Beta Launch Thursday, 22 August 2019
Global Dow 3.79
2,835.68 0.13%
27 August 08:59 PM
S&P 500 4.08
2,443.05 0.17%
25 August 05:03 PM
EGX 23.25
12,949.65 0.18%
27 August 12:00 AM
TDWL -20.48
7,225.18 -0.28%
27 August 12:00 AM
DFM -21.94
3,602.55 -0.61%
27 August 12:00 AM
ADX -13.82
4,479.99 -0.31%
27 August 12:00 AM

Designing the Finance Function of the Future Needs Management

Global survey reveals half of respondents the CFO 

Insights on what will shape the future of the finance function are laid out today in a new report from ACCA (the Association of Chartered Certified Accountants) and PwC called Finance: a journey to the future?

The report summarises the responses of over 1,100 members and PwC contacts worldwide plus the views of the attendees of a series of roundtable events on six hypotheses about the future of finance which were developed jointly by the ACCA and PwC. The findings reveal:

1.  77 per centaccepted that trusted data will be open and accessible across the organisation between the present day and the longer-term horizon

2.  65 per centagree that a change in structures will make the finance function virtual

3.  Just 22per centagreed that soon new roles, skills and career paths will be needed as traditional finance roles will disappear. 

4.  87 per centbelieve that accessible, trusted data will drive real time, customer centric decision making in their organsiation 

5.  72 per centagreed that finance teams will spend a lot of their time on generating insights and will spend all their time on forward insights and not rearward review

6.  50 per centbelieve the traditional CFO role will no longer exist – to be replaced by roles at the chief operating officer and chief strategy officer

Commenting on the report, Jamie Lyon, director of professional insights at ACCA said: ‘Our results show that finance is changing at a rapid pace, and this is both a challenge and an opportunity. Interestingly, the biggest barrier to this change is leadership mindset – alongside getting to grips with the technology that now pervades our working lives. It’s knowledge of this technology that’s key for the future – leaders need to keep up to speed on trends.’

Brian Furness, global head of finance consulting, PwC added: ‘The need for trusted and accessible data that meets customers’ needs came out top in these six scenarios, and I believe this is good news – alongside the other opportunities ahead, this is a real chance for finance to develop a more proactive, advisory function, where technology has been applied to minimise the operational finance workload and enable finance to focus on helping drive business performance.’ 

In the Middle East, finance continues to develop as a result of increased investment in technology and changing working models. The region has seen a number of legislative and fiscal reforms which continue to challenge the traditional models of doing business in the region. As a result, there is a greater need to develop the finance function of the future which continues to evolve with the economic development. 

Fazeela Gopalani, Head of ACCA Middle East states ‘Amidst all the change in the region, there is a temptation to stall – but this cannot be an option. The speed of change for finance, the recognition of the need to redefine the culture and to be adaptable and flexible is essential for success. As leaders, we need to enable rather than control projects, and embrace change as a natural course of events. With innovation and tech development being a key government focus, it continues to shape policy and the economy – therefore finance must adapt which should be at the forefront of the leadership agenda.’

Brian Furness ended: ‘This report, and the survey and workshops which underpin it, show the fast pace of change in the finance world and the opportunity this brings for organisations and the people within them.  A people centred approach is required to capitalise on this, alongside a clear vision, collaboration and strong leadership.’

 

 

RECOMMENDED

COMMENTS

There are no comments yet

LEAVE A COMMENT

Share with

My Account

Forgot password?

Create An Account

Forgot password?

Restore password

Subscribe to read
Already subscribed? Click here

For a limited time!
12 Months = 15 Months
24 Months = 32 Months
(Included Postal Fees worldwide)

Read, Explore Opportunities
Be connected with Business, Investment, Finance, Stock Exchange, Currencies, Development and International Cooperation

3 Months

18 USD / 60 AED

English Edition

Subscribe

3 Months

18 USD / 60 AED

Arabic Edition

Subscribe

3 Months

29.9 USD / 99 AED

Both Editions

Subscribe

6 Months

36 USD / 120 AED

English Edition

Subscribe

6 Months

36 USD / 120 AED

Arabic Edition

Subscribe

6 Months

59.9 USD / 199 AED

Both Editions

Subscribe

12 Months

72 USD / 240 AED

English Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

72 USD / 240 AED

Arabic Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

122 USD / 408 AED

Both Editions
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

24 Months

144 USD / 480 AED

English Edition
Amazing Deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

144 USD / 480 AED

Arabic Edition
Amazing deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

240 USD / 799 AED

Both Editions
Amazing deal!
(32 Months instead of 24 Months)

Subscribe
* Terms and conditions apply.