How digitisation is reshaping the finance function
CFOs and Finance Executives weigh in on the extent to which new technologies are impacting their business
of respondents to our survey are considering using robotic process automation
have taken no action towards implementation of ERP in the cloud
estimate their cost saving initiatives are unsustainable
and Finance professionals need to consider incorporating emerging technologies to ensure their organisations' competitive edge.
We polled 125 Belgian CFOs and Financial Executives across different sectors to assess where they stand in implementing the latest technologies to improve the functioning of their finance organisation.
Specifically, we gathered information on where they stand in five areas: robotic process automation (RPA), data & process analytics, cloud solutions, sustainable cost management and target operating model optimisation.
27% of respondents are considering RPA
RPA is easy to implement and can reduce costs faster than traditional Enterprise Resource Planning (ERP). It offers many advantages like greater accuracy, governance and compliance, reduced costs and increased employee and customer satisfaction.
Robotic process automation is:
Robotic process automation is not:
48% of respondents indicated that “improvement of management reporting, dashboards and KPIs” is a top priority
CFOs can play a central role to link newly available, external data to internal data with the objective to provide a basis for solid decision making within the organisation.Technologies support moving from retrospective data to predictive analysis but actual implementation of predictive scenario based models proves to be difficult and limited.
44% have taken no action towards implementation of ERP in the cloud
The cloud seems to be the future and software providers are adopting a ‘cloud first strategy’. Yet, respondents claim that despite the advantages of moving to the cloud it feels ‘unsafe’ regardless of the fact that security measures are generally more stringent than those of on-site solutions.
What are the main reasons why you haven’t moved to the cloud?
33% of respondents estimate their cost saving initiatives are unsustainable
Zero-based budgeting (ZBB) is widespread and the number of companies considering it is on the rise. Applications in the cloud allow for a flexible and relatively simple implementation.
36% are planning a review of their target operating model
The up-rise of new technologies and capabilities is impacting the target operating functions within Finance.
Additional automation solutions, renewed capabilities with regards to data and management information, accessibility of data and information are all impacting the way the finance organisation is set-up in terms of people, processes and systems.