It’s no news that CFOs are eager to meet the demands of their organizations for live, on-the-spot information and analytics. The big question often remains: how?
For many CFOs, new technology platforms are exactly what they need to successfully address the often instantaneous requirements of today’s complex business and regulatory environments.
In a recent CFO.com survey, respondents indicated specific areas where they see clear advantages of implementing new technologies:
- 85%: adapting to fast-paced change and increased business complexity
- 84%: translating data into fast, decisive action
- 77%: instantaneous access to unified, comprehensive, and fully up-to-date financial and performance data
- 75%: using Big Data effectively
By learning to navigate the business digital landscape, CFOs and their finance teams have been able to enjoy these advantages, increase finance’s organization-wide impact, and offer facts, figures, and findings to validate their successes.
A few examples of financial innovations made possible by the latest technologies:
- Financial planning and analysis: Digital transformation provides on-the-fly predictive and what-if analysis for immediate assessment of the impact of reorganization, mergers and acquisitions, and product and service profitability.
- Accounting and financial close: Technology allows for accurate soft close at any time, enabling instantaneous financial statement insights and the elimination of inefficient reconciliation activities.
- Treasury and financial risk management: Technological innovation enables instant visibility into working capital for optimal liquidity and investment planning.
- Enterprise risk and compliance management: Advances in technology offer capabilities for continuous monitoring to predict and identify fraud and cybersecurity breaches, as well as to enhance collaboration for highly efficient audits.
Leading organizations pinpoint significant advantages to new technologies
Airbus DS Optronics GmbH: All information, including key figures and sales forecasts, has become available at the touch of a button, enabling controllers to present live data at management meetings.
Boryung Pharmaceutical Co. Ltd: By harmonizing business processes while improving operational efficiency, the company can now tap into a variety of previously unavailable analytical information.
Everest Textile Co. Ltd.: Reinforced product innovation and process improvement is strengthening competitiveness and opening up new business opportunities.
La Trobe University: An improved user interface has encouraged people who need financial information to access data themselves in real time.
Turk Telekom: Having transitioned from multiple ledgers to an integrated business with one software environment, the company can now easily integrate business processes and is poised to speed up mergers and acquisitions.
Jonathan Feinstein, vice president for Insurance Finance, Finance Transformation at New York Life Insurance Company, summed up the benefits to the finance organization of a digital transformation this way: “‘I’ll get back to you’ is not a phrase top management or customers want to hear. Technology allows for less time putting information together and more time answering questions.” He suggests building a platform “that gets you away from the grunt work and allows you to be a strategist.”
For more insights from fellow CFOs on the benefits of the latest technologies, download the infographic and read the report, Making the Business Case: Real CFOs Discuss the Benefits of SAP S/4HANA Finance.