In an ideal world, the Finance function would already be a perfect mix of human reasoning and computing power. Skilled professionals would strategize, implement and orchestrate processes, while technology takes on the heavy lifting – inputting, storing, accessing and analyzing data.
All this is possible, but getting there won’t be easy. In our whitepaper “Foundations of the Future Finance Function”, we present our view on what the future holds for finance professionals and how the finance function as a whole will evolve. In particular, we have identified three of the key transformations involved in the Future Finance Function, which include:
- Using AI and robotics to automate reporting processes and other day-to-day Finance activities.
- Better integration and standardization of different data sources.
- Using analytics and other software to build a clearer picture of business performance.
Finance function falls behind
Nowhere in the business are speed and agility more important than within the Finance function. Over recent years, Finance has become a key factor in driving business performance and has become intrinsically linked to key revenue-generating areas of the business. But, by channeling investment elsewhere, many established organizations have allowed the Finance function to fall behind and out of sync with the rest of the business.
Keep up with change
The rapid pace of technological advancement and innovation is putting increasing pressure on executives to keep up with changes. Around the world organizations are losing out to their digital-native competitors because they fail to leverage value-added technologies for process standardization and automation.
By and large, companies that have grown up in the digital age have the advantage of integrated, efficient systems and work processes that support performance and collaboration. Without this, older companies often lag behind in terms of their agility, and the time required to turn information and data into critical insight and decisions.
Enable financial en performance reporting
More than ever, organizations need to enable their financial and performance reporting teams to offer timely assessments, accurate forecasts and strategic, actionable insights. But to achieve this, they need to put the right foundations in place – by optimizing processes, people and technology.
Download our whitepaper now to get the full picture, and start building your own Foundations of the Future Finance Function!