More than 55% of businesses today say that services generate a higher percentage of revenues than they did five years ago. Traditional organisations that previously sold capital goods are instead offering the same items as a service, i.e. for a monthly rental with additional maintenance agreements on top.
But it’s a transformation for which many businesses are ill-prepared. The impact of a more services oriented economy will be felt far beyond traditional finance related areas and new accounting standards such as IFRS 15. It will also change the role of the CFO.
So, what are the implications and how do CFOs prepare themselves and their businesses for an increasingly services-based economy?
In this 30 minute webinar-based interview, Gary Simon, Chief Executive of FSN and Tom Brennan, SVP Financial Force, explore how the finance function can comply with IFRS15 more easily and create value by moving away from a focus on sales transactions to focus on the customer experience, better knowledge around customer behaviour, resourcing service commitments and decisions about product positioning, pricing and bundling.