Finance transformation is now at the center of the finance and accounting industry. With processes and standards changing at a rapid pace to accommodate developments in business and customer behavior, the need to develop a robust finance transformation framework has never been more crucial.
As 2022 unfolds, businesses can expect new trends that can shape and even redirect their finance and accounting (F&A) roadmaps.
Here are some of the trends you need to look out for this year.
Living with COVID-19 is the norm
It has been more than two years since the pandemic began. While vaccination rates have gone up, we have learned through the Delta and Omicron surges that COVID-19 is here to stay and governments around the world have shifted their strategies from ‘eradicating COVID’ to ‘living with COVID’. Economies are now reopening as authorities gradually ease up restrictions. However, scientists warn that having a laissez-faire COVID approach can leave countries blind-sided and unprepared for any new variant.
To put it simply, uncertainty still hovers in the landscape, but the world will continue to turn. Finance leaders such as CFOs and Finance Controllers should consider which part of their COVID response plan should be adapted to the finance transformation roadmap.
Further integration of automation and blockchain in finance processes
In the past couple of years, the digitalisation of finance vastly accelerated due to the changes in the business landscape and the service delivery process. Moreover, recent developments have made it accessible for businesses to harness automation and blockchain. As a result, businesses, both big and small, are automating their processes more and some have even integrated blockchain into their systems. This trend is expected to continue well into 2022, as more businesses move deeper in the digitalisation of their processes.
Data remains king and companies will improve their data management.
With more and more processes being digitalised, data will continue to drive innovation and efficiency. To do so, businesses need to solve their data problems first and integrate the utilisation of data across all facets. This will enable businesses to maximise the use of data and apply technologies such as automation and artificial intelligence to improve their numbers.
New ways in doing F&A work will require adjustments
The workforce shifted from on-site process delivery to remote work delivery which prompted significant adjustments in data security and F&A processes. Today, F&A processes need to be more coordinated and secure. F&A professionals do their best to accommodate all these adjustments to deliver the same if not, better output with the help of the latest technologies available.
Moreover, the focus on data and fintech also increased the demand for data specialists, business analysts and data presenters. CFOs and other finance leaders should also be on the lookout for talents who possess adaptability, flexibility and good coordination skills. These skills will provide you with the essential capabilities to drive your financial team well into the future of the industry.
The current business landscape remains volatile, and we can still expect a lot of changes in the F&A industry this year. These trends, however, are likely to shape the industry and finance transformation beyond this year. Having this in mind as you make your finance transformation roadmap can help you future-proof your F&A plans. Keep yourself updated and be on the lookout for the latest F&A news and trends by subscribing to our blog and visiting our website.
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