It’s no secret that CFOs want to be more strategic. So what’s holding finance back? It’s the old-world tools they’re using for routine tasks, such as the financial close and reporting, which add risk and drain time and resources.
Take financial consolidation as an example. Many companies use spreadsheets to manage intercompany eliminations and allocations, which is time-consuming and error-prone—and this manual work slows down the entire close. According to Ventana Research, only 38% of companies can close their quarterly books in six days or less.
So how can you improve your process to execute faster and provide critical financial information sooner? Here’s a three-step guide.
This week, we close the month of August with five CFO must-read stories that represent many of the increasingly diverse topics that are top of mind for modern finance chiefs–from their shift to the cloud, to their use of social media, to career-building insights from CFOs who are already flourishing in a more strategic leadership role.
So what piece of advice do CFOs wish they had heard at the beginning of their careers? How can finance teams best prepare for a move to cloud-based solutions? Can social media really help finance professionals become better leaders? Continue reading to find out with our latest edition of CFO Must-Reads, the one spot where modern finance pros can always have it their way!
In early December, Forbes published the International Data Corporation’s (IDC) top 10 technology predictions for 2014; a yearly list that is much-anticipated because, well, IDC is pretty accurate. In 2013 for example, the market research, analysis, and advisory firm predicted that businesses will turn to visual analytics and predictive analytics technology to make the most use out of their massive amounts of data.
The IDC 2014 list includes a wide range of predictions, from the perpetuation of “Android vs. Apple,” to Amazon (and possibly Google) taking on traditional IT suppliers.
The firm’s top 10 countdown also includes predictions especially pertinent to the Cloud CPM & BI market. Here’s our view on a few of IDC’s predictions that are particularly interesting to Adaptive Planning, our customers, partners, and the broader future of enterprise cloud applications.