Finance trends 2017

In finance, as in any sector, technology is driving change. Technological changes follow each other in rapid succession. Developments influence each other and this, in turn, impacts the work of finance managers. We have listed the 7 most important finance trends of 2017.

1. Agile: from ICT trend to finance trend

Agile is a working method from ICT. There, it means working with short cycles. Goals and approach change along the way. This working method can be very effective in control and audit processes. Instead of working according to a fixed plan, choices are made during the process depending on the wishes of stakeholders and the results already found. In the US, several companies are already working on pilot projects and this will become more so in 2017.

2. Hedging interest rate and currency risks

Currency fluctuations have hit the results of many internationally operating companies over the past few years. Interest rates have also risen somewhat in recent months. Hedging risks on such movements is a key priority for the CFO and finance department in 2017, according to Swedish bank Nordea.

3. e-Invoicing

Invoicing is increasingly going fully digital and automatic. It saves time and money, and by eliminating the need for human intervention, fewer errors are made. The same goes for handling payments. In 2017, automatic invoicing will get an extra boost as the Dutch central government switched. All government suppliers must send automatic invoices for new contracts. Artificial intelligence will play an increasing role in administration over the years.

4. Analytics and big data continue to grow

The rise of artificial intelligence, the continued growth of the cloud. Thanks to technological developments, the possibilities of extracting insights from financial systems continue to grow rapidly. At the same time, the awareness that a lot can be done with data and that it can help in making strategic choices is also growing. This means that more and more is expected from the business from those responsible for all that data.

5. Demand for talent

The fact that technology is becoming more powerful and accessible does not automatically mean that the role of people is diminishing. Ultimately, someone has to formulate the right questions and interpret the answers technology gives us. Analytical skills are indispensable for this. At the same time, these skills are already scarce and will only become scarcer in the coming year. This also affects the role of finance managers and CFOs.

6. Visualising data

Like the tools to analyse, the opportunities to share insights in an accessible way are also increasing. A report concludes Deloitte that the complexity and cost of tools that help with this have fallen sharply. Visualisation, for example, can easily show where the risks are in an audit process. A picture says more than a thousand words, provided it is a good picture.

7. Protection of data

Protecting data, both from theft and loss, has long been a topic high on the agenda. The risks to the organisation are large and diverse, from operational risks to reputational risks. In 2016, awareness continued to grow due to, among other things, the leakage of sensitive information in the US election campaign. According to Deloitte, data protection will continue to be an area of focus in 2017. With the advent of the General Data Protection Regulation Act (AVG/GDPR), companies are forced to handle personal data in a transparent and responsible manner. 
Want to know more about the Finance Trends of 2017? Then contact one of our experts and they will tell you more.