The Changing Role of Finance: 7 Trends CFOs Need to Know to Stay Ahead

Today’s CFOs and other finance executives faces many more challenges and risks than their predecessors. They must analyze the past, predict the future and play a vital role in the strategic success of the business. Finance professionals should take note of these seven emerging trends changing finance.

Leveraging Technology to Deliver Results

Business is changing, alongside traditional business models. As a result, the role of the CFO is evolving as the chief operational officer (COO) becomes obsolete. Finance professionals are encountering new trends, risks, responsibilities and dealing with new challenges. Modern technology provides finance professionals, the CFO, and employees with the ability to work efficiently, identify risks faster and navigate changes across the business.

Here are 7 emerging finance trends you should know about, and how the right technology can help you delivers results:

#1: Changing Roles

75% of CFOs spend 50% or more of their time on strategic business. They are tasked with providing a systemic and objective lens to strategic planning, which requires data necessary to quantify business operations and measure and monitor the key metrics that show business growth and profits.

#2: A Changing Workforce

By 2025, millennials will make up 44% of the workforce, driving many new changes—including a demand for working with the latest technology. To close the growing skills gap, CFOs will play a larger role developing and nurturing talent within the organization.

#3: Improved Visibility

About 35% of finance executives say they will increase investment in BI and analytics within the next 12 months. The Cloud and innovative business management solutions like Microsoft Dynamics 365 not only provide big data; they make it actionable.

#4: Growing Pains

Finance leaders are charged with managing business growth, which becomes more complex with every acquisition and global expansion. Centralizing information and unifying technology across all global units eases the burden of growing pains.

Advances in technology can come with risks. Finance leaders are concerned with security risks from external hackers as well as internal leaks, and as global M&A activity spikes, they must address security vulnerabilities and changing workplace demographics.

#5:New risks

Advances in technology can come with risks. Finance leaders are concerned with security risks from external hackers as well as internal leaks, and as global M&A activity spikes, they must address security vulnerabilities and changing workplace demographics.

#6: Increased Regulation

Regulations continue to increase, putting added pressure on finance professionals to manage compliance and impact on profit margins.

#7: Spotlight on CFOs

The high-profile scandals of the 2000s, combined with growing responsibilities within an organization, have forced the CFO into the spotlight. Modern technology and improved security features can aggregate data from global business units, control information flow, and improve the accuracy and efficiency of financial reporting.

Modern Technology Drives Financial Performance

In this digital era, modern financial management technology is critical to driving business performance. Cloud-based platforms and business intelligence tools change the way finance professionals work, analyze data and make decisions. Tools like Microsoft Power BI and Azure provide finance leaders with the ability to:

  • Monitor the pulse of business with real-time access to BI
  • Assess and mitigate risk
  • Drive corporate strategy and growth through business agility

7 Emerging Trends That Are Chnaging Finance - Dynamics 365 for Finance and Operations

Microsoft Dynamics 365 for Finance and Operations was designed to empower finance professionals, CFOs and finance leaders to make swift, smart decisions using real-time insights through any device, anywhere. This technology transforms businesses, supports innovation and growth, delivers agility and flexibility, and nurtures business growth. This next generation of intelligent business applications will support your CFO and business through continued changes in the economy, marketplace and workplace.

To read more about these trends, download our eBook, 7 Emerging Trends that are Changing Finance, and contact us to discuss the technology solutions designed to drive your business forward.

 

By | 2018-03-12T18:41:27+00:00 August 1st, 2017|Finance & Operations (ERP/AX/GP)|0 Comments
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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.

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