SolveXia teamed up with over 100 finance leaders across APAC, USA, UK, Europe, South Africa and the Middle East to conduct research on CFOs key concerns and challenges that shape their companies’ landscape in 2019. The report findings are based on data collected by SolveXia from companies large and small, including eBay, Siemens, LexisNexis, Sandoz, Allergan and others.
“With an ever-changing competitive landscape and compliance risk greater than ever before, finance departments must evolve to remain relevant and thrive. They must keep pace with an ever-increasing hunger for data collection and analysis and partner with the business to ensure that the organisation achieves its goals. Working with many B2B businesses, it’s fascinating to be at the forefront of this change and be a core solution with our technology,” said Adem Turgut, COO, SolveXia.
Some of this year’s insights include:
- 49% of CFOs said their greatest challenge in 2019 is disconnected data, spreadsheets and manual processes.
- Internal roadblocks and bottlenecks are also a key challenge for 22% of CFOs.
- Many finance departments are simply too busy keeping up with BAU tasks to innovate or be more strategic.
- 42% said the most important objective in 2019 is spending more time on analysis and communication with the business.
- Increasing finance agility through digital transformation was also a key objective from 31% of CFOs.
- CFOs need to invest in emerging technologies to free their staff from BAU tasks and turn data into insights for the business.
- The rate of innovation in analytics and automation means CFOs and their departments risk being left behind.
- 3 out of 4 companies said their data is trapped in legacy systems.