This is a statistic that reflects the increasingly evident new role of the CFO and his or her team.
The CFO is expected to be responsible for a strategy that can predict, guide and manage business outcomes.
Ultimately, the CEO's right-hand man.
And how are CFOs meeting this new goal of driving digital transformation? Our research indicates that cloud-based business management solutions for controlling finances are one of the key pieces in this process.
72% of companies already use this germany email list cloud technology, and we know that this figure will increase as more companies undertake their digital transformation.
Below, we delve into two core financial management technology solutions that can help both CFOs and their teams shift from focusing on pure accounting tasks to shaping a business strategy.
CFO 3.0. Digital transformation beyond financial management
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1. Save time through automation
63% of financial professionals say that financial administrative tasks negatively impact their team’s productivity . In cases where such financial administration takes up a disproportionate amount of time, automation could become a very useful tool for a CFO.
Our research shows that financial professionals are beginning to realise that automation can give them more time to focus on generating value for their business.
30% have already perceived positive changes in business productivity resulting from automation: less time is wasted on repetitive tasks and fewer errors are made , which gives them room to be more strategic.
Let's look, for example, at the time of financial closing:
A task that includes numerous steps where human errors and bottlenecks can arise.
Automation can streamline this process while reducing potential errors, both in accounting reconciliation and journal entry, as well as in the final reporting phase.
Automation also makes it easier to manage high transaction volumes, reducing pressure and making it possible to do more with less.
It also presents other advantages, such as an increase in precision and a reduction in the duration of cycles in tasks and processes , with a consequent decrease in manual work.
Sage
A cloud-based business management solution will assist a CFO or financial director in decision making.
2. Provide insights from data extracted with business analytics
86% of CFOs believe they now play a more significant role in their companies' complex data analytics process.
With administrative tasks being eliminated through automation, finance professionals are increasingly required to take on the role of data scientists, able to spot exceptions and extract insights from them.
However, many CFOs face a major challenge in recruiting a new role focused on data analytics – specifically data silos. This is critical data that is locked away in certain departments, leaving CFOs unable to have the consolidated view of the entire business they need to provide data-driven operational and strategic insight.