But the emergence of built-for-the-cloud solutions, including Workday, offers an alternative to the tyranny of legacy software. The secret is a system designed from scratch with a new goal: to unify transactions, controls, and reporting into a single system with a single data architecture, a single security model, and a single user experience. Today’s financial management systems must inherently understand and adjust to change, and deliver information in real time, on any device, anywhere, and at any time.
With such tools, CFOs are no longer restricted to the traditional BI/CPM “bolt on” or the newer, but equally disappointing, “solution” of re-platforming old software into the cloud, which moves the messy reporting problem off-premise, but does little if anything to address the core architectural issues that caused the problem in the first place.
Financial reporting is not going to become less complex; it is always going to be closely scrutinized as stakeholders ask for more contextual, relevant, and timely information. CFOs are coming to see their role as strategic partners, helping the organization make faster, smarter decisions based on real-time, relevant data.
So, the route to successful reporting is to address the underlying technology architecture and embrace financial transformation head on. And in the process, this new technology will elevate itself back to superhero status, minus the X-ray vision and ability to fly, of course—but then you can’t have everything, can you?
You can learn more about the financial reporting challenges facing today’s CFOs in the FSN Future of Financial Reporting report sponsored by Workday.