Future of Finance

Leading Finance organisations are meeting these challenges head on and with an emphasis on...

  • Becoming digitally enabled and focused on speed.
  • Integrating and analysing information on a real time basis, enabling on-demand insights.
  • Dramatically reducing cycle times, cost & size of Finance.
  • Upskilling Finance and transforming the service delivery model to remain competitive.
  • Transacting events as they occur.

While maintaining control and maging changing regulatory environments.

 

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Your Modern Finance Transformation Agenda:

  • Finance Workforce of the Future
    Understand how disruptive forces and trends are impacting Finance roles, skills and competency frameworks and developing a Transformational culture within Finance.
  • Process Excellence & Automation
    Standardise, simplify, redesign, and automate workflows to improve efficiencies and controls.
  • Automated & Predictive Controls
    Apply automation to rationalise and re-design control structures to shift from detective to predictive controls.
  • Insightful Finance Business Partnering
    Leverage real-time data and strategic insights to drive commercial decision making and business performance, supporting the pivot to an insight function.

 

  • Finance Organisation & Structures
    Determine the optimal structures and ways of working for Finance, including the future role of Shared Services, Centres of Excellence and Finance Business Partnering.
  • Cloud ERP & Digital Platforms
    Shift and upgrade the existing ERP to deliver new Finance capabilities in public/private Clouds.
  • Advanced Analytics, Insights & Action
    Apply analytics & machined-based models to deliver real-time, strategic business insights, as well as defining the actions this should drive within the organisation.

 

Issues you may be facing

PwC professional wearing a blue shirt
  • Your finance function is being called on more to drive real-time insights and navigate future uncertainty and your ability to plan and flex different scenarios quickly and with confidence.
  • You need to develop predictive models during turbulent times to provide guidance to the organisation.
  • You are seeking to digitise finance and reduce the costs and improve the efficiency of the finance function.
  • You need to transition to cloud solutions to benefit from latest best practices
  • You need to attract, develop and retain the right skills to pivot into a value enhancing advisory role, as is identifying the optimal organisation and service model. 
  • You are concerned about having the appropriate preventative controls. 
  • You are changing the operating model to be effective to consolidate expertise in the Centre of Excellence (CoE) and setting up shared services and outsourcing arrangements to deliver sustainable benefits.
  • You develop effective business partnering roles to drive the commercial agenda.
  • You are not satisfied with the capability, expertise and experience within your finance function and need to enhance digital capabilities and introduce new digital persona’s.
  • Compliance with regulations and reporting standards is driving up the cost of the finance function, or you have to prepare information to satisfy requirements outside of your normal systems and processes.

 

How we can help you

  • Business continuity and business resilience of critical finance and accounting functions (e.g., financial close, cash management, etc.), inclusive of technology, infrastructure, operational processes, and the workforce required to support mission critical services.
  • Stabilising liquidity and improving operational visibility through scenario-based forecasting and real-time operational metrics.
  • Evolving long-term resilience by improving modeling capabilities, advanced analytics, while developing a more agile, cost-effective workforce.

Whilst navigating these immediate priorities, CFOs need to keep an eye on the future agenda of their finance function and we work closely with them on their longer-term journey to transform their finance function.

Lead with People

  • Investing in an upskilled workforce that’s digitally savvy.
  • Supplementing new human and machine based roles.
  • Creating a modern and collaborative environment.
  • Using a highly efficient delivery model.

 

Lead with Process

  • Simplifying and standardising processes with next generation cloud ERP.
  • Achieving end to end process automation and self service delivery.
  • Embedding predictive and automated controls.

 

Lead with Performance

  • Creating a connected data, insight and analytics capability enabled by a Digital core.
  • Predictive and forward looking insights supported by Machine Learning and data science capability.
  • Real time insight and self service supported by Natural Language Processing (NLP).

 

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Alida Botes

Alida Botes

Partner, PwC South Africa

Tel: +27 (0) 11 287 0294

Grant Searle

Grant Searle

Partner, PwC South Africa

Tel: +27 (0) 11 797 5269

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