2020 Global Finance & Accounting (F&A) Vertical Demand Survey
2020 Global Finance & Accounting Intelligence Report Validates Shifting Investment and Sourcing Priorities
Before the coronavirus fundamentally changed the world, technological innovation and digital disruption were the dominant influencers shaping global business sectors.
Unsurprisingly, these trends emerge as central themes in the Knowledge Executive 2020 Global Finance and Accounting (F&A) Vertical Industry Demand Survey.
This comprehensive survey provides an in-depth look at key F&A outsourcing and offshoring trends, investment plans, talent and people, technology, and service provider requirements for 2019-2020.
The report offers extensive insights into global Finance & Accounting Outsourcing (FAO) and broader F&A trends emerging across a broad range of industries.
This report was compiled based on insights from interviews conducted with global C-level F&A decision-makers, including Finance Managers, Finance Directors, Heads of Finance, Chief Financial Officers (CFO) and VPs of Finance between October and December 2019.
“These respondents represent a statistically significant number of organizations in Australia, Canada, France, Germany, the UK and the US, across thirteen key vertical markets,” explains Mark Angus, CEO, Researcher & Strategist of Knowledge Executive.
These respondents represent a broad range of companies, including large enterprises consisting of over 10,000 employees and small businesses with just over 100 employees.
A dynamic, tech savvy sector
“What we uncovered is a profoundly dynamic, highly developed and technologically savvy sector that is constantly looking for more efficient strategies and methods,” elaborates Angus.
However, the channels through which businesses seek to access and leverage technology to transform operations and create greater efficiencies vary.
“F&A firms increasingly rely on outsourcing to create operational and cost efficiencies in their operations. But rather than a pure focus on outsourcing, the research reveals a preference for an augmented model that retains certain tasks and processes in-house, while outsourcing specific tasks to regions with specialized expertise or value-adding capabilities.”
Additional key trends uncovered in the research include Artificial Intelligence (AI), Robotic Process Automation (RPA), and the growing need for data security and protection.
Shifting investment priorities with Covid-19
“However, the Covid-19 global pandemic’s economic impact will shift investment priorities from growth and innovation to cost-containment, efficiency and sustainability,” continues Angus.
While technological innovations such as cloud-based platforms create new challenges for CFOs related to data security and protection, among others, an acceleration in adoption rates to ensure business continuity during Covid-19 lockdowns have brought these challenges front and centre.
“Executives must now decide how to implement these technologies into their organization and consider the potential impact on staff and human capital. This report will help executives contextualize these issues and offer insights into how to respond and adapt,” states Angus.
“We are confident that this report will empower CFOs and financial managers to make informed decisions regarding their F&A outsourcing and offshoring strategy, investment plans, talent and technology, and service provider requirements in what is an unprecedented period for businesses in every global sector,” he concludes.