CFOs have a stark choice: either look on as the finance function is automated out of existence, or seize a new and crucial role in the business.
PwC is seeing powerful disruptors putting the finance function under threat:
But all these disruptors can also be powerful enablers of change. CFOs should act boldly to transform their role from scorekeeper to a key driver of business performance.
of all CFOs currently feel threatened by digitalisation rather than seeing it as a chance
of finance function resources are allocated to data analysis and insight generation to the business
of all companies lack the data quality, granularity and history to effectively leverage the potential of digitalisation
These statistics (taken from PwC's 2017 CEO Survey) suggest that CFOs still haven't made the transition from scorekeeper to performance driver. CFOs need to adopt an ambitious new vision, reallocate resources accordingly and revise their approach to data. The key is to acknowledge the reality:
To help CFOs initiate and steer the transformation, we have built on PwC's experience with finance departments all over the world to develop a target operating model (TOM). It's a powerful tool that addresses not only finance in its entirety, but also the way it functions within the business as a whole.
CFOs can get thinking in the right direction by challenging their own assumptions. Download our 'Will the finance function even exist in the future' presentation for some useful questions to ask.
CFOs should be thinking beyond survival, focusing on transforming their function by adopting an agile finance operating model. They should seize the opportunity to move from merely driving bottom-line efficiency to impacting top-line business performance.
Advisory Partner (Finance Risk and Regulatory Transformation), PwC Switzerland
Tel: +41 58 792 25 19
Partner & Assurance Transformation Leader, PwC Switzerland
Tel: +41 58 792 21 20