Many leading Australian and global finance organisations are considering new ways to do business in a rapidly evolving landscape, and they’re leaning on data and technology to give them the edge.
Traditional finance roles are also shifting, with new CFOs becoming change agents for sustainability and growth across the business.
Our global report into the future of finance looks into the five pillars Australian CFOs can use for long-term sustainable growth, to build resilience into their strategies and boost bottom lines.
5 pillars for finance transformation
A deeper look at how CFOs can become more digitally fluent and use data and analytics to elevate their output.
1. Strategy and innovation
How can CFOs create the right strategic framework that benefits the whole enterprise and increases their value?
We explore three areas:
- the creation of enterprise value
- identifying, defining and prioritising strategies
- executing and optimising initiatives.
2. Digital acceleration
How can finance benefit from digital acceleration, including thinking digital but acting human?
We explore two basic elements:
- a digital core – what finance needs to obtain value
- digital enablers – how finance can unlock value.
3. Data intelligence
How can finance use data intelligence to position themselves as the function that expands value and integrates data across the organisation?
- basic aspects of data intelligence
- potential challenges
- ways to develop a modern data platform built to adapt and scale with constantly changing data sources.
4. Modern workforce
How can Australian CFOs implement an effective talent management strategy?
- the modern Australian workforce needing a CFO to serve as a business partner
- having the right skills to meet current and future demands.
5. Dynamic risk management
How can dynamic risk management improve the accuracy, speed, and value of operations within the finance function?
- how dynamic risk management in finance is a matter of trust
- how finance teams can turn risk into an opportunity to enhance value, foster innovation, improve performance, and help manage change.
Roadmap to a future-ready finance team
Australian CFOs wanting to implement successful digitalisation across their business should consider:
A holistic, business-led approach to digital transformation and the elevation of their function
Clearly articulated goals representing the organisation’s purpose and KPIs
Visible, top-down executive buy-in, backed by proper funding and human resource allocation
Dedicated transformation teams for effecting, controlling, and helping people to adapt to change
How KPMG can help
The teams at KPMG Australia help clients integrate innovative approaches and knowledge to deliver real results. Our methodologies and tools are time-tested across various industries, designed to enhance the finance function’s strategic value.
We support the growing agenda and increased responsibilities of the CFO and can facilitate the strategies and needs of their business for sustained value over the long term.