As finance professionals’ workloads continue to expand, so too, does their role within the organization. But how can they be expected to be strategic when the majority of their time continues to be consumed with day-to-day accounting tasks? A new study provides a breakdown of how the finance team’s time is spent and suggests that organizations probably need to do some assessments of their own. While investing in new systems and processes can also help unencumber the team, dashboards and analytics can provide better insights into the business. With these tools, finance professionals can uncover hidden opportunities and recognize potential threats early on, allowing them to make more strategic decisions. That is perhaps why the value of digital platforms continues to be recognized. When asked for their 2016 predictions, finance leaders expect the use of digital platforms to expand in the coming year. This week’s stories address all of these topics and more.
Where Does Your Finance Team’s Time Go?
A recent survey of over 800 finance professionals revealed that the finance team spends roughly 2.5 days out of the workweek processing transactions like paying bills, ensuring invoice accuracy, accounting for fixed assets, and more. This is far more time than they spend on control, decision support, or management activities. With finance teams increasingly called upon to be more strategic, why is it that they can’t seem to free up more time for decision support—and what can be done about it? (via CFO.com)
Unlock Hidden Opportunities With Dashboards and Analytics
Join the friendly world of dashboards and analytics. With increasing amounts of data, finance leaders need ways to centralize and view data so they can make insightful decisions about the business. And they need to be able to communicate that information clearly with business partners. Here are five ways dashboards and analytics can provide a window into opportunities that might otherwise be missed. (via Adaptive Insights Blog)
Finance Leaders Make 2016 Predictions
More than 20 finance leaders have made their predictions for the upcoming year. Not surprisingly, many refer to the evolving role of finance professionals in their organizations; the need for collaboration and data-driven decision-making; and the adoption of digital platforms and analytics. (via Forbes)
Planning for Disruptive Strategies
Disruptive business strategies have the potential to completely wipeout business incumbents, but there are ways to anticipate and plan for these threats. Learn strategies for overcoming the potentially devastating impact of unicorns, black swans, and exponentials. (via Wall Street Journal)
What do you like to read as a modern finance leader? Tweet your top picks to @AdaptiveInsight, and read next Friday’s edition to see if your story made our list of CFO Must-Reads!