As manual tasks are being automatized, less time is being spent on gathering and compiling data, as well as in processing invoices. Furthermore, cloud computing enable employees to access the required information remotely. Everyone is having access to the same data all the time, there is a “single version of the truth”. The finance team is thereby spending much less time on providing updates and reports for the business.
As a consequence, the business requirements on the finance team has changed. Many executives increasingly look to the finance teams to deliver real-time insights about the health of the business. This might include the best investment opportunities within the company, patterns and trends, as well as the expected impact that different business scenarios will have on financial results.
Faster access to data and automatized administration processes enable finance and the business to collaborate more closely and effectively. Finance teams can spend more time providing the business with improved decision support based on future scenarios. New opportunities – but also new demands. It’s time for finance to step up its game and become a much more strategic business partner. To be predictive instead of reactive. If not, the finance department is at risk for being rationalized or outsourced.