members have the relevant skills to address the business need.
3. Understand the key data that drives the organisation and ensure appropriate governance over it.
4. Enact a technology strategy for the organisation,including finance, that uses ‘best-of-breed’ cloud-based systems.
5. Include investment in automation tools in the finance component of the technology strategy.