According to a recent survey, 34% of finance functions are actively pursuing finance process innovation. But that still leaves 66% mired in legacy systems and unable to break out of the pack. The FSN “Innovation in the Finance Function” study, harvested the views of more that 1,000 senior finance professionals globally as it sought to … Continued
Finance professionals place a premium on “insight. When asked where innovation is most needed in the finance function, more than 80% of finance leaders responded that it was most needed in the delivery of business insight, and this is a recurring theme of FSN’s recent research. Yet for many organisations, insightfulness, i.e. the ability to … Continued
FSN’s 2018 “Innovation in the Finance Function” research confirms the crucial role that innovation plays in finance function success. The study, assembled the views of more than 1,000 senior finance professionals globally, and reveals that not only do innovative finance functions reforecast the enterprise more swiftly and accurately but they also close the books more … Continued
Finance functions have suffered chronic underinvestment for many years. Compared to the front-facing customer functions, finance, and the back office that facilitates sales, are under increasing pressure as businesses grow and change. Putting finance investment on the backburner isn’t just an unnecessary business risk, it also means missing out on the substantial rewards of an … Continued
Prophix’s US user conference challenged delegates to “Reframe the Usual”, take a different perspective of familiar business practices and to reach for higher planes. It’s a clarion call that resonated perfectly with FSN’s research around innovation in the finance function. The study found that 11% of finance functions rarely, if ever, discuss innovation and a … Continued
The boardroom is the nucleus of an organisation where senior executives make (hopefully profitable) strategic decisions. But as technology has spawned disruptors and new, agile business models, the competitive landscape has changed. These days boardrooms need different information to make critical decisions. Senior executives need breadth of data, from market analysis to operational scrutiny, but … Continued
1.Set aside more time for finance process innovation Few finance functions plan for innovation and process improvement or set aside funding, time and resources. 11% of finance functions never discuss innovation and a further 54% say they would “if only they could spare the time”. Given this data, it is perhaps not surprising that only 12% … Continued
Balanced investment in both customer-facing and finance systems drives the best overall performance across a business, but most innovative investment is still concentrated at the front end. So how can companies rebalance this top-heavy approach? The technological revolution has been a boon for customers, from online shopping to product recommendations, targeted advertising to precise delivery … Continued
In business, start-ups are envied and feared in equal measure. Incumbents watch as these nimble disruptors tear up traditional business models and steal their customers with ruthless efficiency. The start-up mentality has become a by-word for innovation, agility, focus and intensity. So how can CFOs tip the balance in favour of innovation? 1 Understanding the … Continued
Innovation is constantly on the lips of business leaders. We live in an environment where costs have been cut to the bone, price control is slipping from everyone’s grasp and growth rates are in low single digits. Against this backdrop, innovation offers a way of breaking out of the pack, delivering superior returns and gaining market … Continued