The world is rapidly changing, and so is the finance industry. It is essential for CFOs and finance leaders to prepare for the future by embracing digital transformation. A clear vision and strategy for finance in a digital world are necessary to ensure that the right people and technology are in place to take advantage of the inevitable disruption ahead.
Deloitte has identified eight predictions for finance in 2025, based on what finance leaders are doing and the technology available today. These predictions are outlined below, along with insights and research from Deloitte’s “Finance 2025” report:
The rise of digital finance architecture
Deloitte predicts that by 2025, digital finance architecture will be the norm for finance organisations. This architecture will be designed to support real-time decision-making, enable automation, and provide a foundation for emerging technologies like artificial intelligence (AI) and blockchain.
The increased use of AI and machine learning
AI and machine learning will play a significant role in finance by 2025. These technologies will enable finance leaders to analyse vast amounts of data quickly, identify patterns, and make predictions. AI and machine learning will also help finance leaders to automate repetitive tasks and reduce the risk of errors.
The importance of cybersecurity
As finance becomes more digital, cybersecurity will become increasingly important. By 2025, finance leaders will need to be able to manage cybersecurity risks effectively. This will require a combination of technology, processes, and people to ensure that data is secure and protected from cyber threats.
The rise of the gig economy
The gig economy is growing, and by 2025, it will have a significant impact on finance. Finance leaders will need to be able to manage a workforce that includes full-time employees, contractors, and freelancers. This will require new approaches to talent management, including the use of digital platforms to manage and engage with workers.
The importance of data governance
Data governance will become increasingly important in finance by 2025. Finance leaders will need to ensure that data is accurate, complete, and secure. This will require a combination of technology, processes, and people to ensure that data is managed effectively.
The shift towards cloud-based solutions
By 2025, cloud-based solutions will be the norm for finance organisations. These solutions will provide finance leaders with the flexibility and scalability they need to manage their operations effectively. Cloud-based solutions will also enable finance leaders to access data and insights from anywhere, at any time.
The increasing importance of customer experience
Customer experience will become increasingly important in finance by 2025. Finance leaders will need to be able to provide customers with a seamless and personalised experience across all channels. This will require a combination of technology and processes to ensure that customers have access to the information they need when they need it.
The rise of blockchain technology
Blockchain technology will have a significant impact on finance by 2025. This technology will enable finance leaders to improve transparency, reduce fraud, and streamline processes. Blockchain technology will also enable finance leaders to create new business models and revenue streams.
The future of finance is digital, and CFOs and finance leaders need to prepare for what’s ahead. By embracing digital transformation, finance leaders can take advantage of emerging technologies, improve decision-making, and create new business models. The predictions outlined by Deloitte provide a glimpse into what the future of finance may look like. It’s up to finance leaders to take action now to ensure that they are prepared for what’s ahead.