Meeting the Modern Demands
Enterprises are delving deeper into outsourcing finance and accounting operations, while expecting providers to offer specialized, cutting-edge solutions, shows the latest report by Information Services Group (III), a prominent technology research and advisory firm.
Embracing Digital Transformation
The 2024 ISG Provider Lens™ global Finance and Accounting Outsourcing (FAO) Services report underscores a shift towards comprehensive, industry-tailored services in the finance and accounting sector. Companies now seek providers armed with advanced tools, strategic guidance, and sector-specific expertise to streamline financial processes and deliver bespoke solutions.
Revolutionizing Financial Processes
AI, machine learning, RPA, and cloud computing are spearheading a substantial transformation in finance and accounting operations. Prioritizing real-time data analytics, these technologies are enhancing efficiency and precision in financial tasks, with the potential for Generative AI (GenAI) applications to further enhance data analysis and planning efforts in the future.
Adapting to Emerging Trends
While procure to pay (P2P) remains the most commonly outsourced financial process, companies are increasingly delegating more complex functions like record-to-report (R2R) and financial planning and analysis (FP&A). The integration of AI and advanced analytics is reshaping these functions, redefining how organizations devise budgets, forecasts, and financial statements.
Enhanced Advisory Services
Consulting and advisory services are taking center stage in FAO engagements as companies navigate intricate technologies such as ERP and cloud solutions. Providers are also broadening their service portfolios to encompass environmental, social, and governance (ESG) practices and sustainability reporting, responding to evolving regulatory requirements.
Recognizing Industry Leaders
The 2024 ISG Provider Lens™ report identifies top performers in the field, naming companies such as Accenture, Capgemini, Cognizant, and Deloitte as Leaders across all four quadrants, with Accenture securing the position of global ISG CX Star Performer for its exceptional customer satisfaction scores.
Steering Towards Innovation
With a focus on outcome-based models and collaborative innovation, FAO providers and clients are embarking on a journey towards increased efficiency and customized solutions, laying the groundwork for a forward-thinking and dynamic landscape in financial outsourcing.