In an age of technology disruption, finance executives need strategies to design, implement, and deliver as-a-service solutions for finance processes, operations, and supporting technology.
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In our first edition of the Deloitte Finance survey published in August 2017 over half of the CFOs state their finance function has already transitioned to a more strategic role. While most organisations are well aware of the necessity for such a shift, results from the second edition of our digital finance survey indicate that to date only a small fraction have succeeded in implementing Business Partnering effectively.
When it comes to the field of Finance, we consider it our job to anticipate how organizations will evolve in an era of unprecedented change.
What would be possible if we combined emerging technologies to reimagine the future? How would the work of Finance get done and who would do it? How could Finance contribute even more to the success of the company?
Digital technologies - such as robotics process automation, cognitive analytics, visualization, artificial intelligence, blockchain and cloud computing will fundamentally transform organisations as we know them today. With finance’s workforce and processes becoming each day more influenced by and dependent on new technologies and capabilities, our Finance Digital World and Innovation Lab series provides the foundation for finance organizations to create a strategy and clear actions towards mobilizing their digital journey.
Over three weeks in spring 2017, we conducted a survey of 30 CFOs and Finance Executives, on the subjects of Finance Strategy and Technology. Deloitte believes that Finance is in transition towards the role of Strategic Advisor, helping to grow the core business. The CFO is not just leader of Finance Operations, but more importantly acts in the role of critical sparring partner, supporter, trigger and catalyst for company-wide innovation and business growth.
From cloud computing and robotics to analytics, artificial intelligence and automation, a new class of digital disruptors is transforming how business gets done. Expect these disruptors to have a big impact on the future of finance organizations. But what exactly will their impact be? What is the future of finance in the face of these developments?
The winter and spring Deloitte CFO Surveys reveal some familiar concerns and intriguing insights into how CFOs are managing them. Geopolitical risk continues to be a top of mind issue for Swiss CFOs, and the proportion seeing the level of uncertainty in the economic and financial environment as high ticked-up one point in the spring survey, to 59%. These concerns are natural - with the 100 day milestone for the Trump presidency only just passed, in the midst of Europe’s election super year, and with Brexit negotiations only just beginning, electoral and policy outcomes in major global markets remain unclear.
Finance leaders need to constantly assess and reassess Finance strategy, improve function efficiency and challenge the organisation to deliver more, through effective Finance business partnering. Deloitte offers special programs and services to overcome the challenges Finance leaders are facing.
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