The year ahead promises to be challenging for finance executives and their teams, with interest rates rising and a noticeable decline in investor activity.  

Growth plans are being reassessed by businesses across all sectors, with an even sharper focus on  sustainability than in previous years. And with the economic landscape still prone to volatility, it is the businesses that can adapt to this uncertain dynamic that will be best placed to successfully navigate their way through the rest of the year.  

Keeping an eye on emerging trends will certainly help finance leaders maintain their agility, so here’s a quick look at what to expect in 2024.  

1. Finance to Embrace AI Technology

Last year saw the emergence of numerous AI tools that caused varying amounts of fuss and excitement. Now the dust has settled a bit, more and more finance executives are starting to recognise the importance of embracing the technology.

AI can remove the need for manual processes, making them faster and more accurate, thanks to reducing the human error factor. Finance AI tools can also increase visibility into the financial processes of an organisation, which in turn increases the amount of control an executive can have while improving their decision-making.

So expect much more investment in AI throughout the finance industry as more and more businesses try to catch-up to those that have already embraced it.

2. Young Professionals Instigating Change

As finance processes become more technical and technological, the hiring profiles of finance departments will need to adapt to incorporate new skill sets. Conventional finance studies may need to take a back seat to analytical skills, with the traditional compliance and control aspects of finance less vital to a digitally transformed finance business.

The new demands to succeed in finance will create a more exciting work environment, which will be significantly more attractive to young professionals. As more and more skilled graduates join the industry, we can expect the financial landscape to undergo a noticeable change in dynamic.  

3. Growth Strategy Adjustments

As mentioned above, many businesses are reassessing their growth strategies, with a focus on improving efficiency and modernising while developing a sustainable growth plan.

Astute decision-making will be crucial and finance executives must use their insight to steer their organisations through another period of economic uncertainty. Maintaining agility in the short-term while planning sustainably for the long-term will likely be the trending strategic plan throughout 2024.

4. Growing Influence of Finance Teams

In times of economic uncertainty, it is vital that business leaders heed the advice of their finance executives. More collaboration between CEOs and CFOs is the trend, and it means a big increase in the importance of finance teams and their influence on wider company matters.

The finance team can help stabilise businesses and maintain that vital agility, while also influencing the development of the sustainable strategy. But to do so will require more control and visibility over day-to-day operations, enabling them to better inform important decisions that will determine the success of the business.

If you’re hiring for a new finance role in 2024, get in touch with our specialist recruitment team here at Insite Recruitment.

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