Finance transformation” refers to a longstanding objective: shifting the focus of CFOs and finance departments from transaction processing to more strategic, higher-value functions. Our research confirms that most executives want their finance department to take a more strategic role in management of the company. A new generation of applications, driven by new approaches and new technology, can help forward-looking finance organizations make this shift.
These changes in the technology underpinnings of finance-focused applications will support efforts by CFOs and senior finance executives to forge more a strategic partnership role with the rest of the organization and reshape the mission of their department. They will put the CFO and the Office of Finance in a position to enhance the potential and performance of business. Finance departments have the ability and the mandate to improve business efficiency and enable a corporation to execute strategy more effectively. Rather than being “bean counters,” Finance can for example use more advanced analytics that combine financial and operating data to deliver to executives and managers across an organization more timely and accurate operational, customer and product profitability measurements and thus boost performance.