The beginning of a new year always signals a time for trend spotting Which financial opportunities, challenges and changes should companies prepare for now? Below are six soon-to-be realities that you should consider for 2019. .
CFOs take on more responsibility.
The role of the CFO has merged with that of the COO to assume strategy and operations functions. This calls for greater collaboration in business areas such as marketing, procurement, sales and design/R&D in order for CFOs to build sound budget strategies and operational processes.
Customers’ changing demands disrupt industries.
Think of it as forced evolution. Millennials and Gen Z crowd are making their wishes known – pushing for greater transparency, asking for more sustainable products, embracing technical conveniences. Business has no choice but to respond – re-evolving business models, selling on social media, adopting voice-commerce, etc.
Technology makes finance smarter and faster.
Automation and new technologies are making finance software programs do more with less. This leaves more time for focusing on the organization’s strategic vision.
We’re grappling with uncertainty again.
From foreign policy to data regulation, businesses are operating under the strain of uncertainty. Expect another year of having to navigate a turbulent, highly politicized environment.
Even the workforce is evolving.
2019 will introduce a diverse generation of employees with new expectations and wants. For accounting, the skills gap widens, re-training requirements grow, and a higher level of contract employees emerges.
New data risks are surfacing
Companies will need to have a deeper understanding of General Data Protection Regulation (GDPR), because there will be a higher level of concern about data security as more info is created, collected, and stored online which allows for the possibility of hacking.
As these developments proceed, the role of finance becomes more important and extensive. Many companies are turning to service providers to help them make the transformation. This may entail consulting services, augmenting current staff or even outsourcing the financial and accounting function.