In many organizations, transfer pricing adjustments are like a lot of other last-minute activities. They seem to be ignored throughout most of the annual cycle. Then, they suddenly take on a great importance at year-end. That leaves the tax team scrambling to address an entire year’s worth of transactions. It also leads to interdepartmental friction in many cases. If transfer pricing is changed retroactively for the entire year, that can have far-reaching implications.

Banks and financial institutions are highly regulated, where any noncompliance with strict rules and regulations can lead to heavy fines. Add to that skyrocketing customer expectations and it’s easy to see why finance is so competitive. Success in this environment requires accountability, coupled with process efficiency and the ability to optimize for continuous improvement. How do you get there? Process mining in finance is quickly becoming integral to success.

Discover how mobile teams building finance apps rate themselves across the five key Mobile DevOps metrics.

Artificial Intelligence (AI) is quite powerful and is constantly evolving and currently knows no bounds. It is focused on outperforming its limits using the power of Machine Learning (ML). AI is empowering computers to do things that human beings are unable to do efficiently and effectively and machine learning is aiding the computers to do so by breaking the rules of traditional programming.

Finance teams are taking on new challenges and responsibilities in light of the uncertain economic climate that surfaced in the wake of the global pandemic, supply chain disruptions, price inflation, and the wholesale workforce exodus known as the “Great Resignation.” Now more than ever, organizational leadership is looking to the Office of the CFO to be a strategic partner in building an overall business strategy.

As the strategic role of finance teams continues to evolve, the Office of the CFO faces many new responsibilities. Resource allocation, however, does not always grow in tandem with those responsibilities, leading to scalability challenges for finance teams tasked with doing more with fewer resources.