Foundations for reinvention

Transcript

As the world continues to change, businesses are under increased pressure to reinvent themselves.

Over the next decade, businesses must navigate increased digitalisation, supply chain disruption, access to resources and greater sustainability.

And as the business is reinvented, the finance function must reinvent too, with CFOs increasingly looked to for guidance as trusted partners.

We see the CFOs role shifting towards becoming the Chief Value Officer - with finance architecting and orchestrating how the business delivers sustainable value creation and making sure the right investments are made as the business changes.

Our new report with the ACCA explores what this means for Finance.

And within it we see five leadership positions which you can take to help accelerate that reinvention.

Those five are Leading with Value, Performance, Data, Tech-enabled Process and Change.

So Leading with Value means understanding the changing business dynamics on how and where value is created. It means challenging assumptions, and managing the flow of capital to balance competing priorities, whilst laying the path for modernisation.

Leading with Performance is about cutting through the noise to determine what really counts - taking a leadership position both on decisions but also who owns decisions, and making sure that good decisions are being made with confidence across the business.

Leading with Data is about making sure you understand what data drives value - both within and external to your organisation - how this is getting used - and ensuring that the critical data is being governed to build and maintain trust.

Underpinning that we talk about Leading with Tech-powered Processes because this is critical to establishing the delivery foundations to allow your business to operate effectively and efficiently and it means leveraging the emerging technologies which will power the next decade. Things like cloud, things like AI.

And of course, you can’t reinvent alone.

So Leading with Change is about identifying and building your support network, enabling your workforce to own their own skills development and sustaining momentum for change.

This shift is about being bold, in both mindset and culture.

It takes courage and ambition. It’s also an opportunity for Finance to maintain relevance and increase impact as that automation wave gathers pace.

Ultimately, it's about making sure your business stays in business.