This report identifies key demand-side trends in the finance and accounting (F&A) outsourcing space, helping enterprises fine-tune their F&A strategies and operations and prepare for future disruptions. It consists of key trends and enterprise challenges in the F&A outsourcing space based on Avasant’s assessment.

Why read this Market Insights?

Various factors, such as the rise of disruptive technologies like generative AI, worldwide pressure of declining GDP growth, high inflation, increasing risk of cybersecurity attacks, and issues with financial data privacy, have led to F&A outsourcing witnessing significant traction. F&A outsourcing grew by over 13% from July 2022 to July 2023. However, organizations still face challenges such as change management and communication, lack of process standardization and R&D costs, misalignment between enterprise CFOs and CIOs, and talent-related challenges, which hinder transforming their F&A processes effectively.

The F&A Business Process Transformation 2023–2024 Market Insights™ aims to provide a view into important market trends and developments to help build a granular understanding of the F&A outsourcing ecosystem.

Methodology

The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives, targeted discussions with service providers, subject matter experts, and Avasant Fellows, analyst insights from primary and secondary research, and lessons learned from consulting engagements.

Table of contents

About the report (Page 3)

Executive summary (Pages 4–7)

• • Definition and scope
  • Avasant recognizes 21 top-tier providers offering F&A outsourcing services
  • Key F&A outsourcing trends shaping the market

Demand-side trends (Pages 8–14)

• • F&A process outsourcing has been changing over the past few years, with an increasing focus on strategic outsourcing.
  • Global growth, inflation, security, and cost pressures are accelerating the need for effective F&A outsourcing.
  • Enterprises need to work closely with service providers to address the F&A challenges they face.
  • North America is an important geography, driven by industries like BFSI, retail and CPG, and manufacturing.
  • Generative AI, combined with automation, can provide enterprises with massive productivity and efficiency benefits.

Key contacts (Page 14)

Read the Research Byte based on this report.

Please refer to Avasant’s F&A Business Process Transformation 2023–2024 RadarView™ for detailed insights on the service providers and supply-side trends.