Over the past 20 years, supply chain globalization has fundamentally changed the face of business. New accounting, control, risk management, planning and reporting processes have been ushered in to satisfy a host of new regulations and requirements.
Today, thanks to forces such as robotics and 3D printing, we are embarking on a new era of industry transformation that is giving rise to digital supply networks. According to David Axson and Gary Hanifan, of Accenture Strategy, these digital supply networks may be even more disruptive than the changes brought about by globalization, and have the potential to drive massive value creation and generate new revenue. But is the Office of Finance ready to address this new wave of supply chain evolution?
Not exactly, according to the results of our new global research study. The study, conducted by Redshift Research on behalf of Epicor Software, is based on responses from over 1,500 financial decision makers globally on the key challenges they face in decision making.
While there have been significant changes in financial governance requirements and the velocity and volume of data needed to fulfill those requirements over the years, many organizations’ business systems have stayed the same. The research reveals an incredible 60% of CFOs and finance directors still rely on Excel spreadsheets to gain access to data – even those in businesses with over $1 billion in annual revenues.
Old monolithic business systems and processes are ill prepared to deliver the responsiveness that businesses need to succeed in today’s world. In lieu of fast access to needed data, CFOs are increasingly making business decisions based on a “gut-feel”. This can delay decision making and introduce errors. Even more concerning, the survey reveals this approach can also negatively impact profitability. CFOs that can access better data for decision making as opposed to instinct had greater profits, with 72% experiencing a profit increase.
So that everyone can be equipped to make the best decisions, companies need to have the right systems in place that deliver the right data, to the right people, at the right time, in the right way,. To be fully prepared for the future, finance professional must invest in the right technology tools, so they can make the right decisions that will propel rather than hinder growth and profitability.
Please visit our eBook presentation to view the full survey results.
View the full infographic of Head or heart? How do CFOs make decisions?
This is taken from the article TechnologyFail in the Office of the CFO and Finance Director and has been written Epicor Technology Innovation Insights Team
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