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Business strategy expectations for CFOs are rising, and it’s not just about keeping the books clean and planning the annual or quarterly budget any more.
A recent CFO study by TCS found that in the next five years, business finance leaders expect to play leading roles in several key areas of their companies’ growth, including tech-enabled business model transformation, the development of new products and services, and instituting new cultures and ways of working. It’s hard to drive these types of big-picture initiatives forward if you have your head in spreadsheets all day long.
Even the best CFO is just one person with a limited team, so as the saying goes, the key is to work smarter, not harder. Save those teams from annoying, labor-intensive, error-prone manual processes by automating as many of those tedious time-suck tasks as possible.
Leading CFOs are heeding the call. The most agile CFOs are focusing on developing technology and analytical capabilities to maximize the value of their data. Among the agile leaders who responded to TCS’s survey, 45% say that long-term strategic planning is a priority area for development, an answer given by only 35% of traditionalists, while 36% of agile leaders also prioritize core financial management, in contrast with 29% of traditionalists.
These decisions are already impacting the way CFOs operate. The survey showed that 52% of agile leaders are satisfied with the time it takes their team to manage financial reporting, and 51% with their ability to move talent to higher-value tasks, while only 11% and 19% respectively of traditionalists were able to make the same claim.
If you’re on the fence, here’s what automat… Read More
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