BOARD International sponsors the FSN Future of the Finance Function Survey 2016
Global study reveals that CFOs are still unable to break free from their traditional role
BOARD International, the leading global provider of unified software for Business Intelligence, Performance Management and Analytics sponsors The Future of the Finance Function Survey 2016.The survey, being released today by the FSN Modern Finance Forum, focuses on the evolution of the Finance Function and the changing role of CFOs
This prestigious survey is one of the largest and most authoritative of its kind: 762 senior finance professionals from 23 countries responded to the survey giving a representation from across 13 industries. Just over half of the respondents were from organisations with more than 1,000 employees. The results suggest that the modern perception of the CFOs’ role as a contributor to business strategy is complicated by contradictions. For the most part, CFOs are still bogged down by their traditional accounting role with insufficient time to devote to value creation or nurturing their finance teams.
Giovanni Grossi, CEO of BOARD International and survey sponsor, comments: “This survey perfectly reflects the situation we are currently seeing among our customers. The office of Finance and CFOs in particular, are required more and more to take a step forward in the strategic management of the company and to be responsible for strategic advisory, business partnering, operational management, company growth and innovation.
Moreover, companies are moving towards a data driven, decision-making approach: In this scenario is easy to understand the crucial role that technologies are playing in the evolution of the Office of Finance and how a holistic approach to company data, as we promote in BOARD, can lead to effective changes. Many of our customers are taking advantage of the benefits of the integrated Business Intelligence, Corporate Performance Management and Analytics, through which our technology is able to provide CFOs with a single version of the truth on a financial, operational and strategical level.”
“While many CFOs have travelled a long way on the modern finance journey, our research shows that there is a significant gap between perception and what is happening on the ground. CFOs are struggling to find their equilibrium between their traditional role as financial steward and guardian of corporate assets and the new demands of business partnering, strategic advisor and technology influencer,” says Gary Simon, FSN’s chief executive officer and the leader of the Modern Finance Forum.“On the one hand CFOs of the future expect to be more influential in decision-making, technology and data governance but on the other hand around a third rely on gut feel rather than hard data. Two thirds admit they have not mastered the volume and variety of business data and a similar number neglect innovation and process improvement. Disappointingly more than half of all CFOs say they don’t spend enough time on business partnering,” he added.
About FSN Publishing
FSN provides finance professionals around the globe with independent news, vital analysis and deep insight about key developments in the world of business and accounting systems. We debunk the technical jargon of the IT world and present leading-edge issues in a way that is accessible and relevant to business decision makers. With more than 1.5 million page impressions per year, FSN is a major influence in the business systems market and the largest business of its kind in Europe.
About BOARD International
BOARD International has enabled more than 3,000 companies to rapidly deploy BI and CPM applications on a single integrated and programming-free platform, in a fraction of the time and cost required by traditional solutions.