By Emma Greene, Senior Director Applications, Global Marketing
The potential of digital developments is enormous, creating new opportunities and obstacles for finance teams around the globe, every day. Many companies may be able to survive, but the real question is: can they thrive in this new working world?
Finance leaders like you need to make the most of the latest innovations; redefine annual reports and eliminate errors in narrative disclosures; throw out aging budgeting processes, replacing them with rolling forecasts; and prepare for organizational change like never before.
The digital age may seem like a daunting era, but through a series of finance-focused DigiBooks, we hope to provide a complete checklist to help digitize your department.
Digital developments have progressed at an impressive rate, allowing finance teams to unlock their true potential and become strategic leaders across their entire organization. Cloud, social, mobile and big data have provided CFOs with the ability to achieve even more—but these technologies must be used to their full potential.
As more and more enterprises reap the rewards of today’s technology, ask yourself: are you preparing your sales, marketing, HR, and other departments, in the best way possible? Are you providing new ways of working, and guiding them on how they can adjust to new market trends?
From business trends for CFOs; to three key rules for cleaning up your data; to turning information into action and achieving operational excellence, Thriving in the Digital Age will guide you on what changes you need to implement in order to succeed in this digital era.
Data growth is a continuous concern for CFOs, who wonder how they can collate accurate and adequate information, quickly and easily, to produce annual reports and narrative disclosures. This rapid rise in data dependency has companies panicking about how they can streamline their financial reports with minimal errors or disruption. It’s no surprise; in 2014 alone, 16% of large UK companies found more than 10 pieces of inaccurate information in accounting spreadsheets.
Whether you’re looking to mitigate risk behind your analytical reports and disclosure narratives; see how other CFOs are redefining reporting; gain advice on how to achieve qualitative disclosure success; or increase efficiency within your team, Annual Reporting and Narrative Disclosure delivers step-by-step guidance to overcoming your biggest challenges.
Though the digital age poses exciting times, it has the potential to create difficult and disorganized situations that you really want to avoid. Company change will happen across your entire business; expect to overhaul your existing processes, rewire your product focus, and create a completely new culture. Your business may have succeeded up until now, but in order to perform at the same level in today’s market, you need to modernize your company to meet and exceed digital demand.
Imagine if your organization fell victim to a mergers and acquisitions nightmare, one that came close to the infamous failure of the $350 billion AOL-Time Warner merger. Would your company be able to get back up and running? A lack of preparation prior to cultural change can be costly, so do the right thing and build a culture you can manage.
Focusing on—and addressing—six key challenges that every CFO will face, The Building Blocks of Organizational Change guides modern finance leaders down a simple and successful path to digitally disrupting their business.
The business world is constantly changing, meaning you can no longer afford to spend countless hours putting together budgeting and forecasting. Instead, you must be able to quickly and efficiently adjust forecasts at a moment’s notice. However, 80% of companies still believe their forecasts are unreliable, and more than 62% of organizations find that their budgets reflect a single point in time—and therefore quickly become irrelevant.
Successful companies that keep up with their forecasting typically see their overall share prices rise a third more than businesses that don’t, highlighting the importance of fast and flexible forecasts. So how can you join the 20% that are getting this right?
Rolling Forecasts guides you on ensuring that business forecasting is relevant and accurate; warns against three things you should avoid when building a rolling forecast; and tells you why a simple response is always the best answer to a complex problem.
It’s time to transform your business to meet and exceed the demands of today’s economy. It’s time to think digital.