Tech-powered change is positioning finance functions to unlock greater value across organizations. These areas of focus will help your teams improve performance and reveal opportunity.
Inadequate or insufficient reporting management
Information flows are slow and they complicate your decision-making
You cannot trust your own financial data
You want to see a higher added value to your work
Source: CFO Survey 2022
A new wave of finance transformation is emerging, in which leading finance functions will lead by successfully collecting, storing and gaining insight from huge quantities of data. This new wave will position finance teams as data stewards — a new role for many CFOs, but one that must be embraced and embraced quickly.
From rethinking organizational structure, updating operational toolsets and redefining planning to managing cash, creating investment opportunities and improving forecast and analytical capabilities, finance leaders are now able to leverage internal and external data to help drive strategic opportunities for the company.
Exploding data volumes, radical automation and industry convergence — augmented by a move to the cloud — are creating this new wave of opportunities for transformation and expanding the role and impact finance functions have at their companies. Modern CFOs are leveraging this new era of data to further enhance their capabilities within operational finance via advanced analytics to drive insights that penetrate into operations.
“In order to bring your finance function to the future, you need to fix the present. Once you have control over your data, streamlined processes, effective systems and people with the skills to work with them, then you’re ready to embrace what the future brings. Think business analytics available at the click of a button, monthly closing in less than a day, accurate forecasting available on demand and much more.”