In the face of unprecedented digital innovation, resource constraints and pressures for cost reduction, the demands on finance operations and technology to modernize have never been greater. Upgrading the finance technology stack, moving to cloud, supporting new product launches, meeting regulatory requirements … the list goes on. Finance is in a perpetual state of transition, and leaders are struggling to effectively align talent with the barrage of demands. All the while chief financial officers (CFOs) and chief information officers are being asked to modernize finance, reduce cost, provide resiliency and strengthen controls with less budget. But how? To deliver against these demands at speed, with quality and within budget, finance leaders should consider exploring innovative workforce solutions. These solutions can better align both the supply and demand of iterative technology execution by providing flexible access to talent pools and implementing an operating model that enables seamless scalability and dynamic prioritization as well as cost predictability based on outcomes rather than inputs.
Significant demands on finance
Organizations are evolving at record pace as digital transformation continues to drive prevailing changes across the front, middle and back offices. Shifts in consumer preferences are driving incessant product innovation to enable increasingly frictionless and convenient user experiences in the race to protect or create competitive advantages.
The finance function is expected to operate and evolve at speeds that match front-office innovation, placing substantial pressure on an organization’s back-office operations. For example, as organizations shift to agile ways of working to launch unprecedented volumes of new products and features, they are forced to rely on legacy operating models with rigid development cycles and overburdened resources.
These same finance organizations are simultaneously integrating mergers or acquisitions, facing pressures to quickly evaluate finance and technology capabilities across the disparate organizations to identify and execute on opportunities for consolidation and synergy.
Further, the regulatory burden is not expected to decrease under the new Biden administration. Regulatory and compliance expectations continue to grow, with increasing demands on data certification, end to-end transparency, and security as well as compressed response times to ad-hoc inquiry.