When it comes to finance, are you a leader or a laggard?
Oracle recently partnered with the American Institute of CPAs (AICPA) to investigate the traits of the most successful finance organizations. We found that the best finance teams are agile: more efficient and automated, able to shift gears based on better, more reliable information, with more time to strategize and influence the direction of the business.
What’s more, businesses with agile finance teams were, overall, more successful than their competitors with more traditional finance functions.
What separates the leaders from the laggards?
Agile finance leaders are typically far ahead of their peers when it comes to implementing financial planning & analysis (FP&A) centers of excellence, deploying cloud services such as enterprise performance management (EPM), and introducing a raft of other innovations such as robotic process automation.
Agile finance leaders are far more likely than others to rate the skill level of their finance teams as “excellent,” especially in non-traditional skills such as:
45 percent of agile finance teams have standardized their finance processes on cloud ERP, versus only 17% of laggards. And there are more traits that set the leaders apart from the laggards.