According to recent survey data, mid-market CFOs are investing in new technology today to prepare for uncertainties tomorrow.
The survey—conducted by the accounting firm BDO—polled 700 CFOs from mid-market companies in the U.S. When asked to identify their priorities for growth in 2020, 54% said digital transformation, more than any other response.
Finance and accounting departments are well-positioned to benefit from digital transformation, as 58% of CFOs said they’d increase spending on internal resources for that area. On top of that, 70% said they plan to increase their IT budgets this year, citing data management issues as well as reporting software and security challenges as the finance department’s biggest concerns.
Digital Transformation Starts with a Flexible, Finance-Led Planning Platform
In order to fulfill their roles as strategic partners to the business, finance teams need access to reliable, up-to-date data from every function of the business in real time. A holistic view of company-wide data gives forward-thinking finance leaders the ability to identify key business drivers, model future scenarios, respond quickly to change and plan for the future with confidence.
This is achievable with the adoption of a planning platform that connects people, process and technology to create an ecosystem for integrated finance-led business planning. With the right tools and the right processes and the ability to collaborate effectively cross-functionally, finance leaders can hone in on the mission-critical data needed to drive well-informed and agile decision making across the business based on the story the numbers tell.
Here are some key features to keep in mind when assessing a planning platform to help you kickstart your finance team’s digital transformation:
- Planning tools with an Excel interface are more easily adoptable across your entire organization because they allow users inside and outside the office of finance to leverage a tool they already know how to use.
- By consolidating company-wide data within a centralized, easy-to-use platform, your finance team can tear down data silos, collaborate seamlessly with other departments and eliminate bottlenecks in the strategic planning process.
- Process automation helps finance teams boost efficiency, eliminate tedious manual processes and spend more time on what really matters—planning for the future of your business with forward-looking analysis.
With reliable data at their fingertips, finance leaders will always be able to keep a firm pulse on the key metrics needed to help their businesses confidently plan for today and tomorrow. But it all starts with embracing digital transformation to drive an integrated approach to finance-led planning processes—and that means making sure your teams have the right tools for the job.