Future of Finance

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.

Will the finance function even exist in the future?

PwC is seeing powerful disruptors putting the finance function under threat:

  • Disintermediation
  • Digital disruption
  • Growing expectations of business partners
  • Tough competition with industry peers

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.

Future of Finance Podcast

Hear about the 5 fundamental questions you need to ask to set your strategy and vision.

Listen to the Podcast

The right vision?

70%

of all CFOs currently feel threatened by digitalisation rather than seeing it as a chance
 

The right resource allocation?

25%

of finance function resources are allocated to data analysis and insight generation to the business

The right data strategy?

80%

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:

The finance function needs fundamental transformation to survive

The finance function needs fundamental transformation to survive

Adopt an end-to-end operating model

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.

  • Modular Steering drives the finance function's new role
  • Adaptive Operating Model keeps the transformation framework evolving in the right direction
  • Flexible Enabler helps manage and mesh the CFO's most precious resources

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.

Future of Finance - Target Operating Model

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.

Patrick Akiki, Advisory Partner, PwC Switzerland

Download the presentation

Contact us

Patrick Akiki

Advisory Partner (Finance Risk and Regulatory Transformation), PwC Switzerland

Tel: +41 58 792 25 19

Dr. Michael Abresch

Partner and Leader Assurance Transformation, PwC Switzerland

Tel: +41 58 792 21 20