Finance Organization: are you unlocking their full value potential?
Assess how your Finance organization scores on its journey to digital through our Finance Indicator !
The finance organization is in an unique position to drive new value for its business stakeholders. Accenture Research reported that 82% of CFOs are seeing measurable business ROI from digital finance investments.
Several digital technologies have matured to a tipping point in terms of cost to operate, power and usability. While achieving further efficiencies, Finance will be able to drive value by out-learning and out-smarting competition. And when leveraged to its fullest, digital technologies promise:
- Deeper and faster learning through big data and analytics
- Embedded intelligence in finance and business decision making
- Greater agility and responsiveness by bringing insights at the right time to the right stakeholders
However, is your Finance ready to unlock the value of digital?
"Digital is not just a “tech” thing; established players are also redefining themselves for the digital age"
Digital is Driving the Next Wave of Transformation
CFOs believe value will only be realized by those that innovate and execute at speed. Digital is not just a “tech” thing; established players are also redefining themselves for the digital age. Digital embraces a wide spectrum of technologies, all of which can impact core finance processes and metrics. Consider technologies like sensors, machine learning, robotics, blockchain, Augmented Reality and 3D printing that all have varying implications for finance depending on the industry. These technologies drive changes in operating models, cost structures, risk profiles and - perhaps most importantly - the required skill set of the finance professional. Developing new skills and becoming a true business partner requires more than incremental improvement.
In addition, external forces are driving the need for enhanced data and analytics capabilities providing deeper insights and agility to help solve real business problems. With businesses more readily disrupted and consumers being more opportunistic and empowered than ever (millennials are 262% more likely to be influenced by smartphone apps than the average consumer, while low loyalty is driving a huge Switching Economy), the finance organization is stepping up to become the strategic business partner by delivering new and timely insights that exceed customer expectations. With high performers that are twice as likely to spend over 25% of their total Digital, Finance and/or IT budgets on data and analytics, we see that leading companies are heavily investing in data and analytics transformations, the basic Digital finance building blocks.
Still, many companies are struggling to make the shift from static environments where data gathering, reconciliations, and manual reporting rule the day, towards investing across the people, process and technology spectrum to focus on issue driven insights, BI and data visualization. Finance is currently being challenged to stay up to date. Research by Accenture shows finance consistently lags behind business in adoption of digital technologies.
Take 10 minutes of your time and check whether your Finance organization is on the right track of the digital journey by using the Finance Indicator!