- Finance leaders still spend time fixing the basics and are yet to be completely convinced their office of finance is ready to drive business decisions, profitability, and performance
- Majority believe how finance uses technology to influence business decision-making and drive strategy needs a complete overhaul OR a lot of improvement
- Business leaders ready to embrace the finance team as key player to support business goals, BUT finance decision-makers believe transformation of finance must be reflected in finance team skills & culture
Board International, the leading provider of the #1 decision-making platform, announces the launch of the Resurgent Finance Leader global research report revealing now more than ever, is the time for finance leaders to back their own transformational capabilities and take on a more strategic and valuable role within the business.
The Resurgent Finance Leader research conducted amongst 600 finance leaders worldwide, on behalf of Board by independent research organisation Vanson Bourne, found the vast majority (89%) of finance leaders know they have a choice, either watch as the finance function is automated out of existence, or seize the opportunity to change and take on a new and crucial role in the business.
The report highlights how the vast majority (90%) of finance leaders, agree it’s time to accelerate the change from being a scorekeeper to performance driver, and 91% agree finance is the natural hub for the most strategic asset of the digital age, one that holds unprecedented opportunities for business growth: Data.
Whilst more than a third (36%) of finance decision-makers believe fundamental transformation of the finance function is needed to survive, and almost a quarter (23%) focus most of their time and resources leading the future of finance, and one third (33%) on becoming a digital champion, the Board report shows there remains a substantial number (18%) of finance leaders, almost one in five, who admit they still spend most of their time and resources on fixing the basics.
“The Resurgent Finance Leader report from Board shows finance leaders worldwide know now is the time for the office of finance to make the transformational leap to become the strategic hub for driving more value from their data, said Karlo Bustos, VP Professional Services, Board International. “Yet more time and resources are being spent distracted by fixing the basics, clearly resulting in less opportunity for more innovative and strategic time investments elsewhere, and not all finance leaders are completely convinced their office of finance is entirely ready to drive business decisions, profitability and performance,” continued Bustos.
Just under half (47%) of all global Finance Leaders surveyed are totally confident in their office of finance’s capability to capture valuable insights which drive business decisions and profitability. The report identifies 62% of finance leaders who don’t believe current finance reporting enables them to totally accurately project performance and adapt forecasts in real-time to reflect changing market conditions. Perhaps more concerning, is the report’s evidence highlighting the majority of finance Leaders (81%) believe how their office of finance uses technology to influence business decision-making and drive strategy needs a complete overhaul OR a lot of improvement.
Thankfully the vast majority (94%) of global finance decision-makers both believe their organisation’s executive leadership are willing to completely rethink traditional finance roles and responsibilities. Further reassurance is taken from the fact that the same proportion (94%) believe their executive leaders are willing to support the office of finance, to become more strategic and accelerate the digital enterprise by enabling the function to become the hub of the of the most important strategic asset to the business: Data.
The Resurgent Finance Leader report shows how finance decision-makers believe this organisational readiness to support the transformation of finance, needs to be reflected in the wider workforce, skills and culture. Just under half (44%) of all finance leaders surveyed are totally confident their organisation has the right technical skills and talent within the business to ensure technology is driving better business decisions, and a huge majority (92%) of senior finance decision-makers worldwide believe that company culture should encourage the finance team to be creative, curious, and rebellious, allowing them to think quickly and constantly challenge the status quo.
“Finance decision-makers know they have the backing of their organisations’ leaders, who are ready to embrace their finance team as a key player, when it comes to supporting business goals,” said Karlo Bustos, VP Professional Services, Board International. “Despite this endorsement from executive leaders, this latest Board research, shows there are still gaps to fill when it comes to utilising the right technology, skills and culture to empower the office of finance to take further strides to becoming a performance driver rather than just a support function,” continued Bustos.
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