https://www.corporatefinancebrief.com/frs/26690636/how-automation-is-driving-efficiency-through-the-last-mile-of-reporting As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: • 2024 trends for the Office of the CFO: A review of today’s automation revolution within the finance department as it faces evolving internal and external challenges. • Leveraging automation for efficiency and accuracy: Learn how automation tools and technologies can streamline repetitive tasks, reduce manual errors, and free up valuable resources for more strategic initiatives. • Enhancing transparency and stakeholder confidence: See how robust disclosure management practices contribute to increased transparency, fostering trust among stakeholders, including investors, regulators, and internal decision-makers. • Overcoming challenges and embracing change: Gain practical strategies and best practices for overcoming common barriers to digital transformation within finance departments and learn how to effectively manage change to maximize the benefits of automation.

5. Agenda
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Welcome and introductions
Trends for the Office of the CFO
Last Mile Reporting Challenges
Best Practices for Embracing Change
How Automation Can Help
Questions?
1

6. Trends for the Office of the CFO
A review of today’s automation revolution within the finance department

7. Top 5 Trends Impacting Finance Teams in 2024
Environmental,
Social, and Corporate
Governance (ESG) in
Finance
Cloud Adoption Process Automation
Generative AI Cyber Security and
Data Privacy

8. The Game Has Changed
Doing more with less is a necessity
• Planning and reporting responsibilities hampered
by lack of resources
• Number accounting degrees entering the
workforce is shrinking each year
• Market volatility is increasing the pace of change
• Need for greater corporate agility and data
visibility
2023 Financial Trends Survey, Hanover Research

9. Transformational Shifts in C-Suite Drive Evolution in
Office of the CFO
67%
58%
51%
46% 46%
44% 43% 42% 42%
39%
37%
33%
29% 28%
16%
Lack of Skilled Workforce
CIO
1960-2010
CMO
2010-2020
CFO
2020+
A Growing Number of Departments
Are Now Reporting to the CFO
9
Sources: Jeffries, ELT Offsite, November 2023;
Piper Sandler, OCFO Monthly Update, November 2023
Activities & Functional Areas that
Report to CFO, % of CFOs
of CPA Workforce are
Baby Boomers Nearing
Retirement
75% 89%
of Finance & Accounting
Managers Struggling to
Find Skilled Talent

10. Evolving Regulatory
Complexity
Increasing complexity in
regulatory oversight, particularly
tax regulation and compliance
monitoring.​
Digital Transformation
Continues
And it's expected to continue
accelerating, especially as lack of
skilled workforce and rising cost of
labor remain concerns.
Lack of Connected
Solutions
CFOs take on more responsibility,
evolving from scorekeeper to
strategist. As primary corporate
performance manager and risk
manager, they need actionable
insights to drive business.
Manual Processes
Remain Dominant
Lack of skilled workforce
exacerbates the problem.
There is massive whitespace
ready for the taking.​
CFOs still rely upon
manual solutions to
cover compliance/
regulatory needs
~55%
CFOs plan to
maintain or increase
enterprise-wide digital
investments over the
next two years
~80%
CFOs are interested in
switching to a single
vendor solution for
integrated functions
~80%
Sources: Jeffries, ELT Offsite, November 2023;
Piper Sandler, OCFO Monthly Update, November 2023
The Complexity of Office of the CFO
AP, AR, Compliance
and Treasury are still
completed manually
>50%

11. Last Mile Reporting Challenges
A closer look at the demands specific to close and disclosure

12. Basic Automation is Still Taking a Backseat
Even amid mounting pressures and complexity for finance teams
15%
of finance teams distribute reports
via static pdf
98%
Decrease year over year in finance
professionals prioritizing automation
of businesses lack a sustainable plan for
data and technology, the biggest barrier to
achieving their vision for a modern finance
function
48%
* 2022 Financial Trends Survey, Hanover Research

13. Complexities Today in Reporting:
Data
Multiple Data Inputs
• Relational / Data warehouse
• Consolidations
• OLAP - cube
• CPM / BI
• Excel extraction (financial statements)
• Excel working papers, schedules, checklists

14. Complexities Today in
Reporting: Collaboration
• Data security and privacy
• Lack of database integration / siloed systems
• Matching the narrative with the numbers
• Alignment of narrative performance report
outputs to internal and external consumers
Reporting
Managers
Approvers Report Consumers
Reviewers
Contributors
Peer Analysis
Accounting
Standards

15. Complexities Today in Reporting:
Regulatory Changes
Pressure for transparency
• Complex business models
• Increasing statutory requirements
• Additional SEC filing packages
• CSRD
• ESG

16. Embracing Change
Overcoming barriers to digital transformation

17. 7 Most Common Barriers to Change
1. Poor clarity of vision
2. Weak communication strategy
3. Cultural fear of change
4. Absence of organizational buy-in
5. Change fatigue
6. Inadequate resources
7. Lack of governance

18. Clearly
communicate your
vision
Get buy-in from all
stakeholders
Allocate the right
resources early on
Offer robust,
personalized
training
Review and adjust
your strategy along
the way
Collaboration will
be key
Monitor and
optimize
Overcome Barriers to Change

19. Make a
little
progress
every day
Progress compounds
Bill Ackman

20. How Automation Can Help
Modern technology capabilities for increased controls and collaboration

21. Any manual, time-consuming and error-prone tasks
are prime opportunities for automation.

22. • Sharing of data between financial processes at
their natural touchpoints is critical for efficiency
• Disclosure Management can often have
references to solutions that address different
business processes.
• Knowing where the data resides and having the
capabilities to gather the data drives the ability to
deliver your disclosure requirements with
confidence.
Plan
Compliance
Close
Disclosure
Mgmt.
Connecting Your Processes/Solutions

23. Reporting
Managers
Approvers Report
Consumers
Reviewers
Contributors
Peer
Analysis
Accounting
Standards
XBRL
Tagging
Printer
Annual Report
Preliminary Report
Results Presentation
Prelim Announcement
RNS Press Release
Board Report
Management Accounts
Maximize the Benefits of Automation
Additional opportunities for efficiency gains….

24. Connect data from various sources
Regulatory requirements
Collaborate more effectively
Automate manual / time-consuming tasks
Security and controls
Reduce errors to improve accuracy and consistency
Allow Technology to do the Heavy Lifting

25. Four Ways to Avoid Late Night Reporting
Unify Narrative with
Quantitative Information
Manage documents centrally
eliminating the need for multiple
copies of the same information
which allows for asynchronous
communication across
geographically distributed teams
Simplify Collaboration Take the Pain Out of XBRL
Tagging
Automated financial reporting
means you don’t have to go back
and edit every downstream
document
Eliminate Copy and Paste
Automatically distribute and
synchronize narrative content
across every platform and every
document associated with the
reporting cycle
Automated financial reporting
with embedded XBRL capabilities
saves you money and eliminates
that extra step of sending
reports to an external agency
prior to publication

26. Thank You
insightsoftware.com/contact-us
VP Product Management, Controllership
insightsoftware
Jamie.Eagan@insightsoftware.com
Jamie Eagan