Evolving From Numbers to Insights
The finance function is undergoing a fundamental identity shift
Yesterday, the finance people were the “numbers people”. But disruption has challenged business as usual. Finance teams must now turn vast amounts of data into insights and actions that boost profitability, competitive advantage and agility—an imperative in our rapidly changing world.
Traditional finance departments aren’t set up to do this
Future-proofing your business requires wholesale finance transformation: rethinking your people, processes and systems to capitalize on emerging technology and galvanize your finance function as a strategic driver of business.
Why Now?
Despite advancements in technology and data, the finance function has lagged in innovation. It’s time for finance to adapt and optimize.
Source: The Evolution of Finance Function
Double-entry bookkeeping
Mechanical adding machines
Punchcards and paper ledgers
Desktop computers
Low-cost accounting software and spreadsheets for financial modeling.
Widespread adoption of personal computers and internet connectivity.
Accounting software moves to the cloud, exponentially increasing our ability to mobilize data.
The field of data science explodes while the finance function remains largely unchanged.
Data is abundant, computing capacity is affordable, and disruption is swift and global. The finance function must transform to harness it all into profitable action.
Chapters in This Playbook
Unpacking Finance Transformation
Learn which forces are reshaping the finance function and how you can craft an effective response.
Chapter 01The Dual Role of AI Applications in Finance
Understand the strategic value of AI, as well as its limitations, to combat concerns and hesitations around its adoption.
Chapter 02Building a Strategic Finance Function
With AI as your partner, take the necessary steps to optimize your data and bring it across the enterprise for continuous planning and strategic alignment.
Chapter 03The Changing Faces of Finance Transformation
Assess your current talent and update job descriptions for the skills you need to lead with a future-forward mindset.
Chapter 04Upskilling & Reskilling in the Age of AI
Develop a framework for identifying gaps and managing the conversation around reskilling and adapting roles for change.
Chapter 05The Power of Finance & Accounting Outsourcing
Get up to speed on financial transformation faster by hiring for the exact skills you need without much of the risk.
Chapter 06Uncover the Blueprint for Finance Transformation
Get all of the insights from the playbook to share with your team.
About the Future of Finance Survey
The Paro Future of Finance survey used online interviews conducted among members of the Vitreous World panel, with respondents representing US-based C-Suite executives or senior management in Accounting or Finance; the resulting sample was statistically representative.
