The Changing Dynamics of the Finance Function

Are you ready for the battle ahead?

“The future finance professional is as much a strategist as an accountant.”

Overview

We live in an era of transformation, an era which is widely referred as the ‘Third Industrial Revolution’ fuelled by the giant and out of the blue technological developments viz. artificial intelligence and machine learning, data analytics, robotics, blockchain, and cloud computing. Undoubtedly, the dramatic advancement in science and tech has forced businesses to reinvent themselves, right from redesigning the age-old processes to reimagining the product and service offering, to rethinking the go-to-market strategies to re-engineering the business and revenue models. Every organizational function – be it sales & marketing, finance, HR or operations, is today facing a tempestuous heat; an unprecedented challenge to revamp itself, stay current and relevant, while timely delivering on the ever-increasing expectations.

Finance, which is often rhetorically labeled as ‘bean counter’, is all set to be completely disrupted by the changing business and industrial landscape, volatile economic environment, as well as immense thrust on adding value and achieving business objectives. This is really going to be intriguing as time spent in transactional activities would reduce substantially and finance professionals would find themselves doing more interpretative analysis, delivering consequential inputs on strategic business decisions. Take it with a pinch of salt, finance, hitherto, has focused mostly on ensuring robust finance control, risk management and, adherence to regulatory norms and internally adopted policies with less time to collaborate with business and pro-actively drive financial performance. Continue reading “The Changing Dynamics of the Finance Function”