Introduction
Throughout the pandemic, the financial strength and performance of most organisations have been severely tested. As a result, many finance teams in Southeast Asia (SEA) have gained a seat at the leadership table.
However, only 34% of the respondents to a PwC and ACCA survey felt that the enhanced role that finance teams have played during the pandemic would last.
“We have seen finance teams step up to the challenge and gain greater respect, and a seat at the boardroom table.”
Three areas to address
There is an enormous opportunity for finance functions to strengthen its relevance and live up to the evolving demands and performance expected of them. They can increase the value of sustainability-based insights into strategic and operational decision-making and foster the right control mindset over these issues across the entire organisation. The three key areas to address are:
Data and technology
Respondents in SEA have a relatively stronger expectation in pursuing its digital capabilities in comparison to their global counterparts. This is particularly so for the following digital capabilities:
- Forward-based analytics (predictive and prescriptive)
- Adoption of automation and AI
Skills and careers
Nearly 40% of respondents in SEA perceive mental health of the workforce to be a concerning lasting impact on the finance function.
In the short term, leaders need to address concerns surrounding the workplace of the future, and in the long term, adopt new ways of working.
Innovation and collaboration
Creativity and innovation are the keys to success and both are only possible with collaboration.
Way forward
Here are six key actions for finance functions to consider:
- Redefine the focus of finance to include broader performance metrics for natural and human capital.
- Invest in technologies that can be used to create an support an enterprise-wide data model.
- Use predictive analytics based upon this model to drive more holistic business decision-making.
- Enhance business partnering and analytical skills to ensure that finance can fulfil this new role across the organisation and continue to improve collaboration both across it and with external parties.
- Drive for greater efficiency, productivity and standardisation across processes and common platforms.
- Through these actions, establish finance as the central point within the organisation for achieving sustainable and responsible growth and enhancing the reputation of the organisation.
About the report
In the joint research conducted by PwC and ACCA, we draw insights from several interviews and virtual roundtables conducted in April 2021 and a survey of ACCA members and affiliates, PwC contacts, and various chief financial officers (CFOs) to delve into how the finance function in SEA has been impacted by COVID-19 and the factors that organisations must consider in order for their finance function to remain relevant.
Contact us
Finance Transformation Leader, South East Asia Consulting, PwC Singapore
Tel: +65 9675 4169
