Last week, we disclosed the 6 trends for financial indústris observed by our CPO, Flavio Gaspar.
In addition to these topics, we bring the 5 priorities to the financial sector according to Gartner:
1: Leading financial transformation and organizational change initiatives
The mandate of finance is expanding and the pressure to play offensively in a recession is increasing. With a large number of competing business priorities, efforts to control costs, ongoing technology initiatives, and multiple options for service delivery models, CFOs must invest in financial transformation, AI, and autonomous digital projects that make financial organization faster and leaner. And to do so, they must define the right priorities and people for this transformation.
2: Develop and refine your data and analytics strategy
By 2025, 50% of FP&A leaders will have the enterprise-wide data strategy as a key responsibility. As more financial teams develop their capacity for D&A, financial leaders must increase their role in D&A corporate governance and strengthen their understanding of the underlying concepts of D&A or stay at the mercy of IT to fulfill their D&A strategy. transformation and create a D&A strategy that meets the needs of a modern, forward-looking organization.
3: Align spending to growth
The disclaimer is the new status quo. In this environment, good planning of how a company will apply its economic capital is no longer sufficient. CFOs should add “capital activism” to their more traditional attempts to simplify capital allocation processes. Capital activism takes positions adopted by the most productive activist investors and private equity firms and applies them to internal capital management through CFOs and their teams. Capital activism requires senior financial leaders and financial business partners to actively target capital flows to respond to changes in the company’s value generators.
4: Build a more humane employer-employee relationship
Changes in today’s work and business environments have altered employee expectations and how leaders should address their core responsibilities. To succeed in this new world of work, financial leaders must unite employees, rebuild cohesion, and move in new directions. However, they cannot achieve this while applying the principles of the past. Eighty-two percent of employees say it’s important for your organization to see them as people, not just employees.
To meet these new employee expectations, financial leaders must work with their HR partners to reinvent the employee value proposition (EVP) and create a more humane culture that understands what it means to be human and use that knowledge to unlock the potential of their people.
5: Define the strategy and roadmap of finance technology
In response to the constant disruption, the vast majority of CFOs are recounting investments in technology to accelerate transformation. In the Gartner CEO and Senior Business Executive Survey survey of 2022, 92% of CFOs indicated that they plan to increase investment in technology, up from 70% in 2021.
While technology investments are increasing, data shows that only 30% of technology projects are successful. Existing portfolios of complex and isolated legacy technologies make it difficult for financial teams to decide which technology to prioritize and what resources to invest in.