Finance Transformation

Transforming finance functions to enhance efficiency, optimise processes and boost strategic value.

In today’s rapidly evolving business landscape, the finance function is crucial for driving strategic growth and operational excellence. At PwC, our Finance Transformation team empowers finance leaders to navigate major trends such as automation, artificial intelligence (AI) and the increasing importance of environmental, social and governance (ESG) issues. We also address common challenges like process inefficiencies, workforce management, compliance issues and the need for strategic insights — helping clients unlock new opportunities for growth and efficiency.

Client priorities

Addressing Finance’s key priorities through transformation

Finance leaders are focusing on optimising their processes, data, people and technology to deal with complex financial and regulatory requirements, to position themselves as a strategic partner and drive business value.

Optimised processes

In today’s fast-paced business environment, CFOs must develop agile processes that adapt to market changes. By leveraging advanced technologies like GenAI and incorporating managed services, we enhance decision-making, maximise automation and reduce human involvement in repetitive tasks. Our approach ensures that finance processes are streamlined and efficient, allowing businesses to focus on their core activities.

Robust data

In an era of data-driven decision-making, CFOs must ensure the accuracy and reliability of financial data. This involves implementing robust systems for data collection, validation and reporting. With an effective data strategy, CFOs can align with organisational goals — driving efficiency, accuracy and strategic growth.

Emerging technologies

Technologies like AI and machine learning are reshaping finance. CFOs must leverage advances in data mining, analytics and forecasting. Integrating enterprise performance management solutions helps businesses gain accurate and timely insights, ensuring financial data supports strategic decisions and drives performance.

Deep expertise

Complex areas like tax, treasury, payroll and specialist reporting need deep expertise. As regulations evolve, the need for specialised knowledge grows. CFOs should consider outsourcing niche services, especially for smaller organisations. This ensures access to expertise and effective management of third-party relationships. Strong governance and alignment with objectives ensure the finance function supports the business strategy.

Regulatory compliance

CFOs face increasing regulatory pressures, with heightened scrutiny in areas like private equity and ESG reporting. This demands rigorous reporting standards and financial integrity. By viewing new requirements as opportunities, CFOs can reinforce the finance function’s role in achieving organisational goals. Proactive compliance ensures adherence to regulations and positions the finance function as a strategic partner in sustainable growth.

Moving to a modern finance operating model

The traditional finance function has primarily focused on transactional processes and core business reporting. This model emphasises offshore and outsourced operations to achieve process efficiency and cost optimisation. Organisations typically aim to consolidate and centralise their finance operations, maintaining a strong span of control. The strategy and insight capabilities, while present, are limited in scope and impact. Transaction processing forms the foundation of this model, with reporting and core business functions building upon it. While this approach has served many organisations well in the past, it often falls short in providing the strategic value and insights needed in today’s rapidly evolving business landscape.

 

As finance functions embark on their transformation journey, they enter an interim ‘fit’ state characterised by increased productivity and the initial steps towards digitalisation. This phase focuses on modernising existing processes through the implementation of digital tools and small-scale automation, such as robotic process automation (RPA) and data visualisation techniques. Organisations begin to embrace modern workforce practices and new ways of working, emphasising upskilling of their finance teams. Point cloud solutions are adopted to address specific needs, while data lakes and advanced analytics platforms are established to harness the power of information. This state represents a crucial stepping stone, balancing traditional reporting and core business functions with emerging digital capabilities and strategic insights.

The sustainable future state of finance represents a paradigm shift, positioning the function as a key driver of business strategy and insights. This model is built on a foundation of advanced analytics and a connected digital core, utilising cloud-based standard processes and new ways of working. Functional transformation extends across the entire finance organisation, enabling it to define and deliver strategic programmes that drive business value. Big automation initiatives and system upgrades become the norm, while enterprise systems are consolidated for improved efficiency. Agile transformation methodologies are adopted to ensure adaptability in a fast-changing business environment. In this state, finance transcends its traditional role, becoming an indispensable partner in shaping and executing organisational strategy.

Finance Transformation services

Finance transformation

Our finance transformation service helps CFOs to define a clear vision and strategy for their finance function. We evaluate current performance, identify areas for improvement, and provide expert advice on future opportunities that will transform your finance function from the traditional transaction role, to a key strategic advisor. Our goal is to enhance efficiency, drive growth, and ensure finance operations align with overall business strategy.

Enterprise performance management (EPM)

We aid CFOs in translating strategy into sustainable performance. By leveraging advanced budgeting, planning, consolidation, reporting, and analytical solutions, we help finance teams to generate accurate and timely insights that drive informed decision-making. This enables CFOs to optimise performance, achieve strategic objectives, and ensure long-term success, while keeping them at the forefront of EPM and finance performance.

Artificial intelligence (AI)

We help CFOs to harness the power of artificial intelligence to create significant business value within the finance function. From robotics process automation, to GenAI, our leading AI solutions automate finance operations, providing accurate and efficient processes. We’re here to help you unlock the full potential of AI, leverage its capabilities and navigate its complexities. We do that by enabling data-driven decision-making, promoting responsible AI practices, empowering and upskilling teams, and preparing finance functions for a future where AI technologies are integrated into everyday life.

Managed services

We offer comprehensive managed services for finance, allowing CFOs to concentrate on their core business activities. Combining the best sector and functional finance expertise, with data led insight and advanced technology, we provide end-to-end managed services, from modern finance strategy to traditional transactional delivery. We work with finance teams to develop in-house capabilities for the long term.

Environmental, Social and Governance (ESG)

We work with CFOs to develop and deliver robust ESG strategies and reporting. ESG is a complex area for all businesses; complying with regulations, managing risks and capturing essential data. With our intelligent technologies, digital solutions, and deep reporting experience, we can help streamline your ESG process to ensure you achieve measurable success and build greater trust.

Payroll

We assist CFOs to enhance the delivery of their payroll services, ensuring efficiency and accuracy. Our approach focuses on optimising the payroll operating model, which includes people, processes, technology, data, governance, and controls. By addressing these key areas, we help CFOs to achieve seamless payroll operations, reduce errors, and ensure compliance with global regulatory requirements.

Treasury services

We offer comprehensive treasury services designed to meet your strategic and operational needs. Our services include strategy and transaction support, cash and liquidity optimisation, technology-enabled transformation, and financial risk management. By leveraging our expertise, we help CFOs to enhance their treasury operations, improve financial stability, and achieve greater efficiency and control of their financial resources.

Finance evolution

How CFOs and their finance functions can deliver transformative value

Explore Finance Transformation Thought Leadership

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Contact us

Dervla McCormack

Dervla McCormack

Partner, PwC Ireland (Republic of)

Tel: +353 87 283 4578

Ruth McNamee

Ruth McNamee

Director, PwC Ireland (Republic of)

Tel: +353 87 601 0605

Jens Gladikowski

Jens Gladikowski

Director, PwC Ireland (Republic of)

Tel: +353 87 765 9746

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