Historically, finance has often been perceived as a backoffice function primarily focused on number crunching and transaction processing. However, the landscape is shifting dramatically.
Finance leaders are increasingly expected to act as strategic advisors, providing insights that drive key business decisions. This transition requires a departure from traditional methods and a proactive move towards automation and advanced technologies.
This was the key theme of Workday’s recent event, “Transforming Finance: the Future of Finance in Financial Services,” held at the JSE. During the event, finance leaders gathered to explore the evolving role of finance professionals in an era defined by rapid technological advancements and complex global challenges.
The discussions led by experts Viren Patel, Europe, Middle East and Africa industry advisor at Workday, and Andries van den Berg, finance and performance leader for Deloitte Africa, provided invaluable insights into how finance leaders can leverage modern technologies like artificial intelligence to reshape their functions and add strategic value to their organisations.
They agreed that while finance departments have experimented with automation technologies, such as robotic process automation (RPA), there remains significant potential for these solutions to be implemented more strategically, end to end. Rather than merely streamlining individual tasks, finance leaders should leverage these technologies to transform entire processes. This mindset shift is crucial for finance to become a more integrated and influential organisational partner.
Harnessing the power of AI
The event’s core theme was AI’s transformative power in enabling finance leaders to focus less on data management and more on deriving actionable insights. Finance teams are under immense pressure to deliver comprehensive analyses while managing increasing transaction volumes. The speakers highlighted that embracing AI allows finance professionals to automate routine tasks, enabling them to dedicate their time to higher-value activities.
In this context, the “Lights Out Finance” concept was introduced. This principle advocates moving away from backoffice functions that rely heavily on manual processes to more autonomous finance operations. By integrating comprehensive platforms that connect data, technology, methods and people, organisations can achieve operational efficiency that empowers finance leaders to provide predictive insights and adapt swiftly to changing market conditions.
Building an agile finance function
With external pressures mounting – ranging from talent shortages to geopolitical uncertainties – finance leaders are charged with closing the books on time and adapting their operations to meet evolving demands. The speakers emphasised that an agile finance function is no longer a luxury but a necessity for navigating today’s complex landscape.
They also pointed out that adopting a standardised data infrastructure is critical to achieving this agility. A unified approach to data management ensures that finance teams have access to real-time, accurate information, which is essential for informed decision making. By establishing a single source of truth, organisations can enhance their financial reporting credibility and streamline processes.
The future workforce: skills beyond numbers
Another major discussion point was the evolving skill set required for finance professionals. As finance teams transition to a more strategic role, there is a growing emphasis on soft skills, including problem solving, communication and strategic thinking. The experts highlighted the importance of equipping finance professionals with both technical skills and the ability to interpret data in a way that tells a compelling story about the organisation’s future.
The shift towards a collaborative work environment where humans and machines operate in tandem was also noted. By reducing manual intervention and enhancing the capabilities of finance teams through automation, organisations can foster a culture that encourages innovation and strategic partnerships across departments.
Embracing continuous improvement
The conversation highlighted the need for finance leaders to embrace a culture of continuous improvement. With rapid changes in technology and market dynamics, finance functions must remain adaptable and resilient. This involves regularly reflecting on team capabilities, identifying gaps, and implementing modern technologies to streamline processes and enhance efficiency.
As the event concluded, it was clear that transforming finance functions is an ongoing process that requires commitment, collaboration and an open mindset. However, by strategically leveraging AI and automation, finance leaders can transition from mere data custodians to integral partners in driving organisational success.
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