Digital and Analytics Key for Consumer Goods Firms

“Digital and analytics programs are no longer optional. Companies can’t compete effectively in today’s business environment without harnessing the power and potential of these technologies. Scaling them—so that they work their magic across the entire organization instead of in small pockets—will be increasingly crucial to improving total shareholder returns and sustaining competitive advantage.”

Read at McKinsey Digital >

Real-time Approach to Planning is Critical

“These new realities demand a real-time approach to planning in which financial teams use scenario modeling and simulation tools to plan for a range of possible outcomes. Leveraging external data in volume and drawing on connected intelligence from across the business, finance teams can ask those all-important “what if” questions to identify the best path forward.”

Read more at CFO Dive >

The End for Manual Accounting Processes

“Manual processes present too high a cost for accounting teams, CFOs, the broader business, and investor confidence. They sap time and resources, elevate risk, place a shadow over audit and compliance processes, and burn out talent. But more than that, in today’s fast-moving landscape—where companies are rolling out new business models, conducting mergers and acquisitions, and looking to direct more resources into planning and analysis—they can stymie business performance.”

Read more at Strategic Finance magazine >

CFO Tech Focus on Finance and Accounting Apps

“Finance leaders are focusing on some important — but arguably less glamorous — technologies. In the rankings, finance and accounting software came out on top, followed closely by mobile and cybersecurity techs.”

The world of technology is continuously evolving, from the rise in the Internet of Things (IoT) through the adoption of Software as a Service (SaaS) over traditional in-house applications. And as technologies shift, so does the threat landscape. Yet many organizations adapt their technology without guidance or direction from IT, information security, procurement, or risk specialists. sapphire security is proactive when it comes to the physical threats to your business

Read more at Brainyard >

Reduce Cost and Risk in Finance Transformation

“This renewed focus on transformation is driven by the reliance on the CFO and finance team as businesses try to survive the crisis and plan for the recovery. It has exposed the weaknesses that exist within the typical function (planning and forecasting, for example) and the necessary improvements to meet the expectations of the business. Remote working adds to the challenge.
With cost-cutting high on the agenda for most organisations, the finance team will also come under scrutiny. We need to do more with less, be more efficient and effective.”

Read more at Generation CFO >

Building Transformational FP&A Processes

“The almost instinctive reaction to such crises is to batten down the hatches and tough it out until better times return. Although economic downturns can be severe for both business and individuals such a knee-jerk reaction is seldom the best strategy.”

Read more at FP&A Trends >

CFO Priorities for 2021 Includes Digital Transformation

“After surviving the initial wave of the pandemic, many organizations obtained a real-world view of how far along they were in their digital transformation journey. In many cases, the verdict was “not nearly as far as we thought we were.” Although most companies have automated processes, fewer have optimized that automation; fewer still have deployed next-generation technology to transform their business models. In fact, our research and experience with organizations worldwide indicates that very few have taken the necessary steps they need to become truly digital. They may have formed a digital veneer around their core capabilities, but being truly digital means changing the organization at its core.”

Read more at Forbes >

Give Purpose to Your Data to Drive Value

This McKinsey Digital article highlights the eight elements leadership teams should leverage to exploit their data analytics practices and make more informed, and ultimately more profitable decisions. “Performance — not pristine data sets, interesting patterns, or killer algorithms — is ultimately the point. Advanced data analytics is a means to an end. It’s a discriminating tool to identify, and then implement, a value-driving answer.”

Read more at McKinsey.com >

The Modern CFO is a Valued Business Partner

“In the last decade in particular, CFOs have faced a raft of changing regulations and enhanced governance requirements. They have had to get increasingly comfortable with new technology and automation, and they have needed to step into the limelight as prominent communicators and influencers. The modern CFO has fully embraced change to become a valued strategic partner, able to navigate complex organizations and lead an increasingly dispersed workforce.”

Read the entire article at Strategic Finance Magazine >