Traditionally, finance has been entrusted as the caretaker of numbers and reliable insights and analytics for the organization. However, the explosion of data from within the connected enterprise and business ecosystem is challenging that.
Today, data rolls into and out of every part of an organization, making it possible for any part of the business to pull insights that inform decisions to drive it forward. Moreover, easy access to hyperscaler cloud-based analytics tools and low code AI and reporting tooling have further democratized information assimilation and dissemination. Businesses have gained efficiency, reducing planning cycles to evaluate dynamic business models using scenarios and simulations, and are increasingly looking at finance functions to be the ultimate business partner focusing on top line growth.
With its role rapidly changing, finance is facing a clarion call for change, and the function must quickly transform to regain the pole position as the analytics engine of the organization. Deloitte has been watching closely this transformation and has predicted following eight trends for finance leading up to 2025:
In the next series of blogs, we will deep dive on how finance can transform itself as an analytical engine for the organization and drive business value:
The years ahead hold great promise for finance functions that want to create more value for the organizations they support. Getting there may not be smooth and easy, but it will certainly be exciting.