‘Digital’ is not just about the technology. It’s about new ways of solving problems, creating unique experiences and accelerating business performance. Responding to the digital age is about the need to change the whole operational approach. CFOs will need to adopt a new mindset and language to lead transformational change.
Current megatrends shaping the finance function include digital agility, enterprise risk management, automation and robotisation, big data and data analytics, outsourcing and offshoring as well as compliance. External factors are driving the need for change and include new competitors (such as FinTech and RegTech), the necessity of responding flexibly to accounting standard changes (such as IFRS 9 and IFRS 17) and the need for agile responses to increasing regulatory requirements.
In light of the evolving role of the finance function, industry leaders have recognised that change needs to happen, as they have realised that digital technology will reshape competition over the next few years. A digital finance function will have new accountabilities and opportunities to generate more insight and add value. Whilst the finance function currently spends a lot of time on transactional processing and report production, there is now a real opportunity to move towards standardised reports and data alignment, which will increase the finance function’s ability to generate insight.
With local teams and a strong track record in areas such as automation, cloud computing, financial transformation, target operating model design and big data, PwC can help you transform your finance function to make it ready for the digital age. In our paper we look at current trends and key challenges facing the finance function
Download the paper here.
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