Digital Disruption And Sweeping Changes Challenge Finance Functions

Digital disruption and sweeping changes challenge finance functions as we know them today. How do we transform ways of working, improve efficiency and develop value-add skills?

In our series of articles over the next twelve months we will be answering those questions, from three different points of view: our own as the global body for professional accountants, PwC, and professional CFOs.

At ACCA our research shows that businesses are starting to recognise how the digital environment is reshaping what is needed from the most prized asset — talent. Technology alone can never be the ‘magical solution’ — it is the skills that finance professionals bring to the function that will differentiate those functions leading them from good to great.

PwC will be using the traditional model of the roles in finance to frame the conversation around the impact of digital on finance. Where once finance was seen purely as the accounting function, in the roles of score keeper and diligent caretaker, producing financial and management accounts, world class finance teams are re-shaping themselves to take on a much more prominent role in daily commercial activities of the organisation therefore shifting upwards towards communicator and business partner roles.

The CFO viewpoint is represented by Jens Madrian. In this first article, he highlights that responding to the digital age isn’t just about new IT sophistication but more the need to change the whole operational approach.

There is no doubt about it, the role of finance and how that role is undertaken is changing rapidly. There are greater expectations being placed on finance professionals to add more value and drive the business agenda in these challenging times. In addition, this needs to be done amidst a backdrop of the need to play a role in building trust in many organisations and driving even greater operating efficiencies. Continue reading