While the forces of disruption are real, so is the opportunity. The good news is that success is achievable. Finance organisations that can master next-generation capabilities can expect to prosper in the new environment.
A number of capabilities distinguish exemplar finance functions from others:
- New ways of working with business partners, utilising an agile operating model that promotes collaboration and blurs the distinction between finance and other business functions.
- An emphasis on predictive and prescriptive analysis and insights to guide forward-looking business decisions rather than simply measuring past performance.
- Automation of data management, transactional processes and other activities of low strategic value, freeing finance staff to focus on higher value-added activities.
- Supporting, and in many cases leading, enterprise-wide innovation through dynamic capital allocation that balances investments in core areas with known technology with riskier, new-to-the-organisation or sector technologies.
- A relentless focus on talent, ensuring that the finance organisation has access to the high-level analytical, design thinking and technology skills needed in the future.