Finance’s Business Partner Role Will Be Altered With The Help Of Technology

It has always been routinely talked about the main importance of the functioning of finance of a particular company combined with the help of the leaders of the business industry, in order to improve the decision making in a right way. And therefore, popular audit firm, KPMG, has said that the role of a business partnering with a business leader is ready to change now, with the use of technology.

It is been talked about that the future of business is advanced analytics and intelligent automation. There is no longer any need to embed the various type of professionals which all need to have a local presence, in order to analyze and assess data. Moving away from all of that, companies will now start to establish COE or centers of excellence, where various types of financial analysts, data scientists, and even the intelligent automation will take place as well.

These COEs will now be responsible for knowing the answers that where should a business invest its capital, how to expand, and also the products that are needed for growth as well.

But, then the huge hurdle comes by, and that is the availability of respective data to back up all the analysis. Forecasts will be fruitless, inaccurate and also inefficient for the business if the much-needed procedures are not applied. And that’s why the financial analysts of the COEs will be provided with tools for machine learning so that it will be easier to predict and churn out reports faster and accurate as well. These type of business analysis will be done independently, but still, teamwork and interaction will be there as well.

The benefit of using this technology is that the business can reduce its workforce and become more efficient. Thus, earlier when a dozen of COEs was needed to be able to make the report, now the business will just need 10 COEs, all around the world. This will help the COEs to each give their regionalized reports. This will also make the offshore centers of the company be much smaller and specialized in terms of overall skill.

This will help in being very efficient in taking up analytical and complex work in the right way. This is why decentralized centers are not recommended over centralized centers, in the world of business. Centralized centers will have full control over their work so that they will be able to improve efficiency and reduce costs. With this shared services method, there will be a nice balance between efficiency and responsiveness.

Companies of today like to prefer the Global Business Services or GBS model, because even though there can be a loss of control between various centers, CFOs, and functional heads – but still, it might prove to be able to improve flexibility, simplify all the governance and management,
help in bringing more innovation and reduce the amount of risk, using digital technologies and robotic automation.

The moral of the report is that finance cannot optimize itself, and therefore need the help of technology like FutureOn Today, to break traditional functional barriers and use human resources, information technology and also procurement in the right way, so that the service delivery for the enterprise platform can be established.