13 March, 2019
Across the finance operations function, there is pressure to “reduce costs, improve risk management and forecasting and optimize operational efficiencies.” While there is, “an acute talent crisis as finance departments are forced to master new technologies and interface with other organizational departments,” per the ALM report, “by far the biggest challenge for finance operations in 2019 is new technology.”
Tomek Jankowski, author of the report expands upon the topic, “New technologies offer tremendous opportunities for CFOs in terms of cost reduction, optimized operational efficiency and greater collaborative capabilities with other departments, but also pose unique challenges in terms of data and technology literacy, up-ended business models, and the need for finance to integrate more closely with other departments. Most finance operations projects in 2019 begin as technology transformation projects.”
Jankowski notes PwC’s strengths in this arena, “PwC brings together a full, end-to-end approach focused on finance modernization and acceleration to finance operations (illustrated by its BXT paradigm and Finance Transformation Integrated Solution Metro Map), which combine technology, strategy, diagnostics, and the human capital element into a coherent, integrated offering.”
Noting PwC as Best in Class for Project Management, the report states, “Especially as PwC has strengthened the human capital element in its approach to finance operations, Pwc has proven exemplary in its ability to handle very complex finance transformation projects with technology, technical and human elements, while keeping all relevant client teams and vendors on the same page and engaged.”
The report notes PwC’s integrated, outcome-focused approach, “PwC has honed its finance integrated solutions approach, seeing finance transformation as central to clients achieving their larger strategic goals. Parsing their approach into three basic streams – people (finance workforce of future, finance modern workplaces), process (process excellence & automation, risk & regulatory, pre-configured cloud ERP), and performance (connected self-service data, performance excellence) – PwC seeks to help clients understand the impact and interconnectedness of their goals and plan with them a comprehensive path to those goals. A full end-to-end provider in finance operations, PwC has built its key value proposition around beginning with “vision, strategy & diagnostics,” unlocking client capacity, then the implementation: design & digitally enable.”
Brian Furness, Global Finance Leader, PwC, says, “We are very happy to be recognized as a Leader. Finance operations are at the core of business structure and success and it is imperative that clients are set up to optimize efficiencies and reduce costs in these areas. At PwC, we are focused on providing end-to-end solutions in order to ensure that our finance operations solutions permeate the entire organisation and its processes to become a core part of an organisation’s strategy and successful execution.”
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