# The Finance Transformation Playbook

Building Readiness for the Future

## Evolving From Numbers to Insights

### The finance function is undergoing a fundamental identity shift

Yesterday, the finance people were the “numbers people”. But disruption has challenged business as usual. Finance teams must now turn vast amounts of data into insights and actions that boost profitability, competitive advantage and agility—an imperative in our rapidly changing world.

### Traditional finance departments aren’t set up to do this

Future-proofing your business requires wholesale finance transformation: rethinking your people, processes and systems to capitalize on emerging technology and galvanize your finance function as a strategic driver of business.

## Why Now?

Despite advancements in technology and data, the finance function has lagged in innovation. It’s time for finance to adapt and optimize.

Source: [The Evolution of Finance Function](https://aijourn.com/the-evolution-of-the-finance-function/)

## Historical Progression

| Year | Development |
|------|-------------|
| 1200s | Double-entry bookkeeping |
| 1800s | Mechanical adding machines |
| 1900s | Punchcards and paper ledgers |
| 1964 | Desktop computers |
| 1970s | Low-cost accounting software and spreadsheets for financial modeling. |
| 1980s-90s | Widespread adoption of personal computers and internet connectivity. |
| 2000s-10s | Accounting software moves to the cloud, exponentially increasing our ability to mobilize data. |
| 2010s | The field of data science explodes while the finance function remains largely unchanged. |
| Today | Data is abundant, computing capacity is affordable, and disruption is swift and global. The finance function must transform to harness it all into profitable action. |

## Chapters in This Playbook

01

#### Unpacking Finance Transformation  
Learn which forces are reshaping the finance function and how you can craft an effective response.

[Chapter 01](https://paro.ai/resources/01-unpacking-finance-transformation/)

02

#### The Dual Role of AI Applications in Finance  
Understand the strategic value of AI, as well as its limitations, to combat concerns and hesitations around its adoption.

[Chapter 02](https://paro.ai/resources/02-ai-applications-in-finance/)

03

#### Building a Strategic Finance Function  
With AI as your partner, take the necessary steps to optimize your data and bring it across the enterprise for continuous planning and strategic alignment.

[Chapter 03](https://paro.ai/resources/03-strategic-finance-function/)

04

#### The Changing Faces of Finance Transformation  
Assess your current talent and update job descriptions for the skills you need to lead with a future-forward mindset.

[Chapter 04](https://paro.ai/resources/04-changing-faces-finance-transformation/)

05

#### Upskilling & Reskilling in the Age of AI  
Develop a framework for identifying gaps and managing the conversation around reskilling and adapting roles for change.

[Chapter 05](https://paro.ai/resources/05-upskilling-and-reskilling-for-ai/)

06

#### The Power of Finance & Accounting Outsourcing  
Get up to speed on financial transformation faster by hiring for the exact skills you need without much of the risk.

[Chapter 06](https://paro.ai/resources/06-finance-accounting-outsourcing/)

### Uncover the Blueprint for Finance Transformation

Get all of the insights from the playbook to share with your team.

[DOWNLOAD The full report](https://paro.ai/downloads/PDF/2024/Finance_Transformation_Playbook.pdf)

### About the Future of Finance Survey

The Paro Future of Finance survey used online interviews conducted among members of the Vitreous World panel, with respondents representing US-based C-Suite executives or senior management in Accounting or Finance; the resulting sample was statistically representative.