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: EP2

Learn about the five key people and culture challenges for finance.

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The right vision?
 

Have a roadmap for finance effectiveness, not automation:

30-40%

of time can be reduced with finance automation and behavior change

The right resource allocation?

Give finance teams new ways to use underutilized skills:

5 of 6

steps to improve finance effectiveness are about people

The right data strategy?
 

Drive insights with connected, self-service financial data:

75%

of time in top performing finance functions is devoted to data analysis and insights


These statistics (taken from PwC's Finance Effectiveness Benchmark Report 2019) 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