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Technological developments and the maturation of digital tools have created increased pressure on the finance function to continuously implement new digital solutions. The journey towards the digital and agile finance function has already started in many companies and organisations, and it will accelerate even more in the coming years.
Technological innovation and increased governance requirements have added new layers of complexity to financial management, including reporting and financial transactions. This has increased the volume of tasks that put resource pressure on the finance function.
Often we see a gap between the needs of the finance function and what the company's standard systems can deliver, which often results in repetitive manual tasks, in combination with countless Excel sheets. This can end up in heavy and resource-intensive processes that make further development and optimisation impossible.
Technological developments are opening up new, flexible and user-friendly tools that can close this gap. The tools make it easier for companies to create coherent management with a high degree of transparency, monitoring, automation and dynamic management - so that more time can be freed up for value-creating work!
At KPMG, we have therefore identified five key focus areas for the finance function of the future:
Enable sustainable growth & value creation.
Continuously evolve the operating model, embrace new ways of working and prioritize talent.
Gain an unbeatable competitive edge.
Turn risk into opportunity.
Think digital, be human, act with purpose.
CFO agenda for elevating finance
Effective finance transformation is built on what we call the five pillars of foundational competencies.
This paper explains how an approach based on these pillars can help:
Streamline costs
Develop sustainable growth
Improve decision support
Increase the scope and value of services delivered
Maintain trust across stakeholders
