Old-school finance—“Finance 1.0”—focused on managing the P&L for earnings and budget compliance.
The next evolution in finance—“Finance 2.0”—involved migration from an accounting and reporting role to finance’s involvement in management discussions and analyses across the business in a matrix organization structure.
Finance 3.0? It’s about serious evaluation of what’s missing organizationally to drive the business in a dynamic environment and engage finance teams as trusted advisors in enabling business growth.
In a recent online survey conducted by BRG Corporate Finance, over 120 finance executives were asked about the important roles of a finance organization, key business challenges, top priorities in supporting their business organizations, and major issues moving forward. The feedback received is clear: finance teams are placing more emphasis on supporting the business and its growth, and focusing less on traditional accounting and compliance functions. Clearly, successful transformation of finance teams will be critical to business success in 2019 and beyond.