A research of greater than 500 chief monetary officers (CFOs) has revealed that greater than 60% of CFOs lack full visibility into the transactions inside their organisations.
The analysis carried out by The Economist Intelligence Unit (EIU), commissioned by Coupa Software program, additionally discovered that 76% suppose leveraging new applied sciences or enhancing processes would allow their organisations to work higher with different features to execute company finance technique.
The research, titled, “The Strategic CFO in a Rapidly Changing World,” takes an in-depth have a look at how CFOs and senior finance professionals are responding in a quickly evolving world the place new applied sciences, uncertainty, and rising threats abound.
Qualitative interviews have been accomplished with CFOs from Ally Monetary, Driftwood Acquisitions and Improvement, Hays, Micron Applied sciences, and Zendesk.
“The results of this study are not surprising – visibility remains a huge challenge for CFOs in today’s dynamic and ever-evolving business environment,” mentioned Rob Bernshteyn, chief government officer, Coupa.
“It’s critical that CFOs adopt a cloud-based strategy for Business Spend Management that enables them to have visibility and control over their spend to make more strategic and informed decisions about their business.”
Further findings embrace:
- 67% see course of or expertise enchancment as essential to managing threat.
- To raised handle prices, 60% imagine course of or expertise enchancment is essential.
- Breaking down silos and enhancing cross-department collaboration is essential. Practically 60% who assess their organisations as most capable of handle threat, value, and capital additionally describe their corporations as collaborative.
- Automation and cloud computing are the highest two rising applied sciences that finance executives most count on to assist execute company finance technique.
- Enterprise efficiency threat is the primary menace with the potential to affect the monetary place of these organisations surveyed.