FSN - Innovation in Financial Reporting
Global Survey 2018
There is an increasing need for investment in the finance function, not just because the reporting burden is growing, but equally because there is much more value to be gleaned from properly harnessing the information within.
This FSN survey about innovation in financial reporting covers international finance professionals across 23 different industries (87% of those respondents have senior job titles and above). The research underlines the importance that innovation plays as finance professionals seek to evolve from their traditional role in financial stewardship and good governance to a strategic and key role, adding value to the boardroom and the entire organization as well.
There are three especially relevant points to be considered within the FSN study:
- Investment in innovation in the Office of Finance does not only imply the reduction of workload. Effective innovation must be the cornerstone of leveraging financial (together with non-financial) data and delivering actionable insights to senior management.
- 70% of the survey respondents say that traditional methods of ROI do not adequately capture the intangible benefits of digital innovation. The reference to real use cases - where decision-making processes can be dramatically improved by a platform solution - is one of the best ways to understand and share relevant insights into how investments in digital innovation can impact the bottom line.
- 56% of respondents said they have difficulty ensuring their reports are on time and accurate. This is especially prevalent when financial data is locked within multiple, disconnected spreadsheets, yet spreadsheets are still the most prolific tool in the reporting process. On the contrary, integrated decision-making platforms, by their nature, tend to reduce data preparation time as the majority of the data to be analyzed comes from a central database, providing a consistent view and a single point of truth.
Unified Decision-making platforms like Board allow CFOs to easily, seamlessly, and rapidly move from one stage to the next along what FSN calls “the data maturity curve” of their organization, adjusting technology to fit the Office of Finance, rather than the other way around. Thanks to its platform model, where analysis, reporting, planning, and simulation are unified and perform on the same sets of data, Board eliminates inefficiencies in financial (and operational) reporting and analysis processes and provides a foundation for new solutions that were not practical or feasible with a “point solutions” approach.
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