By applying digital technologies like automation and artificial intelligence (AI) to optimize core functions, CFOs can leapfrog operations maturity levels and run an efficient and compliant controllership function. This frees finance to double down on strategic operations—providing the data and insights to:
- enable dynamic scenario planning
- increase forecast accuracy
- make more informed business decisions
What truly elevates finance as a strategic partner is the use of real-time data and insights. And CFOs understand this—99% said that it’s important to have real-time processes and operations in place to inform better business decisions. Ultimately, real-time data is a game-changer for how businesses drive growth and competitiveness, even during times of high volatility.
02. Know the key steps
As important as real-time data is, finance organizations struggle with drawing insights from it. Data is often trapped across systems and organized manually in spreadsheets—27% of finance leaders say that inconsistent, inaccurate or inaccessible data is preventing them from realizing their full potential as drivers of strategic change.
With 66% of finance leaders reporting that data is in wide use or at scale in their organization today, a world of possibilities exists for CFOs to go beyond capturing data to capitalizing on it by:
Creating connected finance experiences
Make data the center of the organization by breaking down silos, elevating data quality, modernizing data platforms, and managing and governing data holistically.
Taking digitization to the next level
Expand the use of automation to free up the workforce for value-added activities such as advanced financial modeling that forecasts future risk. Invest in AI and use it for forward-looking, predictive insights such as assessing leading indicators of demand.
Putting cloud technology at the heart of finance
Leverage cloud in even more strategic ways to support transformation at scale and speed to gain benefits beyond lowering infrastructure costs. The cloud, for example, can be used to create a shared data platform that brings business units together as a connected, intelligent enterprise.
03. Know how to leapfrog maturity levels
Forward-thinking CFOs understand that the journey to operations maturity is an evolution, not a revolution. Collaboration is a powerful way to leapfrog levels. To smash the silos that separate data, processes, talent and technology, CFOs must collaborate and build relationships across their enterprise. This is so important because CFOs need an end-to-end view of the enterprise to understand working capital and cash flow and see opportunities across the value chain.