“We’re going back to the building blocks of accounting and finance, cleaning them up, modernizing them, putting them in what we call the ‘finance data hub,’ and then building consumption on top of that,” she explains. “It’s extremely agile, easier for our employees to use, and significantly reduces manual processes.”
LaClair noted that there is also a wider rationale. “I can see my workforce changing dramatically over the next 24-plus months,” she says. “As we’re introducing new tools, it’s going to allow our employees to be much more analytical, quicker, and thoughtful about business implications and, ultimately, to drive greater strategic value for the company.”
Our research shows CFOs—compared to their C-suite peers—are most concerned that they don’t currently have the skills they need on their teams. When asked about the skills their teams require to continually meet the needs of the business, 71% of finance leaders said their teams currently lack all or some of the skills they identified. This was higher than CIOs (46%) and CHROs (59%).
Design a Digital Infrastructure to Meet Demand
For many CFOs, the pandemic underlined the crucial role of accurate and accessible data across key business applications—and just how much their business function lacked it.
Our research reveals that about one-third of finance leaders (34%) have little or no confidence in their teams’ ability to meet the demands of the business, and only 49% have confidence in the speed of their planning, execution, and analysis cycles. As technology becomes a more prominent driver of company value, much of this confidence shortfall can be attributed to data. Many organizations’ data is too low quality, and they struggle to analyze it and use it strategically.