The undeniable evolution of the finance function... yet again

This transformation is fuelled by a new wave of technology, with AI at its core, fundamentally reshaping the role of the CFO and the priorities of the entire department.  

Businesses are realising that finance can be more than just a support system; it can be a strategic powerhouse that drives growth and unlocks new opportunities. The latest research from UBS Evidence Lab backs this up too: 72% of organisations are planning to upgrade their finance systems this year or next. And the average system age has dropped to just 3.45 years, proving that companies are actively seeking modern solutions to meet modern demands. 

AI Is reshaping CFO priorities 

AI is no longer a futuristic concept; it's a present-day reality. A substantial 53% of organisations say AI is accelerating their timeline for finance system upgrades. And why is this? Because the benefits are too compelling to ignore. It is making its way into core financial operations, with 66% of businesses already using it to some degree. From automating routine tasks to providing predictive insights, AI-driven platforms are freeing finance teams from manual processes and empowering them to focus on high-value, strategic work.  

However, harnessing the full potential of this technology requires a befitting foundation. Legacy systems simply can't support the clean data, consolidation, and modular architecture that AI demands. This is why the move away from monolithic, legacy platforms is not just a trend, it's a necessity. 

The power of platform: Moving towards consolidation 

This need for a suitable foundation is driving a new approach to enterprise software. Over 90% of CFOs now state that their AI strategy is pushing them to consolidate their systems. The reason is simple: siloed tools create complexity, increase risk, and make it nearly impossible to get a unified view of the business. 

The most forward-thinking companies are moving towards a single, integrated platform. This approach simplifies data governance, automates workflows, and enables faster, smarter decision-making. By unifying their financial, people, and operational data, they can achieve real agility and strategic control, without the disruption and "baggage" of a traditional ERP. 

This shift is so critical that finance is now a top driver of IT budget growth. According to the same UBS research, 57% of businesses say IT is moving up the priority list, with 40% citing AI projects as a major reason. While software price increases are happening, the enhanced value/ROI and capabilities, especially those related to AI, justify the investment. Organisations are actively investing in tools that will future proof their finance function and power their growth. 

Build your future-ready finance function 

This seismic shift requires a new mindset and a new approach to technology. OneAdvanced believe CFO’s and their teams should be able to transform day-to-day workflows without the price tag or complexity typically associated with traditional ERP systems. Our secure, composable, AI-enabled platform provides a single, integrated suite that covers Financials, Source to Contract, Purchasing, and Risk Management. 

If you want to learn more about the power of composable platforms, what a successful finance growth engine looks like, use cases for AI in modern finance, and how to turn risk into strategic advantage, be sure to join us on Thursday 18th September at OneAdvanced Accelerate.  

This exclusive in-person summit will be held at the iconic Battersea Power Station in London, bringing together visionary CEOs, CFOs, CIOs, and CTOs to share their insights and success stories.  

Ready to discover the strategic finance function of the future? Register now to secure your place.