FSN - The Future of Finance Systems
It is paramount for CFOs to have suitable finance systems in place which enable the function to become a business partner, supporting operational divisions with strategic insights and business advice. As a consequence it is no longer enough to stay within the four accounting walls, with finance systems exclusively managing transaction processing and reporting.
However, as this FSN 2019 global survey shows, half of the interviewed organizations can’t find value in finance systems beyond the traditional transaction processing and reporting. But finance is the heart of business, with insight that can benefit every aspect of the organization if it can be accessed and harnessed.
Key findings of this research include:
- Almost half of companies are tied to legacy systems, either by choice or the inability to find a way to migrate away from them
- Even if finance systems are to be upgraded, 30% of CFOs say they don’t have a good understanding of the solutions in the market
- 40% are struggling to understand the different technologies available
- 57% cite the cost as too high to make the change and struggle to justify a significant investment in finance systems
This view ignores the key cost benefits of improved systems (time and labor), but also the intangible value of empowering CFOs to contribute strategically and the insight that will make the company agile and more competitive.
Download the FSN Global Survey 2019 about the future of financial systems and discover why organizations should add digital transformation of finance to their strategic calendar.