Finance teams in businesses are undergoing a profound transformation, with automation and  artificial intelligence (AI) becoming more integral to their work and the way businesses operate.  ACCA’s recent report, ‘Finance evolution: thriving in the next decade’, outlines how it will be  crucial for finance teams to reinvent themselves in the coming five years. This transformation  requires shifting from short-term profit maximisation to also embrace long-term value creation,  a deepened trust in AI-driven predictive tools, and a focus on equipping professionals with  future-ready skills. However, several challenges, including outdated technologies and  misconceptions about the finance function's role, continue to hinder progress for many  organisations. 

Prioritising Long-Term Value Creation 

One of the critical shifts highlighted in ACCA’s report is the move away from short-term  financial objectives towards the creation of sustainable, long-term value. Finance teams must  expand their roles to provide strategic insights into areas like sustainability, innovation, and  risk management.  

To support long-term value creation, finance teams should focus on multi-dimensional value  creation, considering financial, environmental, and social outcomes—the "triple bottom line."  This involves considering performance across multiple dimensions, ensuring that businesses  not only meet financial targets but also deliver value in terms of environmental sustainability  and social impact. 

High-quality, trusted data is essential for this shift. Finance teams must strengthen their data  management capabilities, ensuring data integrity and governance. This provides the  foundation for generating reliable insights that guide strategic decisions and maintain  stakeholder trust. 

Overcoming the ‘Cost Centre’ Mindset 

Despite technological advancements, a prevailing challenge remains: the perception of finance  as a mere “cost centre”. In the report, 32% of respondents view finance as a support function  rather than a driver of business value. This outdated mindset stifles the full potential of finance  teams to contribute strategically.

To overcome this, finance leaders must proactively demonstrate how data-driven insights lead  to more informed decision-making and support business growth. It is essential to showcase  how financial intelligence can drive sustainability initiatives, foster innovation, and ensure long term success. Integrating finance more closely with other business functions will also facilitate  collaboration, enhancing finance’s role as a strategic partner in creating enterprise-wide value. 

Developing Future-Ready Talent 

As digital transformation accelerates, finance professionals need continuous learning and  career reinvention. Thirty percent of respondents to the ACCA survey reported that their  current technology suite is inadequate, underlining the need for both technological upgrades  and the development of skills in AI, data analytics, and automation. 

In Malaysia, ACCA is at the forefront of preparing finance professionals for this future.  Initiatives such as the New Members’ Recognition Ceremony demonstrate ACCA’s  commitment to nurturing future-ready talent. These efforts ensure that finance professionals  are equipped to navigate the evolving landscape and meet the demands of the digital age. 

Furthermore, transforming the perception of finance as a cost centre requires rethinking  career paths. Finance professionals should be encouraged to explore hybrid roles that  combine finance, sustainability, technology, and business acumen. Such roles foster  adaptability and position finance as a leader in driving innovation and value creation. 

Seizing the Opportunity for Transformation 

The next five years represent a crucial window for finance functions to embrace transformation  and stay competitive in a world increasingly shaped by AI and automation. While challenges  such as outdated perceptions and inadequate technology remain, they are surmountable with  the right mindset, a commitment to continuous learning, and forward-thinking leadership. 

By embracing technological advancements, developing future-ready talent, and shifting focus  towards long-term value, the finance profession has the opportunity to survive and thrive in an  increasingly complex and competitive environment. The time for transformation is now, and  finance professionals who seize this moment will be well-positioned to drive business success  in the future. 

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