Cloud-based, automated solutions ensure business continuity
First published on managersonline.nl.
Assistant General Manager for EMEA at Workiva, Bart van Praag, discusses the role of advanced, innovative technology, and why now more than ever finance teams across Europe must consider cloud based, automated solutions to ensure business continuity.
Van Praag writes, "At the moment, about 75 percent of companies use more than six different reporting tools. And when we consider the processing of sensitive financial data, and only 34 percent of tasks are automated. "
"This lack of automation means that financial reporting teams spend too much time on administrative activities such as checking and editing data, and too little time on well-considered analysis of data. This poses all kinds of risks including missing deadlines, avoidable human errors in reports, and even a lowered quality of life for employees.”
While businesses are increasingly aware of the time wasted on manual processes, and the inaccuracy associated with such processes, van Praag notes that this awareness requires a change of mind-set: CFOs should think more like CIOs.
“In other words,” van Praag says, “CFOs should not only look at the financial processes, but also translate them into technological solutions that can modernize these traditional processes.”
The role of CFO is no longer 'just' a financial mastermind: CFOs must become early adopters of technology that enable modernization of their department, and who better to help them, than their CIO counterparts.
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