CFOs Gain Cloud Confidence
October 11, 2017
global CFO Indicator report explored the confidence levels of today's
CFOs relative to data, technology, and their efforts to implement a
"single source of truth" (single system for accurate financial and
operational data) in their organization. Just three years ago, according
to CFO respondents, only 33% trusted the cloud for financial data.
Today, 73% of CFOs trust the cloud for financial data, reflecting a
significant technology shift for Finance, one of the last functions in
the enterprise to embrace cloud technology.
"The cloud enables a level of data
access that Finance teams need in order to meet the demand for accurate,
real-time information from across the enterprise," said Robert. S. Hull,
founder and chairman at Adaptive Insights. "This quarter's report
validates that CFOs are embracing cloud technology for their financial
data. However, despite this shift, the majority of CFOs still do not
have a single source of truth for their organization, delaying
decisions. This lack of agility results in documented losses in revenue
and business opportunities."
•Only 35% of CFOs are confident they have access to the financial and operational data they need to make critical business decisions in a timely manner. Reliance on legacy technologies like spreadsheets results in siloed data that must be manually collected and aggregated. This creates distrust in the numbers and leaves little time for the analysis. This involves sales data, and a host of operational data from critical HR and customer data to supply chain, facilities, and external market data.
•One in five CFOs (21%) are not currently working on a single source of truth, and this is up from 17% two years ago. CFOs cited expense, legacy solutions, and data sources as reasons, but without a holistic view of the organization, CFOs will be challenged to deliver the business insights expected from Finance.