CFOs and finance executives are more determined than ever to exceed the increasing expectations of internal customers. They are more concerned with data security, privacy and governance. They are more focused on robotic process automation (RPA), artificial intelligence, blockchain, predictive analytics, cloud-based applications and other advanced technologies. They want to make their financial planning and analysis reports more insightful to more stakeholders. And they are embracing and espousing a more strategic mindset and operating model.
We take a look at these and other trends in breaking down the findings of our latest Global Finance Trends Survey.
Key findings include:
- Data, privacy, analytics and customer service are top finance priorities — Finance organizations are becoming more security-minded, more strategic, more data-driven, and more external and internal customer-focused.
- It’s time to embrace advanced technologies — More finance organizations are migrating from ERP systems and related applications to a cloud model, implementing RPA and AI, improving how they leverage and protect data, and investigating blockchain applications and virtual currencies.
- Deep, impactful and proactive insights delight internal customers — As is the case for every organizational function, the finance organization is now in the customer experience business. Financial planning/analysis, strategic planning, and profitability reporting and analysis are highly ranked finance process priorities, in part, because these activities (services) deliver the insights and analyses (products) that finance’s internal customers count on to make critical business decisions.
- Skills and talent gaps drive workforce management innovations — CFOs and finance leaders increasingly are employing new, more flexible labor models.