What role does the finance function play in organisational transformation?

In Transformational journeys: finance and the agile organisation ACCA, CA ANZ and Generation CFO assert that the role of the finance function and its skill sets are intricately linked to organisational transformation. However, it is important how the finance team aligns to organisational goals  to ensure they continue to contribute effectively to the transformation of where they work – whether large or small.

The role of the finance team itself is changing with a greater focus on insight and forward-looking considerations rather than just reporting the events of the past. As a result, they need to ensure that they remain relevant to their organisation and contribute to its transformation. The journey for them begins with clarity in its own purpose. 

Helen Brand, Chief Executive of ACCA explains: ‘Finance professionals have a clear role to play in transformation. The nature of that role is dependent on the extent to which they have a vision of how finance itself can contribute to the organisation of the future. Finance teams need to be forward-thinking and agile in the face of relentless change.’

"There’s no doubt that the speed of change will continue to accelerate. Being prepared for that acceleration will enable finance and accountancy professionals to play their full role in the transformation process and help secure long-term organisational success," added Ainslie van Onselen, Chief Executive, Chartered Accountants Australia and New Zealand. 

Jason Ford, Vice President at NTT DATA UK shares what transformation actually is – strategic, incremental, changes that improve the business model – and key trends in transformation, from understanding the risks to the rise of the ‘Cloud Native’. 

Among other things, the report highlights that skills in technology and data are essential for innovation and creativity. Finance professionals must invest in building these skills to be able to make a significant contribution to organsational transformation. 

As organisations evolve to respond to the needs of their customers, the finance function must reappraise how it assesses the effectiveness of transformation. This requires collaboration between those charged with the development and delivery of services and the finance function, to understand the realities of the investment case and effective performance measurement.