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.
Have a roadmap for finance effectiveness, not automation:
of time can be reduced with finance automation and behavior change
Give finance teams new ways to use underutilized skills:
steps to improve finance effectiveness are about people
Drive insights with connected, self-service financial data:
of time in top performing finance functions is devoted to data analysis and insights
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.
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