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Next Gen Finance

Next Gen Finance

An opportunity of value creation, digitalization, operational excellence and organizational simplification.

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The view from the top

Today’s enterprises are facing unprecedented change and disruption that threatens their future viability. The need for increased experience centricity and growth, changing workforce demographics, converging industry models, the shifting geopolitical and regulatory environment, as well as the rise of new business models, big data, and emerging technologies are disrupting businesses across all sectors.

In their wake, CFO’s are looking to their finance function to take on a considerably broader and deeper set of strategic responsibilities than ever before.

Indeed, today’s finance function must not only ensure the integrity of financial outcomes, but also leverage both internal and external data to provide predictive and prescriptive insights to drive optimal business performance and real-time decision making. Facing the need to evolve their business models, corporations heavily depend on finance to deliver improved quality, process standardization and consolidation, and cost savings, as well as identify opportunities for value creation. Additionally, finance is increasingly responsible for driving the evaluation, allocation, and monitoring of new technologies, platforms, customers, and products.

How should CFO’s respond?

So, what needs to change with finance? In one word, plenty. CFO’s who rapidly design a more nimble, effective, and technology- and data-driven finance organization to address the disruption will be able to change the challenges they face into opportunities.

The most successful CFO’s are transforming their finance organizations by disrupting their own operating and business models.

Leading finance organizations have developed an agenda to deal with this disruption:

  1. Increasing role in innovation, strategy and capital allocation
  2. Extreme automation by integrating new technologies
  3. New insights through automated reporting and introduction of prescriptive reporting
  4. Organizational simplification
  5. Shifting demands on skills and talent
  6. Evolvement of risk management

Reinventing the operating model

To stay ahead of the curve, leading CFO’s are changing the means by which they deliver products and services to their stakeholders, with deep focuses on:

  • Extreme automation, which will dramatically change finance’s size, structure, and delivery model.
  • A shift from descriptive to prescriptive analytics, enabled by advanced automation.
  • A much simpler, more streamlined organization, with significant changes to the what, how, where, and who of the finance function’ work.
  • An assessment of new work to be done, how this maps to the skill sets of their current workforce, and usage of a holistic approach to attracting, building, and retaining the required talent.

What should you be thinking about?

  • What business disruptors are impacting us most?
  • What business questions and decisions should we anticipate to address these disruptors?
  • How much appetite do we have for extreme automation?
  • How will our current delivery model and locations be impacted?
  • What is our data and analytics strategy?
  • What is our talent management strategy, critical roles, and risks?

Where do you go from here?

Business is no longer business as usual. The key to success is proactively taking the first step by developing a blueprint for how your finance organization can turn disruptors into opportunities for competitive advantage and growth.

More information

Please contact Jark Otten, +31 20 656 4453 or by e-mail or contact Judith Hoogeboom, +31 20 656 8677 or by e-mail.

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