Are you using advance analytics in your finance organization? If the answer is no, you’re not alone.
Today’s business world is dynamic and moving fast. Finance professionals are looking for new ways to keep up. A CFO Research survey sponsored by SAP showed that 85% of senior finance respondents say their company’s future success will depend on adapting to the rapid pace of change and greater business complexity.
Faced with this challenge, finance leaders are clear on what is needed to deliver the agility they require: advanced analytics. 82% think that success will increasingly depend on the ability to make use of these tools, while 76% believe that making effective use of unstructured data will be crucial.
In addition, over 80% think their company would see a substantial, measurable financial benefit if the finance function used advanced analytics for business analysis and decision support.
Although 40% of respondents are already using advanced analytics in this way, it will take time for data to become truly real-time. More than half of respondents (58%) thought that it could be as many as two to five years before these capabilities are realistic for their function.
According to the survey, finance professionals are not discouraged. They believe that it will be worth the wait. 78% of respondents predict that their company’s success over the next five years will depend on instantaneous access to a unified, comprehensive, and fully up-to-date set of financial and performance data.
Learn more from Thack Brown, general manager and global head of SAP’s Finance line of business, on how finance can embrace and thrive in the digital economy in this podcast.
Read the management summary or download your complimentary copy of the full report here.
Source: CFO Research study on the future of finance, October 2015.