Over the next two decades, the function of the Chief Financial Officer will see its biggest technological changes since the introduction of personal computers in the 1980s. Just as technology has increasingly replaced humans on factory floors, it will take over many of the historic functions of the CFO, according to John Mulhall, Lead Partner of KPMG’s Financial Management Consulting Practice.
Over the next decade, “we will see a lot more advanced automation in the back office in the CFO suite,” says Matteo Colombo, a Principal in KPMG’s Innovation and Enterprise Solution Group. That technology will enable humans to make better decisions, faster.
Then, over the following decade, the cognitive capabilities of the technology are likely to become so good that humans will begin to perform new roles in connection with the core accounting functions of the CFO’s back office, he predicts.
Bloomberg data and insights about the CFO function—prepared independently of KPMG—support their contentions. Here’s how the CFO’s office will change over the next decade and beyond, and the practical steps companies can take today to prepare for that future.
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The Practical Guide to Disruption series examines the future of five key business processes. Combining the insights of KPMG‘s industry specialists with Bloomberg data, we provide practical steps executives can take to prepare for the changes to come. Learn more.