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Crunch time series for CFOs: The future of Finance is Dynamic

Transform Finance from function to dynamic capability

External forces like market shocks, industry consolidation and convergence, technology acceleration and new regulatory requirements are shaping the future of Finance, requiring organisations to adapt. As a Finance leader, how can you prepare the Finance function to thrive in the face of these disruptions? Our Crunch time report takes an in-depth look at how CFOs can transform their Finance function into a resilient, integrated organisation that adapts quickly for the future.

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3 MB PDF

Why are we talking about Dynamic Finance now?

Because the pace of change—internal and external—isn’t likely to slow down. Because there’s no way of knowing what’s around the corner. But whatever happens, leaders can’t let it break the business. Becoming dynamic means the Finance function can help the enterprise compete, survive and thrive amid change.

96% per cent of CFOs believe that climate change will impact their company’s strategy and operations over the next three years.

Among the United States, the euro areas, and other advanced economies, 60% of the countries have annual inflation rate over 5%.

The Great Resignation continues, as 44% of surveyed workers are looking for a new job.

Transforming Finance for the future means creating a capability that can flex and adapt in the face of external forces with speed, strength, stability and flexibility to create value. Imagine that in a period of great uncertainty or change, you can quickly and adeptly:

  • Model and scenario-plan mitigating actions with business leaders to understand how known (and unknown) disruptions may impact business operations
  • Effectively pivot your organisation to tackle and address the most pressing needs, whatever those needs may be—growth, cost reduction, system implementation, merger integration, etc.
  • Create an intentional workplace where finance talent feels valued and motivated because they are focussed on meaningful and impactful work
  • Proactively identify and mitigate new financial and operational risks arising from changes in the market

The principles of Dynamic Finance

We have defined a set of principles to help Finance leaders better understand how to transform Finance from business function to dynamic capability—while still performing its steward and operator duties.

Not an event, but a continual evolution

Accept that ambiguity and continuous evolution are here to stay—the pace of business has changed. Have a strong yet flexible foundation—core technologies, automated processes, structured data models and savvy talent—that allows you to dynamically support the business in the face of evolving forces.

Tech-savvy talent and enduring human capabilities

Be intentional about your workforce and their experience. Invest in and foster your people—across all levels. Skills development should be a part of business as usual—and should span foundational finance skills as well as tech-savvy and problem-solving skills. Give them opportunity and space to grow.

Machines first, then people

Reimagine and redesign processes to be performed by systems and automation. Leverage technology upgrade cycles and programs to help you achieve these outcomes. Make sure human interaction adds and drives value.

All the time

Meet the enterprise’s evolving and growing appetite for fast and reliable information. Rethink how information is made available today to fully align to business needs. The speed at which information is consumed has dramatically shifted and the business has high expectations.

Rigid governance for flexible data

Establish strong governance over your data for both internal and external consumption. Make sure the finance function is well versed in how data is structured, created, maintained, secured and consumed—allowing the organisation to be more responsive and flexible with analysis.

Digital and flexible core

Leverage modern, compatible and continually updating platforms that can transform finance and scale with the business. Take advantage of platforms that continually evolve to bring new capabilities to the future of your Finance function.

Detect risks, and prepare the organization for what’s next

Develop the capability and capacity to sense, weigh and mitigate risks. Know and measure the most important risk and performance indicators for the business and be prepared to respond.

It's crunch time

In this new environment of constant change and disruption, the challenges for organisations show no signs of stopping. What we know for sure is this: An organisation with a foundation of agility, resilience and automated, simplified processes is often better set up for success, no matter what comes its way. A refreshed strategy and case for change can take your organisation a long way. That’s Dynamic Finance.

Deloitte can help

Our Finance Labs explore the “art of the possible” and define your Finance Transformation strategy, bringing to life potential use cases, road map priorities, and future-state benefits. Contact us to learn more.

Contact

Philippe Podhorecki

Principal | Finance & Enterprise Performance

ppodhorecki@deloitte.com

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