Around the world there seems to be one business mantra: Do more with less. Large, multi-national organizations are looking to achieve Silicon Valley start-up agility. Nowhere else is this felt more intensely than in the Finance department. Data and insights are needed now. Not tomorrow, and definitely not next week.
Finance execs are under pressure from boards, local authorities and auditors to improve the timeliness, visibility and efficiency of their reports. They are expected to generate consolidating accurate insights from across multiple borders and operational boundaries– despite currency fluxes, and other economic uncertainties.
The F&A department has been tasked with the challenge to be more nimble, especially when it comes to reporting. This means more transparency into trends and revenue, and predictive “what-if” modeling to be able to prevent risk accurately and assess future budget needs. All with full confidence in the outputs.
Yet over the years, confidence in the accuracy and compliance of financial reporting has plummeted.
In the face of an ever-increasing regulatory scrutiny and a more complex business environment, the challenge of “thinking and acting like a start-up” while producing precise, real-time reports can be overwhelming.
Pivot on a Dime
The problem lies in not only legacy systems, but in legacy processes that have been in place for five, ten, twenty years or more. Continue reading