In an ever-changing market, companies must find a way to keep pace, or they may find themselves irrelevant or simply out of business. In fact, according to KPMG’s 2019 U.S. CEO Outlook survey, nearly two-thirds of chief executive officers in mid-size1 companies say agility is a new currency of business, and slow reaction time could lead to bankruptcy.
Agility comes down to protecting the core business and simultaneously adapting to market change —companies expect finance to play a starring role. CFOs need to consider a new level of business partnering to overcome legacy systems and create greater flexibility.
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To build a finance organization that thrives tomorrow, CFOs need to take action today to utilize automation and transform finance from a control function to a true business partner, ultimately driving enterprise performance. The organization’s ability to meet changing demands — from regulators, boards, sales and marketing departments, suppliers and others — depends on it.
78% of global finance and management executives believe automation will enable finance staff to take on more strategic, less transactional roles.2
KPMG estimates that extreme automation will reduce labor requirements for core accounting processes by up to 70%.3
More than half of high-performing organizations are overhauling their finance service delivery model.4
1 Revenues of US$500 million – US$999 million
2,3,4 KPMG International, Future Ready Finance Survey, 2019