What Makes a Future-Focused Finance Organization?

The systems used by many companies for important business insights have many inconsistencies. They lack integration, automation, and a single version of the truth about their business. Additionally, many lack the ability to view their data in real-time to really understand what their data is trying to tell them. Today’s volatile marketplace requires more flexible finance, and modern finance leaders have leveraged intelligent technologies to provide the real-time data and reporting capacity that empowers them to drill-down to the most detailed level of information. Having one universal truth from one set of data available in real-time is extraordinarily powerful for finance leaders because it empowers the business to be faster and more agile.

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Boost Finance Agility with Modern Technology

“The relentless introduction of new technologies and innovative business models has accelerated the velocity of change in the business environment. To survive and thrive, companies must be attuned to shifts in market conditions and ready to make decisions fast – and implement them quickly – to alleviate their impact.”

According to The Hackett Group, there is a strong positive correlation between greater organizational agility and financial out-performance. While there is not a single way for executives to make decisions faster and expedite their execution, they can leverage a dynamic, integrated modern technology platform that enables agility across the organization.

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The Path to Manufacturing Innovation is Paved With Exponential Technologies

“The velocity of technology advancement, especially for the manufacturing industry, is exponential.”

Exponential technologies provide the scalability that modern businesses often lack with their legacy technologies and outdated practices. Industrial manufacturers are focusing on these technologies as a foundational approach to innovation across both products and processes. In this era of rapidly accelerating transformation, organizations of all types must develop the ability to innovate rapidly, or get left behind by the competition. Today’s manufacturing is focused on technology-driven innovation that enables businesses to build new capabilities and develop new products and services. Exponential technologies have the capability to optimize processes and controls across production and operations, providing manufacturers with a major advantage.

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CFOs Can Work Smarter, Not Harder with Intelligent Technologies

“To achieve better collaboration across the business, financial leaders acknowledge the value of new technologies such as cloud-based applications, data analytics, and machine learning. These intelligent technologies have the potential to automate back-end operations, modernizing rigid legacy systems while driving efficiency across these business functions.”

By incorporating intelligent processes and technologies, CFOs can simplify their data structures to enable easier and faster closing, planning, and analysis. Dynamic tools that provide timely, meaningful insight can save money, manage data, improve business visibility, and improve efficiency.

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How Midsize Businesses Are Leveraging Intelligent Technologies to Fuel Growth

A common dilemma for most finance leaders from midsize companies is knowing how to gain the visibility, speed, and insight to run some of their most basic operations. The need to be fast, efficient and agile in today’s volatile marketplace is nearly impossible to achieve with manual processes. Therefore, many midsize companies are expanding the scope of their digital transformation efforts – from integrating technology into their business to fundamentally changing their workplace culture, organizational operation, and customer experiences. Finance organizations in best-run midsize companies are embracing digital transformation and intelligent technologies such as artificial intelligence, predictive analytics, and machine learning. In return, most of them are improving timely decision-making, running more-efficient and less error-prone operational processes, and empowering knowledge workers to engage in higher-value business activities.

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The Future of Technology, Analytics, and The Finance Profession

In February 2019, IMA^® (Institute of Management Accountants) released the latest version of the Management Accounting Competency Framework (bit.ly/309rjw8), which reflects the knowledge and expertise that today’s—and tomorrow’s—management accountants must have in order to be relevant in today’s rapidly evolving business climate and to be prepared for what the near future holds for the accounting profession. 

Legacy models and paradigms of how accountants “used to do things” are being disrupted by innovative new approaches, solutions, and processes. Technology and analytics are two domains in which management accountants must improve their competency in order to be future-ready. We recommend visit 0rgb.com for the latest technology devices and news.

CFOs and other financial professionals already need to understand basic enterprise technology and analytics for all their crucial roles; these are already part of daily work life. Yet newer technologies such as advanced AI and machine learning, building blockchain using substratum masternode, prescriptive and adaptive analytics, and data visualization are where most of the profession falls short.

Read More at Strategic Finance Magazine >