CFO mandate: Move from reporting to explaining and predicting paid Oracle
, a global IT analyst firm. Those companies are also far more likely to rate themselves as market leaders when it comes to financial forecasting and budgeting efficiency, the survey found.Advanced data gathering and analysis technologies are changing the role of the CFO.
distributed ledger technology say they’re reducing their reliance on paper and manual processes , improving corporate governance , reducing risks , and improving regulatory compliance .in their finance systems report increased employee productivity; while 65% say these conversational technologies are streamlining forecasting and reporting processes.
Also key is having executives with a strong understanding of the new technologies. Such companies are 3.7 times more likely to use AI, 2.6 times more likely to use chatbots, and 3.7 times more likely to use IoT than their less-informed counterparts, according to the survey. Today, 84% of the companies surveyed use at least one emerging technology to enhance finance and/or supply chain operations. Those companies are about twice as likely to deploy emerging technologies built into their financial applications than develop their own solutions. The rationale: It allows them to focus on core business strategies, such as recruiting talented people and boosting profitability, rather than developing and configuring proprietary software.
Margaret Harrist is director of content strategy and implementation at Oracle, where she focuses on digital disruption, enterprise resource planning, big data, supply…Margaret Harrist is director of content strategy and implementation at Oracle, where she focuses on digital disruption, enterprise resource planning, big data, supply chain, Internet of Things, and SaaS. Follow her at @mharrist.
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