Board launches the Resurgent Finance Leader research report for United States
Research Reveals 91% of U.S. Financial Leaders Want to Take Larger Role in Business Strategy as Routine Finance Tasks Become Increasingly Automated
Board International, the global provider of the #1 decision-making platform, today announces the launch of the Resurgent Finance Leader research report for the United States, revealing that now more than ever, is the time for finance leaders to back their own transformational capabilities and take on a more strategic and valuable role within the business.
The Resurgent Finance Leader research, which was conducted among 600 finance leaders worldwide (200 from within the U.S.) on behalf of Board by independent research organization Vanson Bourne, found the vast majority (86%) of finance leaders in the United States know they have a choice, either watch as the finance function is automated out of existence, or seize the opportunity to change and take on a new and crucial role in the business.
The report highlights that the substantial majority (86%) of U.S. finance leaders believe their roles are being lost to automation, and (90%) agree it’s time to accelerate the change from being a scorekeeper to performance driver. In turn, 91% of U.S. financial leaders want to take on a larger role in business strategy, with 95% indicating that finance is the natural hub for data – the most strategic asset of the digital age, one that holds unprecedented opportunities for business growth.
In fact, the two biggest priorities for digitizing the finance department were found to be deploying data and analytics insights securely at scale (44%) and increasing the speed and accuracy of forecasts, yet the Board report finds that one in five (21%) finance leaders admit they are still spending most of their time and resources on simply fixing the basics.
“The Resurgent Finance Leader report from Board shows finance leaders worldwide know now is the time for the office of finance to make the transformational leap to become the strategic hub for driving more value from their data,” said Karlo Bustos, VP Professional Services, Board International. “Yet more time and resources are being spent distracted by fixing the basics, clearly resulting in less opportunity for more innovative and strategic time investments elsewhere, and not all finance leaders are completely convinced their office of finance is entirely ready to drive business decisions, profitability and performance.”
The issue seems to lie in the technology available to financial departments. Only half (52%) of all U.S. finance leaders surveyed are completely confident in their office of finance’s capability to capture valuable insights that affect business decisions and profitability. The report additionally identifies a majority (63%) of finance leaders who don’t believe current finance reporting enables them to totally accurately project performance and adapt forecasts in real-time to reflect changing market conditions. Perhaps more concerning, is the report’s evidence highlighting the majority of finance leaders (82%) believe their office uses technology that needs a complete overhaul or a lot of improvement.
However, it does appear that the vast majority (97%) of U.S. finance decision-makers believe their organization’s executive leadership are willing to completely rethink traditional finance roles and responsibilities. Further reassurance is taken from the fact that nearly all (98%) believe their executive leaders are willing to support the idea of the office of finance becoming more strategic and accelerating the digital enterprise by enabling finance to become the hub for data.
The Resurgent Finance Leader report shows how finance decision-makers believe this organizational readiness to support the transformation of finance needs to be reflected in the wider workforce, skills and culture. Less than half (42%) of all U.S. finance leaders surveyed are completely confident their organization has the right technical skills and talent within the business to ensure technology is driving better business decisions, and the vast majority (94%) of senior finance decision-makers believe that company culture should encourage the finance team to be creative, curious, and rebellious, allowing them to think quickly and constantly challenge the status quo.
“Finance decision-makers know they have the backing of their organizations’ leaders, who are ready to embrace the finance team as a key player when it comes to supporting business goals,” added Bustos. “Despite this endorsement from executive leaders, the latest Board research shows there are still gaps to fill when it comes to utilizing the right technology, skills and culture to empower the office of finance to take further strides to becoming a performance driver rather than just a support function.”
Register now to download the Resurgent Finance Leader report and access the research findings.
The Resurgent Finance Leader research conducted on behalf of Board by independent research organization Vanson Bourne surveyed 600 senior finance decision-makers from the U.S., APAC and EMEA, across organizations in Financial Services, Retail, Distribution & Transport, Manufacturing & Production, Public Sector, Media Leisure & Entertainment, Energy, Oil/ Gas & Utilities, Business & Professional Services, IT, Construction & Property, Consumer Services, plus other commercial sector industries.
About Board International
Board is the #1 Decision-Making Platform, empowering people to have a transformative impact on their business by helping them to intuitively leverage their data in a flexible, all-in-one environment. Unifying Planning, Predictive Analytics, and Business Intelligence, the Board platform allows companies to produce a single, accurate view of business information, gain actionable insights, and achieve full control of performance across the entire organization. Using Board, global enterprises such as H&M, Toyota, Coca-Cola, KPMG, Puma, and HSBC have digitally transformed their decision-making processes.
Founded in 1994, and now with 25 offices worldwide, Board International has long been recognized by leading analysts and subject matter experts including Gartner, Nucleus, and Dresner. www.board.com