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Finance 2025: Our predictions What executives and others ......In September 2018, 5,096 people...
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Finance 2025: Our predictions What executives and others have to say about them None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it. With the publication of our Finance 2025 report and eight predictions about the future finance function, we asked our readers (via an online poll) a simple question: “Tell us your level of agreement or disagreement with each of our predictions.” Nearly 200 senior finance executives and other finance professionals — representing more than 10 industry sectors across more than 30 countries — responded to the poll. Here’s what they had to say... Prediction #1. Transactions will be touchless as automation and blockchain reach deeper into finance operations. 41% 4% 8% 5% 43% 42% 1% 7% 11% 39% Prediction #3. Finance goes real time. Periodic reporting will no longer drive operations and decisions—if it ever did. Prediction #5. New service delivery models will emerge as robots and algorithms join a more diverse finance workforce—think about the integration of freelancers, gig workers, and crowds. 37% 4% 9% 8% 43% 39% 4% 9% 13% 36% 42% 3% 7% 13% 36% Prediction #7. The proliferation of APIs will drive data standardization, but it won’t be enough. Many companies will still be struggling to clean up their data messes. 43% 2% 9% 14% 32% 30% 1% 3% 4% 60% 34% 1% 9% 8% 48% Prediction #2. With operations automated, Finance will double down on business insights and service. Success is not assured. Prediction #4. Self-service will become the norm. Prediction #6. Finance applications and microservices will challenge traditional ERP. Big vendors will be prepared. Prediction #8. Employees will be doing new things in new ways, some of which will make CFOs uncomfortable. BONUS In September 2018, 5,096 people attended a finance executive Dbriefs webcast on our Finance 2025 predictions, during which they were polled about a few related topics. Here are the highlights. The years ahead hold great promise for finance organizations that want to create more value for the companies they support. Contact us to learn more: About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. Copyright © 2018 Deloitte Development LLC. All rights reserved. Understanding and preparing for the future of finance What level of change, driven by adoption of new technologies, do you expect to see in your finance organization between now and 2025? Similar amount of change as last five years Acceleration of change, but the finance function will still closely resemble organizations of today Significant acceleration of the pace of change, finance will look very different in 2025 Don't know/ Not applicable 34% 17% 17% 32% To what extent do you believe that adoption of technology in our personal lives (e.g., apps, voice recognition) will drive an increase in stakeholder expectations for information at work? Don't know/ Not applicable To a great extent Somewhat Minimally 50% 10% 5% 34% Not at all 1% Which one of these expectations do you think is most likely to be true for your organization in the year 2025? The Finance Factory – Transactions will be touchless as automation and blockchain reach deeper into finance operations The Role of Finance – Finance will double down on business insights and service, when operations are automated Finance Cycles – Finance goes real time. Periodic reporting will no longer drive operations and decisions — if it ever did Don't know/ Not applicable 36% 13% 20% 21% Self Service – Self-service will become the norm. Finance will be uneasy about this 10% Has your organization’s talent strategy (e.g., recruiting, learning, training) changed to facilitate the digital transformation of your finance function? Yes Not yet, but I expect it to change in the next 13-24 months Not currently a foreseeable priority Don't know Not applicable 26% 20% 21% 21% Not yet, but I expect it to change in the next 6-12 months 13% 2025 Anton Sher Principal, US Finance and Enterprise Performance – Finance in a Digital World™ Leader Deloitte Consulting LLP +1 213 553 1073 [email protected] Steven Ehrenhalt Principal, US and Global Finance Transformation Leader Deloitte Consulting LLP +1 212 618 4200 [email protected] Jonathan Englert Senior Manager, US Finance and Enterprise Performance – Finance in a Digital World™ Deloitte Consulting LLP +1 215 405 7765 [email protected] Strongly agree Somewhat agree Not sure Strongly disagree Somewhat disagree * Responses may not equal 100% due to rounding. Number of responses: 4,456 Number of responses: 4,413 Number of responses: 4,222 Number of responses: 3,864 Strongly agree Somewhat agree Not sure Strongly disagree Somewhat disagree Strongly agree Somewhat agree Not sure Strongly disagree Somewhat disagree Strongly agree Somewhat agree Not sure Strongly disagree Somewhat disagree
Transcript of Finance 2025: Our predictions What executives and others ......In September 2018, 5,096 people...
