My Finance Preparation for 2030 - 4 Imperatives that are shaping my decision making

The 2008 housing bubble opened up a few hard realities for the world - starting from the slippery slope of debt and a global financial crisis to an increased focus on cost control and compliance.?

A decade and a half later, we've come a long way when it comes to financial preparedness.

We're now in the age of big data, AI, and automation - and it's time for leaders and organisations to take a closer look at the decisions we make today and how they will shape our financial future.

The decade of 2020s is the first of its kind for Finance and business in general. We're not only looking at a post-COVID world but a new economy where the rules of yesterday no longer apply.

Amidst such chaos, I find myself thinking about modern finance more than ever before.

How do we prepare for an unpredictable future?

What kind of decisions should I be making right now to ensure long-term success and sustainability?

And most importantly, how do the organisations I consult continue to be resilient?

As I enter the third decade of my career in Finance, here's how I'm gearing up for 2030 (and you should too!):

Preparing for the age of doing "more with less."

"Optimisation" has long been a buzzword in FP&A, but in today's ecosystem, it is imperative that we make better use of our resources. We must build processes to ensure cost savings and identify ways where we can optimise operations with minimal disruption.

The great recession, followed by the great layoffs, led to an ever-growing scarcity in the job market. It is thus essential that we continuously optimise our process and use technology to increase efficiency without compromising on quality or labour costs.

Rethinking the Role of Finance in Decision Making

The role of finance in decision-making is no longer restrictive - it has evolved into something bigger and more agile. We must be ready to provide tailored advice on strategy and operations.

This requires us to have a better understanding of the business landscape while being prepared for strategic conversations with stakeholders from all departments. We must be agile, open-minded and ready to come up with innovative solutions that will help organisations mitigate risk in turbulent times.

Harnessing the power of data

Data is the new superpower, and FP&A must make it their mission to stay ahead of the curve. We must understand how to use data to identify patterns, gain insights and create meaningful forecasts for our clients.

This means investing in advanced analytics & infrastructure that allow us to quickly access, analyse and interpret data from multiple sources. We must also ensure data security and privacy, as these are important pillars of trust in an ever-evolving world.

Adopting new technologies for improved collaboration

A few years back, if someone had told me that I'd be able to collaborate online with teams from across the globe, I wouldn't have believed them. But here we are - embracing new technologies and tools that help us connect better and faster than ever before.

The use of AI, ML and predictive algorithms in FP&A is just the tip of the iceberg. We must be prepared to adopt new tools and technologies that will help us automate processes, gain real-time insights and optimise operations.

More importantly, we must be cognizant of the need to create a seamless digital experience that will also help build trust with our clients.

Amongst the chaos of uncertainty and change, there is a sliver of opportunity to create something new and lasting. As we enter the modern era of Finance, let's stay ahead of the curve and continue to drive innovation in Finance!

What if I told you that you don't have to journey the future of FP&A alone?

Organisations today have the wide luxury of leveraging the expertise of consultants who specialise in advanced analytics, cutting-edge collaboration tools, and data-driven decision-making.

At Akshar Business Consulting, we provide our clients with customised solutions that help drive efficiency and optimise operations. This is done through a combination of research-backed insights, creative solutions and strategic planning.

If your FP&A function is looking for a reliable partner to take it into the future, I'm happy to have a conversation! Let's work together to make our FP&A future-ready!