According to a McKinsey Special Collection, “The Role of the CFO,” today’s CFOs are responsible for much more than just finance. For example, 38 percent of CFOs are responsible for IT. So what can finance leaders do to step into the future and transform their businesses?
As companies grow in size and complexity, finance departments are having to adapt to the growth as well. The future of finance relies on technology to pave the way for efficient and innovative ways of working. Piecemeal ERP software will no longer deliver the needed results for finance professionals, and more advanced digital technologies will be what companies lean on for success.
Finance department tasks such as accounts payable, accounts receivable, expense management, month-end close, and procurement continue to grow in difficulty. The solution to this growth is moving ERP to the cloud. It is no longer “cloud when?” It’s “cloud now.” Oracle ERP Cloud gives finance leaders the ability to see all financial data, in its most accurate, up-to-date form, at any given time.
According to our research, 76 percent of finance professional respondents said they have plans to run ERP in the cloud. They also showed a strong interest in or are already exploring adaptive and artificial intelligence (AI), machine learning (ML), robotic process automation, and blockchain.
When utilizing these new transformative technologies, many growing companies choose process automations as their first step. With AI and machine learning, finance leaders can automatically detect patterns in large, varied data sets. Significant tactical and strategic decisions can then be made from those insights. Financial assets can now be safely transferred and traced through blockchain. By automating processes, finance departments can now leave basic manual work behind and focus on strategic planning and analysis.