As Canadian businesses brace for another decade of dramatic changes due to dynamic global markets, giant advances in technology and evolving management information needs, KPMG predicts that CFOs will increasingly be expected to partner with their business leaders and address these issues head on.
Finance of the future: Looking forward to 2020 is based on KPMG's observations, analysis and practical insights into how the changing business and social environment can impact and redefine the role of the finance function.
There are three main strategies finance leaders can employ to help sustain business performance while containing costs, managing risks, and preparing a strategy to meet the challenges of 2020:
- Acquire timely, accurate, reliable and insightful information as a key to efficient business execution. With accurate financial information, intelligent decisions can be made for overall business effectiveness.
- Simplify business complexity and make required structural and cultural changes needed. A review of the finance function is central to redesigning a holistic business model which can significantly reduce ongoing costs.
- Sustain business performance; do not merely reduce short-term costs. The finance function is poised to be bold, agile and holistic in thinking. Establish clear performance metrics to help ensure that the focus is on achieving goals.
Many organizations are already looking for ways in which their finance function can better support business management, enabling them to respond quickly to macro-economic developments. The journey to 2020 is about identifying opportunities to do this and making them a reality.
Finance of the future: Looking forward to 2020 [PDF 1.37Mb]