Gartner’s Top 10 trends for the future of finance
Ahead of its CFO and Finance Executive Conference, Phoenix 2-3 June 2020, Gartner has set out the top 10 trends that will be examined at the event.
In a world of continuous innovation and fast paced trends, it is often difficult to keep an eye on and understand how these trends can impact organisations and the wider financial services sector. Here, we take a closer look at Gartner’s top 10 trends to keep an eye on in order to be successful in a role as CFO.
10 | Disconnected skills
While digitalisation brings high value, optimisation and efficiency to organisations, it is important to ensure that financial talent management strategies evolves alongside digital transformation, to ensure that there is minimal disruption within an organisation.
9 | Decision-ready data
In today’s technological world, there is little that isn’t driven by data. With this in mind organisations need to reimagine and optimise how they use data so that it can make better business decisions.
8 | Re-centralising finance analytics
It is important for CFOs to define which types of analysis belongs in an analytics center of excellence or in a business unit, in order to develop an effective scalable partnership model.
7 | Artificial Intelligence (AI)
The potential for AI within finance is vast. With advisory experts predicting to see nearly every activity in finance being transformed or optimised in the next decade. It is important for CFOs to educate themselves and others, as well as look at the potential investment required to deploy this technology.
6 | ERP
As the world evolves, finance organisations need to respond faster than ever, which means CFOs need to be ready for standard global processes with real-time data, intelligent platforms and cloud-based ERP.
5 | Global business services
The future of shared services has moved beyond transaction processing to include value-added services. The increased use of automation is reducing the need to chase labor arbitrage.
4 | On demand reporting
As the evolution of reporting expectations evolve, so does the increased pressure for delivering real-time results. CFOs need to understand the technology involved to make this possible.
3 | The risks of robotic process automation (RPA)
As the spread of understanding that RPA drives efficiency within financial organisations increases, it is important for CFOs to ensure that they are not taken in by the many benefits without understanding the potential challenges such as unknown reporting risks.
2 | Cost growth
CFOs need to ensure that their organisation is comparing its costs in relation to its peers, in order to adapt its cost structure. This will ensure projects are of high value and the organisation remains competitive.
1 | Supplier Innovation
Today, organisations are increasing their volume and reliance on their suppliers for core capabilities within their operations. With this in mind organisations need to leverage key relationships, in order to maintain a competitive edge and strategic advantage, as well as maintaining risks.