CFOs sped up digital transformation at the start of the pandemic in early 2020, aiming to get a grip on plunging revenues, turbulent capital markets and an economy-wide cash crunch.
“Well beyond a sharp pivot to remote work, this disruption catapulted forward the need for critical skills, tools and resources, ushering the not-so-distant future of controllership into a present-day reality,” Deloitte and the IMA said.
Company leaders since the COVID-19 outbreak have expected CFOs and their controllers to provide sharper strategic insights, exploit real-time data and analytics tools and operate with greater efficiency and agility, Deloitte and the IMA said. “As a result, automation, data integrity initiatives and talent development are on the rise.”
The stepped-up effort has not fully paid off, Deloitte and IMA said. “There have been mixed results for successfully increasing the overall pace of automation implementation and the adoption of a clear path to a functioning modern finance factory.”
The CFOs and other respondents said data and analytics needs upgrading the most, with 46% of respondents acknowledging “initial or emergent maturity in this area,” Deloitte and IMA said, Specifically, financial planning and analysis was viewed as requiring the most progress in order to meet the future demands of the controller’s office.
Nearly two out of three respondents (65%) said their company has achieved “maturity” in governance and compliance, including using automation and analytics for continuous monitoring of controls, Deloitte and the IMA said.
“To meet current and future demands, an evolution from value reporting and preservation to value creation and strategic business partnering has become essential,” according to Deloitte and the IMA.
Limits in time, budgets, staff expertise and resource capacity pose the biggest barriers to transformation, Deloitte and the IMA said.
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Bed Bath & Beyond’s appointment of Laura Crossen as interim CFO has raised questions about the type of permanent finance leadership the company will need.
Process efficiency is just the beginning of what CFOs are realizing finance automation can bring to their organization.
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