For CFOs, numbers are everything. Analyzing data and metrics aren’t just tools for measuring profitability and cost – they are their vision into the health and future of the company. Many CFOs and financial executives look to numbers before making critical decisions. Chris Schmidt of CFO magazine says, “A CFO who can accurately report on the financial position of his or her organization with great detail and insight — and on a timely basis — is empowered both immediately and in the future.” A critical component many executives rely on for these insights is reporting technology. It has become increasingly important over the past few years to continue investing in technology so that reporting processes can be streamlined and yield helpful information.
Unfortunately for many CFOs, their own ability to diagnose the health of their company is extremely limited. Getting these key insights into their business can take a long time, depending on the technology they are using, or these insights may not be as clearly defined as they can be because of their technological limitations.
A recent survey of financial executives from CFO Magazine reports that 63% of executives find their reporting processes to be inefficient, slow, and not necessarily linked to their decision making processes. For many financial executives, the future lies in investing in technology that provides accurate and timely insights into their business.
82% of respondents believe the solution to their problem is investing in leading-edge technology. What’s more, nearly 80% of those surveyed expressed the importance of having a dedicated solutions provider: 80% of CFOs believe “there is measurable value in partnering with a technology solutions provider rather than just purchasing technology for the transformation.”
As the need for more accurate reporting grows, solutions providers should take it upon themselves to learn the unique needs of financial officers in order to add more value to their services.
For a full write-up regarding this growing need for reporting focused technology, you can read CFOs original article here