Like many aspects of business, the role of the Accounts or Finance Department has changed enormously in recent years – and it’s still changing.
Gone are the days of accountants tucked away in the back office, poring over (largely out of date) spreadsheets to make sure the books balance. Instead, the finance team have been thrust into the spotlight, at the heart of the organisation’s front-line.
Why? It’s down to the gradual development of financial software into the cloud-based ERP systems behind digital transformation. Gathering valuable real-time data from all across the business, these latest systems give finance leaders an ideal overview of the company’s operations – so they’re ideally placed to spot new insights and opportunities using that data.
Suddenly, finance teams – and especially CFOs and Financial Directors – are in a new role. Decision-makers are now turning to them to help steer the company through volatile market changes or develop new business. In fact, a recent Oracle survey found that nearly 40% of finance leaders admit their department is becoming more accountable for the success of the business.
Of course, CFOs have spent years analysing and reporting on company data – but handling and understanding huge volumes of data is something else altogether. That’s why you’re likely to see a few new job titles within Finance Departments, such as data analysts and statisticians.
So here’s the thing: is your Finance Department – and hence your business – being held back by ageing legacy systems relying on inaccurate spreadsheets? Or is it a driving force, using cloud-based ERP data as a basis to not only to save time and money by working more efficiently, but to transform your business?
If you’d rather it was the latter, talk to one of the Percipient team. We’ll be only too pleased to help you reach your own digital transformation goals.
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