While a surplus of telling statistics were revealed in the recent Adaptive Insights’ 2015 CFO Indicator, there is one overarching theme: Today’s most successful CFOs are those that are effectively using modern technology to lead business strategy with valuable financial data and insights.
More than half of CFOs (56%) believe that a culture of analytics is extremely important for creating competitive advantage. In fact, this belief in technology is so strong, that only 5% of CFOs surveyed said they foresee a decrease in finance technology investments over the next two years, while, alternately, technology investments were ranked as the second highest priority for driving value creation!
Yet, while finance may be data rich, they are time poor: 63% of CFOs say that not having enough time for analysis is the primary roadblock to being a more strategic leader. And that lack of adequate time for analysis leads to several consequences – CFOs ranked delayed decision-making as their greatest concern.
With today’s need to move quickly and leverage data-driven decisions, it should be no surprise that dashboards and analytics, and reporting, budgeting, and forecasting top the list of interest areas for technology investments. Ultimately, utilizing the right technologies will not only create efficiency within the finance department, but will also enable the team to make a bigger imprint on the overall organization; 72% of CFOs believe this impact will be delivered through achieving better, more accurate data, and strengthening what-if scenario capabilities.
Highlights from the 2015 CFO Indicator Survey:
- 7/10 CFOs agree that finance is positioned to help management make strategic, data-driven decisions.
- More than 1/2 of CFOs believe that a culture of analytics is very or extremely important for creating competitive advantage.
- 72% of CFOs believe the right technologies will improve efficiency within the finance department, and also enable the team to make a bigger imprint on the organization.