Today’s financial function no longer resembles a traditional point of view. Thanks to modern collaborative data analysis and working methods, modern financial institutions can no longer control costs and keep accounting records. Using operational knowledge and analytical experience, modern finance seeks to change the course of the game, providing top management with information based on data and recommendations on strategic investments that can lead to innovation and fuel growth.
Modern finance is service-oriented and works closely with other business sectors as a strategic partner that can identify bottlenecks and opportunities based on facts, not opinions. In addition, modern finance is nothing more than operational excellence, automation or outsourcing of routine transactions, where it is possible to focus on value-added activities that allow the company to stand out and move forward. The attitude of modern CFOs to technology has also changed. Once the benefits of cloud computing have been established, the skepticism of financial managers about the risk of budget overruns and delays in completing projects has been replaced by more enthusiasm, as IT costs have become less unpredictable and a faster return on investment.
Add to this the growing influence that CFOs can create by analyzing data to increase profitability in any dimension, and you’ll better understand why they are increasingly viewed as technical specifiers by their teams as well as their peers from other sectors.
Observation of ACIT Finance emphasizes how financial managers today are leading technology ambitions. Respondents clearly favored a financial function that was more focused on digital transformation, while 65% supported automation of operations.
About two-thirds (67%) of finance brokers say that finances fully understand the transformation opportunities created by the latest technological trends, whether it is the possibility of mass data analysis (or “big data”), mobile applications or the use of social networks. Although financial leaders seeking to influence the strategy seek to introduce new technologies, many of them still have a long way to go when we see senior executives perceiving the situation.
These results indicate that financial functions are ready to focus on more strategic activities in the short term. The cloud system can also be a platform for using mobile technologies, Big Data technologies or social networks. The cloud was “a critical factor in mobility, collaboration, and the creation of new ways of working,” says the executive vice president, financial director, and information technology director of the creative company. ACIT Finance specializes in office imaging, production printing, document management systems and IT services. A few years ago, he recalls, financial services generated paper reports that had no limit to interactivity or dynamic distribution. “Today, these reports are available online, remotely accessible, and I receive a daily report informing me of the situation in each of our operating companies.
The wave of migration to the cloud has contributed to one of the most important changes in financial systems since the initial introduction of ERP systems, and cloud technology in general is welcome. Only 5% of respondents cited a lack of support from senior management as a barrier to the adoption of financial technology by new technologies. However, while the initial cloud computing problems have declined, some organizations are raising new ones. These include the risk of integrating new systems and technologies, which remains a sensitive topic for many organizations, as well as the question of whether they have internal resources to support the transition.
Only a quarter of respondents in industry giants (with annual revenues of more than 5 billion US dollars) consider the complexity of IT infrastructure a serious obstacle, slightly less than that of small firms (sales volume less than 1 billion US dollars). One company did not agree that the legacy of the past was hindering technological progress: which had never stopped investing in consolidating its various systems.