CFOs need a plan that moves Finance from its current role to its future one, which will often require building capabilities in three key areas: finance insights, financial close and forecasting.
2. The “asks” being made of Finance
are growing in number and complexity
Organizations need Finance to provide financial insights,
forecasts and other information to understand the
impact of different financial scenarios in a volatile
business environment.
3. But many Finance teams don’t have
the time or ability to offer insights
Finance is constrained by outdated software tools,
incongruent processes, and a lack of automated controls
for the reliability of information that results in a lot of
manual workaround and wasted time.
4. Finance needs to modernize –
and the time is now
Digital technologies that have radically redefined
many industries and long-standing business models also
present new cost-effective opportunities to enhance
Finance’s capabilities.
5. Determine a vision for Finance
Understand the gap between where
Finance is today and the vision
Develop and implement a strategy to
close the gap
Organizations are looking to their CFOs to modernize
Finance. To do so, CFOs need to:
CFOs need to take charge of
and manage the change
6. Determining a vision for Finance
CFOs need to clearly set out the role Finance will play
in the future, and in particular how it will contribute to
helping achieve the organization’s strategic objectives.
7. Understanding the gap between
where Finance is today and the vision
CFOs need to understand Finance’s current capabilities
and determine where it needs to change in order to
realize its future vision.
8. Developing and implementing
a strategy to close the gap
CFOs need a plan that moves Finance from its
current role to its future one, which will often require
building capabilities in three key areas: finance insights,
financial close and forecasting.
9. Leading CFOs and Finance teams are already
taking steps to achieve their vision
They’re focusing on the three areas that cause many
of the gaps between Finance’s current capabilities
and what Finance needs to achieve in future.
10. Converting data into meaningful,
easy to understand finance insights1
Finance teams are replacing Excel-based analysis with
more efficient, flexible and powerful means of analyzing
key data assets. They’re now using data visualization
solutions to display information in a visual format, which
increases the consumption of key information and
streamlines the supporting processes.
11. Effective processes and dashboards with the right
controls will give Finance the ability to track and
communicate these metrics and give stakeholders the
ability to get under the surface of the reported data to
understand the “why” and not just the “what” and gives
Finance the opportunity to help better define and report
corporate performance.
Converting data into meaningful,
easy to understand finance insights1
12. The financial close is one of the most time consuming
tasks for Finance. It is an endless treadmill; as soon as
one period is closed, work begins immediately on
the next. The solution isn’t just better technology –
it’s also addressing the people and process issues.
2 Improving the speed and efficiency
of the financial close process
13. Leading CFOs are taking a holistic approach to
improve the close. By ensuring that people better
understand the interdependencies of the process,
reprioritizing workloads, and documenting it in a
detailed close calendar that sets out clear
responsibilities and accountabilities.
2 Improving the speed and efficiency
of the financial close process
14. To improve their forecasting capabilities, Finance is
moving to the cloud. Although just 11 percent have
already implemented either an on-premise or cloud-
based automated forecasting tool, 43 percent plan to
do so within five years.
Providing forecasts and other forward-looking
management information to the organization3
15. Automated forecasting tools give Finance better
control of the forecasting process and integration with
legacy financial systems. Forecasts are done by each
department and rolled up into an organization-wide
forecast presented as dashboards and reports.
Providing forecasts and other forward-looking
management information to the organization3
16. For Finance, the status quo
is no longer an option
With the “asks” of Finance growing quickly and in
greater complexity, Finance needs to modernize if it is
to meet the organization’s expectations. Most teams
have just a four to five year window to do so.
17. Finance teams will need to introduce efficiencies,
standards and automation in order to free up greater
time to devote to more strategic, higher value activities.
For Finance, the status quo
is no longer an option
18. Leading Finance teams are developing roadmaps
with specific actions that will move them from where
they are today to where they need to be in 2020.
Their plans are flexible so they can adapt and adjust
when necessary.
For Finance, the status quo
is no longer an option
19. The future of Finance
By upping their game, better aligning activities to
the needs of stakeholders and communicating in the
language of the business, Finance is modernizing to
become an even more highly-valued strategic partner
in the organization.