Ambitions for technology not matching the reality

Technology is seen as crucial enabler for the finance functions within all businesses but ambitions are not meeting reality, according to a study by Longitude Research.

The report claims chief financial officers have now become technology evangelist extolling the values of digital solutions and cloud-enabled delivery. However, only 20% of top executives believe their finance teams have adopted the leading-edge technologies which is bringing more value to the business.

“Many CFOs are making major strides toward creating a technology-enabled finance function, but it’s clear that much work lies ahead,” the report said. “Many companies still rely on outdated data for key decision-making, and while there has been great progress in delivering analytics-driven insights to the business, this can be significantly improved.

“Tomorrow’s finance function will have to be far more automated and efficient—one that leverages digital technologies, from mobile-enabled finance tools and leading-edge data analytics, to the smarter use of social media and the cloud.”

The study found that ensuring up-to-date data was available to end users within the business had become a key foundational element of modern finance practice. According to the research almost six in 10 finance functions now have access to data that is no more than seven days old.