Finance 4.0: The changing role of finance in the new economy

In this episode of The Better Finance Podcast, EY’s Myles Corson and Mike Cowan discuss how the role of the finance function is changing and what that means for CFOs of the future.

EY’s Myles Corson and Mike Cowan discuss how the role of the finance function is changing and what that means for CFOs of the future.

Key takeaways

• Quick and drastic changes in the global economic climate have given finance an opportunity to not only become more efficient, but a more effective part of healthy business performance.
• As intangible assets dominate the profile of major organizations, corporations are forced to rethink how they report on their assets.
• More than ever, financial professionals have to wear a variety of hats in order to think both creatively and critically about their most pressing business challenges. The CFO of the future is going to move into a more integrated role, assessing performance and value alongside traditional metrics.
• While the desire to lower costs and drive efficiency will likely continue to be an important factor, there should be real opportunity for finance to be much more effective and valuable within its organizations under this new paradigm, which we at EY call Finance 4.0.
• Asking the right questions, and doing a thorough self-evaluation of key capabilities, are critical to revolutionizing how finance is perceived within the organization.