A recent survey shows that CFO’s fully grasp how great a role analytics and robust reporting can play in their organizations’ success.
The correlation between a robust data and analytics platform and a company’s growth cannot be overestimated. If knowledge is power, then for CFOs, who are increasingly assuming more strategic roles in the organization, data and the ability to make sense of that data is key to their new responsibilities.
If there was any doubt this is so, a recent CFO.com article should dispel that concern. The article, “CFO’s Top Goal for 2017: Better Analysis and Reporting,” is based on a survey by the consulting firm of Kaufman Hall of over 380 finance executives. CFO’s no longer see themselves as being simply finance and accounting advisors; they see themselves in a much more strategic goal, helping the organization achieve its goals.
What matters most to today’s CFO’s?
- Over 70% list playing a more supportive role in decision making as their number one goal
- More than 90% see the need to do more with their existing financial and operational data in order to play that supportive role and help executive management make “critical decisions.”
- Just under half indicate benchmarking data is a big concern
- Approximately 38% use rolling forecasts, up from 33% a year ago
Where are the biggest lapses, according to those same CFO’s?
- Less than 10% of respondents say they are “’very satisfied’ with performance management reporting at their companies”
- Less than 23% are confident that their company has the ability to deal with unexpected obstacles that may occur and a key reason for that are outdated financial planning and analysis tools and processes
- More than 50% take longer than three months to complete a budget
- The real surprise: More than 90% of respondents indicated they are still using Excel in their financial planning and budgeting systems
We’ve talked at length about the value automation and digitization bring to a company’s ability to accurately forecast and prepare budgets and fulfill goals based on real-time data and full visibility into a company’s cash flow and capital management. Along with that visibility, automation eliminates the paper and manual processing that can so often result in errors, duplications, late payments, and other barriers to success.
See how automating your P2P processes can provide the reports you need to make critical decisions.