Remember in spring 2020 when every email began with, “In these unprecedented times?” Well, after two years of adjustment, we’re finally starting to set new precedents. Finance leaders who had to pivot their teams quickly, and become more flexible, now have breathing room to make strategic improvements.
We wanted to help guide CFOs through the current changes and whatever may be coming next. So, we worked together with
CFO Dive to survey over 200 Finance leaders. Their responses give an informative snapshot of the current state of the Finance function and how it may evolve in the future.
The result is our latest research report,
The Future Is Agile Finance: 2022 CFO Benchmarks. You can read the entire report at the previous link, or head to our
highlights page for key takeaways.
Here’s a sneak peek at what you’ll find.
The Pandemic Accelerated Digital Transformation
As the pandemic surged, CFOs and their teams put more effort into budgeting, forecasting, and scenario planning. These capabilities are vital for success in the rapidly changing environment we’re in. Companies that can budget and forecast faster and with more accuracy — and make changes to their strategy based on the results — will be better equipped to thrive.
The pandemic also sparked new investments in technology, with cloud migration being a primary goal. The vast majority of respondents said they would increase their budget for technology in the coming year, with over a third saying they would increase by more than 25%.
Automation is Essential
Finance teams must break free from repetitive, manual tasks and siloed processes to take on a more elevated role in the organization. Automation is foundational to this effort; automated tasks and processes free up the team to focus on looking forward rather than backward.
There’s plenty of progress to be made in this area, however. Only 10% of respondents said they were more than 75% automated, and most were less than 50%.
Agile Finance is the Way Forward
A digitally transformed Finance function is defined by agility and flexibility. Agile Finance means the ability to consolidate data, generate insights, and advise the business — and do it all at a moment’s notice.
To achieve this transformation, Finance teams need to augment technology with new skills, as well as a culture that embraces experimentation and change.
Prophix is committed to helping Finance leaders take that next step into the unknown. Check out the
2022 CFO Benchmarks page to get started.
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