An increasing number of CFOs’ remits include overall responsibility for data and IT. It’s a pattern that looks to continue.
In fact, 72% of survey respondents believe more CFOs will be responsible for technology in the future.
Despite Finance’s growing responsibility in this area, two thirds of senior finance leaders believe an inability to master the variety and volume of new business data is a serious threat to the finance function and a third of them are currently struggling to make the best use of technology. In other words, many CFOs are not ready for their expanded role managing data and technology.
But CFOs are not exclusively to blame for arriving at this challenge. First, the volume and variety of data has exploded. Data volumes are roughly doubling every two years and unstructured data types are requiring new ways of collecting, processing and analyzing.
Second, the finance department has frequently been last on the discretionary spend ladder when it comes to system modernization and technology spend. When investments are made, projects are typically dominated by IT groups who often don’t understand the complexities and language of finance.
Finance SME’s need to be active in systems projects, taking a hands-on role in the configuration of processes, calculations and business rules. This approach enables Finance to ensure the resulting systems serve future reporting demands, including accounting regulation and business support.
How do you stack up to your finance peers? Download the full report to find out.