22% of Irish firms have strategy for finance transformation [Video]

Finance teams have five years to transform of risk becoming irrelevant, a global report from ACCA, Chartered Accountants ANZ and PwC has found.

The report, ‘Finance evolution: Thriving in the next decade; stresses the vital role finance teams play in building sustainable businesses and urges CFOs to take immediate action.

The report, which was drawn from more than 150 finance professionals and 2,300 survey responses, found that businesses now demand a broader skillset from their finance teams.

Additionally, retrospective reporting and traditional approaches to planning and forecasting alone no longer meet decision-makers’ needs, and being pre-emptive is the order of the day.

Some 38% of respondents complained of a lack of clarity on how finance can add value to business, with a third (32%) mainly seeing finance as a cost centre.

A further 30% said current technology was not meeting the needs of the organisation, and finance teams are encouraged to embrace AI, machine …