Shared services, outsourcing imperative for financial sector's transformation

ONGOING challenges in finance transformation through shared services and outsourcing remain, but there are significant future opportunities for value, say global leadersThere is 'no turning back' from finance shared services and outsourcing as a future delivery model for the finance function, say finance experts from 20 leading global organisations, including Coca Cola, Deloitte, PwC, Shell, Unilever and WPP, in a new report from ACCA (the Association of Chartered Certified Accountants) called Finance Transformation: Expert insights on shared services and outsourcing.The report reveals that the use of finance shared services and outsourcing to transform the finance function is here to stay, with gains already made in reducing costs and improving processes.Jamie Lyon, head of employer services at ACCA and co-author of the report, says: 'In this report we wanted to explore how leaders are transforming the finance function to improve finance capability through shared services and outsourcing and the issues, challenges and opportunities faced. Finance transformation continues to be a critically important issue for chief financial officers and finance leaders, especially in an ongoing challenging business environment.'Looking to the future, the report's global experts see much greater opportunities to drive improved business results, where finance transformation moves beyond just delivering cost savings and process efficiencies ' Accenture's Anoop Sagoo says in the report 'the CFOs I work with see finance transformation as a vehicle to drive change. Now they are most interested in business performance.'However, the report reveals a number of challenges, which must be overcome to unlock future value.Global leaders featured in the report continue to recognise capability shortfalls, from the effectiveness of change management processes to the lack of focus on the retained finance team and inability to see shared services and outsourcing in the context of an overarching vision for finance.
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