Finance 2025: Our predictionsWhat executives and others have to say about them
None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it. With the publication of our Finance 2025 report and eight predictions about the future finance function, we asked our readers (via an online poll) a simple question: “Tell us your level of agreement or disagreement with each of our predictions.”
Nearly 200 senior finance executives and other finance professionals — representing more than 10 industry sectors across more than 30 countries — responded to the poll. Here’s what they had to say...
Prediction #1. Transactions will be touchless as automation and blockchain reach deeper into finance operations.
41%
4%8%
5%
43%42%
1%7%
11%
39%
Prediction #3. Finance goes real time. Periodic reporting will no longer drive operations and decisions—if it ever did.
Prediction #5. New service delivery models will emerge as robots and algorithms join a more diverse finance workforce—think about the integration of freelancers, gig workers, and crowds.
37%
4%9%
8%
43%39%
4%9%
13%
36%
42%
3%7%
13%
36%
Prediction #7. The proliferation of APIs will drive data standardization, but it won’t be enough. Many companies will still be struggling to clean up their data messes.
43%
2%9%
14%
32%
30%
1%3%
4%
60%34%
1%9%
8%
48%
Prediction #2. With operations automated, Finance will double down on business insights and service. Success is not assured.
Prediction #4. Self-service will become the norm.
Prediction #6. Finance applications and microservices will challenge traditional ERP. Big vendors will be prepared.
Prediction #8. Employees will be doing new things in new ways, some of which will make CFOs uncomfortable.
BONUSIn September 2018, 5,096 people attended a finance executive Dbriefs webcast on our Finance 2025 predictions, during which they were polled about a few related topics. Here are the highlights.
The years ahead hold great promise for finance organizations that want to create more value for the companies they support. Contact us to learn more:
About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
Copyright © 2018 Deloitte Development LLC. All rights reserved.
Understanding and preparing for the future of financeWhat level of change, driven by adoption of new technologies, do you expect to see in your finance organization between now and 2025?
Similar amount of change as last five years
Acceleration of change, but the finance function will still closely resemble organizations of today
Significant acceleration of the pace of change, finance will look very
different in 2025
Don't know/ Not applicable
34%
17%17%
32%
To what extent do you believe that adoption of technology in our personal lives (e.g., apps, voice recognition) will drive an increase in stakeholder expectations for information at work?
Don't know/ Not applicable
To a great extent
Somewhat
Minimally
50%
10%
5%
34%
Not at all
1%
Which one of these expectations do you think is most likely to be true for your organization in the year 2025?
The Finance Factory – Transactions will be touchless as automation and blockchain reach
deeper into finance operations
The Role of Finance – Finance will double down on business
insights and service, when operations are automated
Finance Cycles – Finance goes real time. Periodic reporting will no longer drive
operations and decisions — if it ever did
Don't know/ Not applicable
36%13%
20% 21%
Self Service – Self-service will become the norm. Finance will be uneasy
about this
10%
Has your organization’s talent strategy (e.g., recruiting, learning, training) changed to facilitate the digital transformation of your finance function?
Yes
Not yet, but I expect it to change in the next 13-24 months
Not currently a foreseeable priority Don't know
Not applicable
26%
20%
21%21%
Not yet, but I expect it to change in the next 6-12 months
13%
2 0 2 5
Anton SherPrincipal, US Finance and Enterprise Performance – Finance in a Digital World™ LeaderDeloitte Consulting LLP +1 213 553 [email protected]
Steven EhrenhaltPrincipal, US and Global Finance Transformation LeaderDeloitte Consulting LLP +1 212 618 [email protected]
Jonathan EnglertSenior Manager, US Finance and Enterprise Performance – Finance in a Digital World™ Deloitte Consulting LLP+1 215 405 [email protected]
Strongly agree Somewhat agree Not sureStrongly disagreeSomewhat disagree
* Responses may not equal 100% due to rounding.
Number of responses: 4,456
Number of responses: 4,413
Number of responses: 4,222
Number of responses: 3,864
Strongly agree Somewhat agree Not sureStrongly disagreeSomewhat disagree
Strongly agree Somewhat agree Not sureStrongly disagreeSomewhat disagree
Strongly agree Somewhat agree Not sureStrongly disagreeSomewhat disagree
