IMA, Deloitte Publish Report on Intersection of Technology and Finance
Stern Strategy Group
Montvale, N.J., U.S., August 5, 2020 – IMA® (Institute of Management Accountants) today published a report with Deloitte’s Center for Controllership detailing how advanced technologies contribute to the constantly evolving finance function and what new skills finance professionals must gain to remain relevant and resilient.
“From Mirage to Reality: Bringing Finance into Focus in a Digital World” provides insights on how technologies, such as automation, analytics, and visualizations, serve as enablers in how work is performed and how finance teams can develop their skills and competencies, build cultures of continuous learning and education, and utilize technologies to enhance and optimize their work. The report is based on a global survey conducted between November 6, 2019 and January 6, 2020 of nearly 800 finance and accounting managers, directors, controllers, and CFOs.
The report further found that more than 85% of respondents believe automation will significantly impact the way their companies perform their work within the next three to five years, likely manifesting in changes to financial reporting, general ledger and close accounting, operational accounting, financial planning and analysis, and controls and compliance processes. It would follow that such advancements will permit finance to continue to become less transactional with a more centralized finance function, driven by critical thinking, analytics, and advanced technologies.
“Technology will continue to occupy a greater role within the finance function, and recent events, such as the COVID-19 pandemic, have only accelerated this trend,” said Jeff Thomson, CMA, CSCA, CAE, IMA president and CEO. “As the urgency for digital finance transformation grows, it is imperative that finance professionals upskill and encourage their employees to develop future-ready competencies.”
To adapt to these changes and develop these needed skills, respondents especially recommend finance teams invest in training in:
- Budgeting, Forecasting & Reporting Tools
- Cloud-Based Accounting Solutions
- Data Analytics & Visualizations
“While the COVID-19 pandemic has accelerated technological advancements for many organizations and their accounting and finance functions, it’s also accelerating the future of work, workforce, and workplace,” said Beth Kaplan, managing director for the Center for Controllership, Deloitte & Touche LLP. “As organizations discern what their ‘next normal’ looks like, now is the time to lean into areas that will offer operational efficiencies and enhancements for finance and accounting teams, just as with broader organizational groups.”
To read the full report, visit here.
About IMA® (Institute of Management Accountants)
IMA®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) and CSCA® (Certified in Strategy and Competitive Analysis) programs, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 125,000 members in 150 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe and Middle East/India. For more information about IMA, please visit www.imanet.org.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com.
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