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The finance function needs to develop ‘change-enabling’ capabilities to play a direct role in realizing increased value for their organizations from growing volumes of financial and performance data
The four critical areas of preparedness for the finance function include:
This calls for a simultaneous transformation to reduce system and process complexity, and becoming highly sophisticated in handling analytics and big data
Executive management’s commitment to culture change, and focused investment in organizational and process changes will be key to future readiness
Prepared by CFO Research in collaboration with WNS
An accelerated pace of change in today’s business environment warrants companies to become agile in the way they operate. Organizations including their finance functions need to make strategic improvements in their change-enabling capabilities so as to embrace change quickly and continuously. A transformation of this scale requires CFOs to adopt a multi-pronged approach; reducing complexities in processes and information systems, and becoming more sophisticated in the use of analytics and big data. But perhaps the precursor will be to bring about a pervasive cultural change aided by sustained commitment from the executive management. Equally important will be investing in organizational and process change – expanded use of Shared Services Centers (SSCs) / Business Services Centers (BSCs), technology upgrades, and importantly, in training and re-training of finance staff.