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When William Gibson said, “The future is already here – it's just not evenly distributed" almost 20 years ago, he may not have realized for how long his statement would hold true. The future for all businesses is digital, especially today, as we adopt new ways of working in the face of multiple crises.
For finance and accounting (F&A) functions, technology adoption is certainly not evenly distributed. If I look at digital transformation and the opportunities it offers finance through the lens of binary code, I believe their goal should be 00001. Let me share why.
Though many finance functions were already on the digital transformation journey, COVID-19 has accelerated it and presented them with a crossroads. The pandemic has created the perfect storm, dramatically increasing the need for digital but also exposing two types of recovery. Some industries have seen growth and others have continued to be disrupted. Teams that had already invested in finance transformation have performed much better than those that had not.
There's no way to accurately predict what's coming next, but by assessing technology developments and business priorities, our forecast says that the binary code for tomorrow's F&A team will be 00001:
