The role of the finance team is changing—fast. What used to revolve around closing the books and managing budgets is now about driving strategy, enabling smarter decisions, and adding real business value.
Rapid advances in technology, rising data complexity, and constant economic shifts are pushing finance teams to evolve like never before. This shift signals the transformation of the finance function, as traditional roles give way to future-ready capabilities.
So, what will set high-performing finance teams apart in the next decade?
4 Ways Finance Teams Work Smarter
Finance teams are finding better ways to work and make faster decisions. Here are four simple changes helping them work smarter and add more value.
1) Smarter Ways to Run Finance Teams
Finance teams are changing the way they work to become faster and more focused on what matters most. This means rethinking job roles, simplifying how things get done, and using more digital tools to enhance efficiency in finance operations.
The new approach includes:
- Stricter rules for managing data
- More automation
- Better tools that work well together
- Flatter team structures instead of old-style hierarchies
- Agile teams that give deeper insights
- Hiring people with strong digital skills
According to Harvard Business Review, two key areas matter most:
Structural Dynamics
This refers to challenges when moving from old-school team structures to flatter ones. Even when teams change, old habits—like slow decision-making or top-down control—can stick around. These leftover habits, or “zombie structures,” hinder managing the finance function effectively.
People Dynamics
This is about how people help drive change. It includes clear communication, leadership, training, and keeping the culture strong. It’s also about blending new ideas with company values, using shared language to work better together, and retraining teams at a steady pace to support both short- and long-term success.
2) Using Technology to Do More
Many finance teams have become much more efficient in routine tasks like paying bills or collecting money—some by as much as 39%. But since those processes are already improved, future gains will be smaller. The next phase of finance department functions involves high-value areas like planning, forecasting, and risk strategy.
Areas like financial planning, taxes, and risk management haven’t seen the same level of improvement, mostly because they focus on tasks that add more strategic value.
But that’s changing fast. With better computing, machine learning, and AI, finance teams can now handle more complex work. As big data grows, so does the need for people with finance skills of the future, such as data analytics, AI alignment, and cross-functional collaboration.
What CFOs should do:
- Use advanced automation to free up staff time
- Focus on strategic work
- Make sure finance is aligned with the company’s AI goals
- Build teams with the right skills for the future
3) Smarter Decisions with Better Analytics
More finance teams are using advanced analytics to solve big business problems.
Over half of CFOs say they want to improve how they predict cash flow. A Deloitte study also found that nearly half are boosting their analytics to support finance function transformation.
Analytics isn’t just about crunching numbers—it’s about helping leaders understand what’s really happening in the business and what actions to take next. To do this, finance teams need to:
- Share insights clearly and quickly
- Deliver real-time information for faster decisions
- Use large amounts of data to prepare for what’s coming
Investing in analytical training and hiring stronger senior finance talent equips finance with future-ready skills and positions it to drive greater impact.
4) Finance Leads the Way in Managing Data
Data is growing fast—by 2025, the world is expected to produce 175 zettabytes of it. That’s a huge challenge for finance teams, who must manage this data well to stay competitive and meet legal requirements.
A strong master data management strategy helps make sure data is:
- Collected correctly
- Stored safely
- Ready to support new tech like generative AI
A recent McKinsey report found that the companies already making the most money from AI are the ones leading in good data practices.
Finance leaders must take the lead in making sure data is high quality, well-managed, and ready to support smarter technology.
Act Now: The Future of Finance Won’t Wait
The next decade will be defined by the bold finance teams that stop reacting and start leading. The world of finance is no longer just about reporting the past; it’s about shaping the future.
Teams that embrace smarter structures, invest in the right technology, build data mastery, and turn insights into action will rise as strategic powerhouses in their organizations. That’s what true efficiency in finance looks like.
This isn’t a wait-and-see moment.
Change is already happening, and the pace is only accelerating. Finance leaders must rethink their roles, upskill their people with the finance skills of the future, and align around a vision of innovation and resilience.
Start today. Build a finance team that’s not just prepared for the future, but ready to lead it.
FAQs
What are the key finance skills of the future needed for a modern finance department?
The finance skills of the future include data analytics, automation proficiency, strategic thinking, and digital literacy. These skills are critical as finance professionals increasingly focus on value creation and support broader business decisions.
How are finance department functions evolving in today’s digital economy?
Finance department functions are shifting from traditional bookkeeping to strategic roles involving forecasting, risk analysis, and performance optimization. This evolution is driven by digital tools and the need for real-time insights.
What strategies can improve efficiency in finance operations?
Finance teams can improve efficiency—often called “efficiency finance”—by automating processes, streamlining reporting, and integrating financial systems. These strategies cut down manual tasks and speed up decision-making.
Why is managing the finance function critical in transformation initiatives?
Managing the finance function effectively is essential during finance function transformation because it ensures alignment between new technologies, people, and processes. Strong leadership enables smooth transitions and measurable performance improvements.