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The following is the CFO’s most powerful asset From Intelligent financial operation recommended by recordtrend.com. And this article belongs to the classification: artificial intelligence, accenture , Investment & Economy, machine learning.
Chief financial officers (CFOs) continue to respond to the ongoing business disruption brought about by covid-19, with a new Accenture report finding that financial executives need more real-time data to move from measurement to value creation.
Accenture’s new report surveys 450 CFOs and other financial executives of companies with annual revenues of at least $1 billion. A key finding is that while almost all respondents (99%) believe that the use of real-time data is critical to coping with threats such as the cowid-19 or recession, only 16% of respondents achieved the required data size.
When asked about the areas of greatest concern for its business in 2021, the CFO most often mentioned rising interest rates (49%), pandemic disruptions (47%), recession (47%) and recruiting and retaining the right talent (42%). Given the complexity of these challenges, most people (68%) believe that real-time financial models – leveraging AI, machine learning algorithms, and real-time, diverse data sets – are critical to achieving better business decisions.
Even during the pandemic, respondents said they spent an average of 33% of their budget this year on building real-time operations and processes. Large US companies (that is, companies with annual revenues of at least $10 billion) seem more committed to this capability, investing at least 50% of their budgets in this area. About two fifths of respondents (44%) plan to implement almost all financial processes and operations in real time over the next three years.
Although the advantages are well known, financial executives also face challenges in implementing these processes. For example, real time scenario planning ranked highest among CFO priorities in 2021 (34%), but 58% of respondents were worried about identifying or hiring the right people to implement this function. While about a quarter of respondents (24%) rated real-time insight as the top priority of a company’s financial function, about two fifths (43%) rated technology as the main obstacle to implementation.
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