Finance transformation

Enabling less time to be spent on the mechanics of the reporting cycle, more on business support / partnering.

Improving the efficiency of transactional reporting and streamlining end-to-end processes (especially handoffs between teams) will mean less time used gathering and validating data. Instead, it can be spent on analysis, insight and business partnering.

The majority of controls are often still highly manual. However, there’s clear movement towards using automation and new technologies such as robotic process automation, that offer significant potential efficiencies.

Finance is fast adapting to partner with the business and deliver efficiencies and value on a continuous basis. Streamlining across group / corporate finance and other federated finance teams continues swiftly. The historic lines between financial, commercial and sales operations roles may start to change. There’s an increased focus on recruiting and retaining the best talent in ‘front office’ finance roles. 

Finance shared services continues its evolution. This can be due to any one or a combination of the following factors: expanding scope and remit; a response to M&A activity; changing the insource versus outsource supply mix; more automation; seeking further advantage from low cost locations; and/or integrating into a multi-functional shared service environment.

Traditional reporting is being transformed by modern cloud analytics tools (including data visualisation and artificial intelligence (AI)). These tools empower greater business self-service and can leverage large amounts of structured and unstructured internal and external data. Finance may or may not own the analytics capability, but must be able to drive value from the data.

Traditional finance ERP systems are being transformed and replaced by “new wave” ERP (sometimes known as post-modern ERP, or digital operations platforms). These can unlock real value for finance functions – such as greater agility and accessibility, and improved analytics. Automation tools are also being implemented to drive further efficiencies.
 

There’s a greater focus on a slick, accessible and more digital experience for both finance staff and end users through tools such as Workday Financials and Concur. There’s a rise in the use of AI-powered chat-bots for quality assurance and multilingual support. Business is adapting to ‘millennial’ hires who expect to do more for themselves/online – but only if the user experience meets high consumer standards. 

The finance function clearly has a key role in audit and risk, and close to the top of most corporate risk registers (and on audit committee agendas) is typically cyber and information security.