Various leading Irish and global financial organisations are examining innovative approaches to conducting business in a dynamic environment, relying on technology and data to provide them with a competitive advantage.
With new CFOs becoming change agents for sustainability and development throughout the business, traditional finance roles are likewise evolving.
The five pillars Irish CFOs can employ to incorporate resilience into business strategy, increase bottom lines, and achieve long-term sustainable growth are examined in our Future of Finance global report.
With the advancement of self-service reporting and analytics, finance needs to elevate its game or risk becoming irrelevant. Innovative thinking can help to define future-ready requirements as the goalposts keep moving. Today’s differentiators are tomorrow’s table stakes.
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.
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.
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.
How can finance use data intelligence to position themselves as the function that expands value and integrates data across the organisation?
We explore:
- basic aspects of data intelligence
- potential challenges
- ways to develop a modern data platform built to adapt and scale with constantly changing data sources.
How can CFOs implement an effective talent management strategy?
We explore:
- the modern workforce needing a CFO to serve as a business partner
- having the right skills to meet current and future demands.
How can dynamic risk management improve the accuracy, speed, and value of operations within the finance function?
We explore:
- 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
When implementing digitalisation successfully throughout their company, Irish CFOs should take the following into account:
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Embracing a comprehensive, business-driven strategy for digital transformation and elevation of their function.
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Clearly defining objectives that reflect the organisation's purpose and KPIs.
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Securing visible, executive support from the top down, accompanied by appropriate funding and allocation of human resources.
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Establishing specialised teams focused on driving, overseeing, and facilitating organisational adaptation to change.
How KPMG can help
KPMG Ireland's professionals assist clients in integrating innovative strategies and expertise to produce tangible outcomes. Our methodologies and tools have been successfully deployed in a variety of sectors and are intended to increase the strategic value of the finance function.
If you have any queries, please contact our team below. We would be delighted to hear from you.
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.
