As businesses are transforming in the face of digital disruption, shifting markets and competition, finance is changing, too. What are the forces that drive CFOs and their teams to embrace transformation and how do you respond to them? How do you prep your finance organization for its transformation path? And is transformation actually a must?
Today’s business landscape is changing at dazzling speed. Globalization, economic and political changes, rapidly shifting customer demands, new risks, growing regulatory compliance obligations and new technology all put organizations under high pressure and disrupt how business is done. Agility, flexibility and speed have become vital for every company to survive. And as businesses have no choice but to transform, so must finance teams.
This new role puts finance teams under pressure. They need the skills to collect and process the data, analyze it and deliver value-driven reporting – and do it quickly and in an agile way. Technologies like cloud, Robotic Process Automation (RPA), artificial intelligence and blockchain can help. “In fact, we are in something of a ‘chicken and egg’ situation where technology is concerned,” says Colette. “On the one hand, new technologies disrupt our businesses and the way we work, thus impacting the finance function. What’s even more, the digital natives who enter our companies urge us to transform our processes and go digital. They expect advanced technology to be part of their work lives. That makes technology a driver for transformation. On the other hand, it is also a major enabler.”