Company insight
Data foundations and emerging technologies can drive business insights When you think about your process of data becoming information, then reporting, then analysis, where do you see the greatest need to invest?
Data analysis and reporting 28%
Sourcing and cleaning data 23%
Reconcilling siloed data 23%
Aggregating from various sources 21%
Generating actionable insights 5%
CFOs investing across emerging technologies Which intelligent automation features of cloud financial technology do you intend to invest in?
Predictive analytics
Machine learning AI
Robotic process automation (RPA)
Process mining Blockchain
Credit: Workday whitepaper on ‘Frictionless Finance’
solutions helping finance functions contend with ever-increasing data volumes and analysis requirements.”
Taking the enterprise with you Clearly CFOs have several big investment priorities, including data and technological transformation. They also understand that as their organisation transitions, so too must its practices and human capital in which it invests; it is a holistic, multi- layered evolution encompassing almost every aspect of the business. That is where the change-ready culture is so critical. CFOs are looking beyond conventional policies of yesteryear, towards pioneering ones for the economy of tomorrow. Having access to timely and accurate information for making decisions and analytics that provide real-time insights into business performance will be increasingly crucial to remain competitive, Workday says. But just as critical is having the talent to intemperate that information, and the innovation to apply it. The report says that while new technologies are crucial, organisations are simultaneously gearing up for a new era that places emphasis on environmental, social and governance (ESG) factors too, diversity and inclusion (D&I) programmes, and a renewed attention to employee training and skills development. All issues were seen as key to a significant number of those questioned, reflecting the evolving corporate landscape of today; 29% identified ESG as a top concern, followed by D&I at 26%. However, today’s tech savvy businesses can even use innovation in this sphere
Finance Director Europe /
www.ns-businesshub.com
according to Workday: “Cloud-based systems for finance and human capital management could potentially play an important role in measuring and managing ESG and D&I programmes and initiatives,” it says. It adds that a collaborative culture supported by information sharing and reporting, along with an end to disparate teams and departments, appears to be on the horizon.
“From our survey, it’s clear that data is a significant focus for finance leaders and a key priority in digital transformation. This looks likely to remain a priority for the next one to three years,” concludes the survey’s report. CFOs, however, acknowledged that simply having that data was not enough in the battle to stay ahead of their competitors.
Being able to gather it, decipher it and use it in any meaningful way is essential. Half of all those questioned agreed that data management and analysis are the most important elements in terms of digital transformation priorities. “Curating the right data and turning it into actionable insights that are well organised, easily understood and shared with the right stakeholders remains important for digital acceleration,” Workday says. It notes that keeping up with volume and velocity of data is vital, requiring the right solutions. Collectively, a staggering 59 zettabytes of data were created in 2020. “Without the right intelligent data platform in place,” warns Workday, “the finance function can find itself relying on siloed data that fails to provide a holistic view of the organisation.” Concerningly, the survey revealed that
finance teams do not always have the data platforms in place to meet business demands. Workday says that when asked which areas CFOs need to make additional investments in order to better turn data into analysis, respondents said sourcing and data cleansing (23%), reconciling data silos (23%) and data aggregation from multiple sources (21%). Finally, Covid has had an impact on the way business is done – and the organisations that do it. Aside from the obvious detrimental consequences, the pandemic has at least helped hasten digital change. As organisations have developed ways to adapt, Workday says it has discovered the value of cloud technology, integrated data and more aligned finance processes.
It adds that the events of recent years have shown that speed and agility will continue to be key in post-pandemic recovery, the need to close the gaps with data-driven decisions, process automation and effective change management. “By adopting a data-first approach, organisations can bolster important business decisions, reduce risk and accelerate transformation. The right financial system can automatically enrich and transform business event data into accounting entries and deliver real-time insights to drive business strategy and growth,” the solutions provider concludes, adding that “intelligent financial management software saves money for the business by reducing costs and increasing quality, making business processes frictionless and much more efficient”. ●
www.workday.com 41 45% 43% 39% 34% 23% 49%
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