As technologies emerge and the finance ecosystem needs to reimagine, Deloitte, a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax, and related services has made predictions about digital technology for CFOs for 2025.
To get the right people and technology in place to take advantage of the inevitable disruption ahead, Deloitte Global’s eight predictions for finance in 2025 is based on what finance leaders are doing and the technology available today.
Eight Predictions For Finance In 2025
Questions informing these forecast included: What would be possible if we combined different technologies to reimagine the future? How would the work of finance get done and who would do it? How could finance contribute even more to the success of the company? Deloitte predicted :
The finance factory: Transactions will be touchless as automation and blockchain reach deeper into finance operations – In the years ahead, cloud-based ERP, automation, and cognitive innovation will continue apace, creating opportunities to radically simplify processes and free up people. Adding blockchain to the mix will only accelerate this trend. As this transition picks up speed, the capacity of humans to add value will be unleashed.
The role of finance: With operations automated, finance will double down on business insights and service. Success is not assured.
Finance cycles: Finance goes real time. Periodic reporting will no longer drive operations and decisions—if it ever did.
Self-service: Self-service will become the norm. Finance will be uneasy about this.
Operating models: New service delivery models will emerge as robots and algorithms join a more diverse finance workforce—think about the integration of freelancers, gig workers, and crowds.
Enterprise resource planning: Finance applications and microservices will challenge traditional ERP. Big vendors will be prepared.
Data: The proliferation of APIs will drive data standardization, but it won’t be enough. Many companies will still be struggling to clean up their data messes.
Workforce & workplace: Employees will be doing new things in new ways, some of which will make CFOs uncomfortable.
The company said some find it interesting to speculate about finance disappearing under the crush of digital disruption, which doesn’t happen.
“Yes, finance will likely be leaner, but that will mostly be a function of headcount in operational finance (order-to-cash, procure-to-pay, transactional accounting, etc.). ” Deloitte Global expressed.
Meanwhile, expectations for support from business finance (business partnering, reporting, planning, budgeting, forecasting, etc. ) and specialized finance (tax, IR, etc.) will continue to grow, the company added.
Technology has evolved into a new class of digital tools reshaping every aspect of businesses. No matter what future one sees for her/his finance organization, one thing is clear: That future is now. Competing in the digital world, comes with the need for organizations to forecast and manage more effectively and become more efficient.