What future is being molded by technological innovations and digital trends? What roadmap will the business need to realize the benefits of technology opportunities?
Respond to Remain. Businesses need to respond to remain in business — and Finance is no exception. Without doubt, the general environment will continue to be disrupted and business enterprises will be forced to change with the continuing rapid technology advances.
As enterprises navigate through the market challenges, Finance is best to adopt a bifocal approach — i.e., keep its eyes on the horizon while watching its every step — to serve the business more effectively. Finance must continue to be firmly grounded in supporting business today and at the same time must be ready to foresee impact of external changes and determine the appropriate internal responses.
Future of Finance. Adopt or suffer inevitable disruptions!
New waves of technology disruptors — i.e., cloud computing, robotics process automation, artificial intelligence, social media networks, business analytics, etc. — are transforming how enterprises conduct their business and engage their customers. Enterprises need to marry its business strategies with these technology opportunities.
We can expect these disruptors to impact the future of finance organizations.
But what exactly will the impact be? What is the future of finance in the face of these disruptors?
Future Finance. Regardless of what the future looks like, one thing is sure: Finance must use the new technology disruptors and must develop a team of fast-learning individuals who are curious and are able to develop the necessary new skillsets.
To compete in the new world, leading Finance organizations will need to process more information, deploy more information and turn those information into insights, all faster than ever.
Future-Ready Finance. First things first, mindset needs to change. In the new world, competition is not the biggest enemy. Status quo is.
Let’s face it — change is hard. It’s even harder when we don’t accept that we need to make a change. However, everything changes when we remove decision-making from those advocating status quo. Not to judge nor to condemn but merely to recognize human nature.
Then, choosing the selected technology toolset is easy. But existing processes must be modified to best align with the functionalities of new technologies. Otherwise, it will be putting good technology over bad process.
Most importantly, organizations must seek to upgrade the skillset of its people in all areas. Finance leadership needs a crystal view into the future and a clear map to get there. Talents essential for digital transformation include business understanding, technology savviness and analytics skills.
Total transformation of the finance organization can be in-sourced or out-sourced. But that’s another story.
Stay tuned to know MORE!
How we can help? Developing and implementing a solid finance transformation agenda is the hallmark of our ACCOUNTING SERVICES model — we build, operate, and transform fundamental capabilities in people, processes, and technology. Contact us to know more about these services.