WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
and accounting expertise, but – due to their organization’s
questioning, developing solutions and deploying solutions.
culture – they may not enjoy a reputation for the commercial
Where there are gaps, you can then make plans to address
skills that would enable them to fulfill a broader role.
them.
Consider whether capacity, competence and credibility are
Whatever happens in the future, as organizations become
obstacles in your organization. If they are obstacles, this
increasingly complex and dynamic, the role and mandate of
presents an opportunity to assess how you and your
finance will continue to evolve. However, as our research
organization can tackle them.
reveals, finance functions already have a wider mandate to
become the custodians of organizational value.
To align your finance group’s capabilities with what’s needed
in the future, begin to develop skills around empathy, building
relationships and business partnering. These skills will
The Future of Finance: join us on our journey
become increasingly prized when developing and deploying
Our briefings on these emerging themes will enable us to
solutions, and partnering with others in your organization.
discuss a new delivery model for modern finance, with
To help us develop a knowledge-sharing community, please
certain key features. Ultimately, all organizations face the
do get in touch and share your experiences, observations and
same obstacle of building capacity, competence and
opinions with me.
credibility within their future finance functions.
The difference is that some organizations are innovators on
REFERENCES:
the journey to the future, while others are lagging behind.
1. CIMA.
The
Global
With this research, we want to help more organizations lead
Management Accounting
from the front.
Principles
(December
2015).
2. G Parker, M Van Alstyne
The Keys to Transformation
& S Choudary. Platform
Based on our interviews, it appears that an organization’s
Revolution:
How
top priorities to transform its finance function should be to:
Networked Markets Are
a. Make use of the latest technologies to release the
Transforming
The
full capacity of the finance function,
Economy And How To
b. Widen the remit of finance to cover a broader range
Make Them Work For
of management information, generating new
You (London, 2017).
insights and business solutions,
p.11.
c. Provide and empower finance professionals with
3. P Quattrone, C Busco, R
new competencies and growth mindsets to help
Scapens
&
E
your organization create and preserve value.
Giovannoi.Dealing with
That’s what this project is all about.
the Unknown: Leading in
Uncertain
Times
by
So, armed with this briefing, why not start a conversation on
Rethinking the Design of
the future of finance in your organization? Read one or all of
Management Accounting
our briefing papers on emerging themes and share them
and Reporting Systems
within your network.
(CIMA
Academic
Research Paper, Volume
12, Issue 14, December
You can then ask yourself:
How do the emerging themes resonate in your organization?
2016). p.12.
Where are you and your organization on the journey to
4. S Agarwal, K Gjerstad, H
realizing the finance function of the future?
Kalland, M Kruhler, M
How, in light of these themes, will you reconsider your
Rodt, A Roos, T Ruska &
strategies to meet the future finance function’s innovative
J Tucker. The CFO’s
mandate?
Vital Role in Corporate
Transformation
(The
Boston Consulting Group,
Five things you can do in light of this briefing
2018). p.1.
To begin transforming your finance function, you can use
this briefing as an opportunity to start a conversation within
your organization about your finance function mandate.
From this, you’ll gain a greater understanding of your
customers’ expectations and the types of products or
experiences they want from their finance function in the
future.
You can then build on this insight by investing time to
understand where your finance function is on its journey to
embracing the four broad roles of reporting,
www.waims.co.in
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