PDF Today'S Finance Priorities: Security, Data, Analytics and ...
2019 Global Finance Trends Survey Report
TODAY'S FINANCE PRIORITIES: SECURITY, DATA, ANALYTICS AND INTERNAL CUSTOMERS
CFOs and finance leaders are focused as much on strategic matters as operational issues
EXECUTIVE SUMMARY
The single factor that distinguishes
top-performing finance organizations
from the rest of the pack is "more."
CFOs and finance executives are more determined than ever to exceed the increasing expectations of internal customers. They are more concerned with data security, privacy and governance. They are more focused on robotic process automation (RPA), artificial intelligence (AI), blockchain, predictive analytics, cloud-based applications and other advanced technologies. They want to make their financial planning and management reports more insightful to more stakeholders. And they are embracing and espousing a more strategic mindset and operating model.
This is good news. Doing more is necessary given how much more complex the business, economic and geopolitical landscapes have become over just the past year. As new threats (e.g., cybersecurity and data breaches) and opportunities (e.g., the emergence of new talent management models and powerful new technologies) appear, organizations count on their CFOs and finance teams to drive the behavioral changes needed to execute more, and increasingly strategic, finance priorities while improving their service to internal customers.
We take a look at these and other trends in breaking down the findings of our latest Global Finance Trends Survey.
Today's Finance Priorities: Security, Data, Analytics and Internal Customers ? 1
In our survey, respondents were asked to rate 40 different finance areas based on a 10-point scale, where "1" reflects the lowest priority and "10" reflects the highest priority for the finance function to improve its knowledge and capabilities over the next 12 months. Rankings are based on the percentage of respondents who scored these areas at "8" or higher.
TOP 10 OVERALL PRIORITIES FOR CFOs/VPs Finance
Security and privacy of data Enhanced data analytics
Process improvement: process and data analytics Changing demands and expectations of internal customers Embracing new technologies Internal controls
Accounting and finance implications of IT Financial planning and analysis Strategic planning
Profitability reporting and analysis
84% 79% 75% 73% 73% 73% 72% 71% 71% 70%
The CFO, controller and finance leader community have clearly earned a seat at the strategy table, and their interests and concerns show a focused intent to add maximum value in that role. At the same time, they are mindful of the need to cover important blocking and tackling, and contend with a changing financial reporting landscape, which requires an emphasis on "and," rather than "or," as they plan and staff up for the coming years.
-- Christopher Wright, Managing Director -- Global Leader, Business Performance Improvement Protiviti
KEY FINDINGS
01
Data, privacy, analytics and customer service are top finance priorities -- Finance organizations are becoming more security-minded, more strategic, more data-driven, and more external and internal customer-focused.
02
It's time to embrace advanced technologies -- More finance organizations are migrating from enterprise resource planning (ERP) systems and related applications to a cloud model, implementing RPA and AI, improving how they leverage and protect data, and investigating blockchain applications and virtual currencies.
As finance executives continue to evolve and enhance their relationships with key internal stakeholders, and align themselves as true strategic partners to the business, it is more important than ever to capture feedback that allows finance teams to have clear line of sight into internal customer needs and preferred engagement models.
-- Bryan Comite, Managing Director, Business Performance Improvement Protiviti
4 ? Protiviti
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