Leadership EY

Is the Future of Finance New Technology or New People? New EY Study Helps CFOs Prepare for the Future Finance Function

Sponsored by EY

As technology, globalization and demographic trends disrupt the way we work, a new EY study answers the question: Is the future of finance new technology or new people?

As technology, globalization and demographic trends are disrupting the way we work, the role of the finance function – as well as its people and tools – are also changing. A new EY study answers the question: Is the future of finance new technology or new people?

Many CFOs believe their current finance function is not equipped to meet future demands. 47% of CFOs say their current function lacks the right mix of capabilities to meet future priorities. 69% see the finance leader role significantly changing as traditional finance tasks become automated or outsourced.

Drawing on the results of a survey of 769 finance leaders worldwide and in-depth interviews with 22 CFOs from leading organizations, we describe our vision of a digitally enabled and talent-rich finance function of the future.

  • Technological innovation will continue to create opportunities to increase efficiencies and build insight to drive decision-making
  • New skill sets and profiles will become desirable in the finance function and, as organizations compete to attract increasingly rare key talent pools, the marketplace for finance professionals will be transformed.
Leading CFOs will be those that strike the right balance between technology and people, and work to ensure each focuses on the tasks that suit their skill sets most.

Key findings:

  • 65% of respondents say that standardizing and automating processes and building agility and quality into processes will be a significant priority for tomorrow’s finance function
  • 67% of respondents believe that improving business partnering between finance and the business is a significant priority
  • 58% of respondents say combining state-of-the-art technology with process improvement will be a major focus for the future finance function
  • 57% of respondents say that building skills in predictive and prescriptive analytics is critical for the future
Please visit  ey.com/dnaofthecfo to find out more.

Other reports in this series: Do you define your CFO role? Or does it define you? The disruption of the CFO's DNA

Coming soon: As the CFO role blurs, how can future finance leaders find focus? Redefining the path to a CFO appointment (November 2016)