The following video interview originally appeared in The New Economy on July 20, 2015.
The proliferation of data and ever-quickening pace of business have raised the stakes: Today’s business leaders need to make more informed decisions in real time—and the office of finance is ready to take on this strategic challenge.
Technology investments are top of mind for finance leaders as they look to supercharge their strategic decision-making. According to a global survey of more than 325 CFOs in the second installment of Adaptive Insight’s quarterly CFO Indicator series, more than 50% of finance chiefs plan to increase their investment in modern financial technology within the next year. In an age of data deluge, the department once known primarily as back-office support is ready to step to the forefront of business strategy. Seven in 10 CFOs agree that finance is positioned to help management make strategic, data-driven decisions, yet six in 10 still say that lack of time for analysis due to lengthy data gathering and reconciliation is their top inhibitor to becoming a more strategic and influential business leader.
CFOs have a clear need for technology to help them turn financial and operational data into valuable analysis that can help them guide better business decisions. On July 20, Ian Preston, Adaptive Insights’ vice president of sales in the UK and Ireland, spoke with Jenny Hammon of The New Economy about the trend toward a more analytical CFO, and about the role that modern financial technology plays in the transformation process.
“Using software to handle and analyze data is just the sensible way to use the data,” Preston said. “Technology is not there to bamboozle people. It exists to help people do their jobs the right way the first time, and do it accurately and with consistent data.”
The goal is to help CFOs become self-sufficient in their use of modern financial software. That, according to Preston, will give finance leaders greater access to different types of data more easily. So what’s next in the evolution of insightful analytics to make this goal a reality? Watch Ian’s entire video interview above to find out, and grab a full-length version of our latest Quarterly CFO Indicator Report for more insights into the evolving role of the modern CFO.