Oracle OpenWorld London this month saw the unveiling of major research from The Association of International Certified Professional Accountants—the global member organization formed by members of the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA)—and Oracle. The report, Agile Finance Unleashed: The Key Traits of Digital Finance Leaders, builds upon our ground-breaking research from 2017 which defined a new, agile operating model for finance.
For this new research, we surveyed more than 700 finance executives globally to identify the key traits of digital finance and to help guide CFOs on a path to achieving it.
The operating model we identified in 2017 has evolved to embrace emerging technologies such as AI, machine learning, IoT, blockchain and others. Leading finance teams are leveraging these technologies to radically transform how finance contributes value to the business.
Organizations that have prioritized digital finance are much more likely than their peers to have reported positive revenue growth over the past 12 months.
These leaders have implemented a digital finance operating model built upon three pillars:
There is a growing gap between “superstar firms,” leading in productivity and profitability, and everyone else. The superstars are capturing the lion’s share of market demand, investment, and talent.
To be successful in the digital age, enterprises need a CFO that not only drives the effectiveness of the finance function, but also plays a strategic role in the wider enterprise’s success. Outmoded finance operating models, focused mainly on transaction processing and manual controls, prevent CFOs from fulfilling this broader strategic mandate.
In her forward for Agile Finance Unleashed, Oracle CEO Safra Catz noted that thanks to high-performance compute capabilities and the ability of software to manage and analyze data, any CFO can now easily access cloud-based AI and machine learning technologies to build new, more agile finance operating models.
Digital finance leaders interviewed for the research are:
We’ll have more on the research in future editions, including a look at each of the three operating model pillars, and an examination of key industries.