Accountancy age and MHR Analytics survey reveals heightened opportunity for finance teams

Finance teams are playing a more pivotal role in organisational strategy than ever before, according to a new report by MHR Analytics and Accountancy Age.

The Road to 2022 report examines the accelerating trend for finance executives to assume more responsibility, cease new opportunity, and plan transformative roadmaps to upgrade the analytics capability of their organisation. 

MHR Analytics, the financial performance management provider, partnered with Accountancy Age to survey 200 professionals in top finance positions.

Based on the findings, The Road to 2022 reveals how the developing finance role has been elevated further as corporates attempt to crawl out from under the shadow cast by the pandemic.

Nick Felton, MHR Analytics’ Senior Vice President said: This shift in responsibility comes as no shock, as the c-suite of many organisations have become even more reliant on finance teams to offer strategic insights to leaders, who continue to face relentless pressure from separated or absent teams, logistics operations, supply chain or health and safety measures.”

“These new and unprecedented corporate challenges have offered some new opportunities for finance professionals to both benefit their organisations and upscale their own professional scope.”

“Lockdowns and economic turbulence have exposed business weaknesses, and this has created an upsurge in demand for fit-for-purpose analytics-based strategies that enable leaders to flex and negotiate the continued unknowns. Our research shows this is being seen by many ambitious finance professionals as an opportunity that can propel their role or team towards a more strategic or more influential position.”

The MHR Analytics and Accountancy Age survey found:

• More than 81 percent of finance executives predict they’ll be seen as controlling budgets and expenses within their company by April 2022
• 76% expect their employer to invest in updating skills for finance employees
• 83 percent predict finance will become a more trusted business partner to non-finance departments

Nick Felton added: “With finance teams now sitting at the forefront of all business practice, the structure of roles within organisations looks to change dramatically in the next year, and the future of finance is set to rise.”

Read the full Road to 2022 report by Accountancy Age and MHR Analytics.