Part 2 of a series. Read Part 1.
What’s the biggest opportunity for finance leaders in 2017? During a recent webinar, Forrester Research VP and principal analyst Paul Hamerman said, “There is an opportunity to use technology to lessen the burden of managing expenses, risk, and compliance activities so that finance [leaders] can be more involved in the strategic side of the business, that is, helping the business grow, innovate, and serve its customers.”
So what’s holding finance leaders back? The burden of managing risk and compliance issues and expense activities are the biggest culprits.
In a new Forrester study of 500 global finance decision makers, respondents revealed that 76% of their time is spent on less strategic activities, such as managing risk and driving compliance, as well as expenses.
How can finance leaders change this? While this finding may not be surprising to many, as this has been roadblock for many years, finance leaders can now change this by carefully assessing their current travel and expense processes and inefficiencies by modernizing them with technology. For example, T&E modules in conventional on-premise ERP software limit mobile functionality and are not integrated with travel booking systems or data.
By modernizing T&E business processes and using technology that offers an open platform, CFOs and their teams will have more bandwidth to spend time on more strategic activities. Also, modernizing this process will enable employees to become better equipped to spend reasonably and track expenses properly. As the Forrester study states, “While the CFO is ultimately responsible for managing employee-generated spend, improving these processes can help empower individual users to better manage budgets and expenses. This ends up benefiting both the individual users and the business.”
Listen to Hamerman speak on this topic: Harnessing the power of modern T&E tools for strategic financial management
Download this Forrester Consulting thought leadership paper: Financial Leaders Must Embrace T&E Solutions Strategically to Drive Growth and Innovation