Posted by : Digital CFO Asia
Date: 12th Oct 2020
As the world settles down in a post-COVID-19 landscape, a lot has changed. Consumer shopping behavior has shifted from malls to e-commerce. Workplaces have been rendered obsolete as every organization has implemented remote working arrangements. Supply chains have been stretched to their limits. A new normal has emerged in some parts of the world, while in others, the situation remains grim.
The COVID-19 pandemic has accelerated the adoption of digital transformation across many different areas. However, according to Workday’s CFO Indicator Survey 2020 on finance digital transformation, nearly half of 225 CFOs from global organizations surveyed have not implemented any finance digital transformation initiatives.
Finance digital transformation is defined as the implementation and use of digital technologies, such as the cloud, machine learning, and augmented analytics, for finance processes to improve efficacy, insight, and agility. Upskilling and change management are essential success factors.
31% of CFOs said that finance digital transformation in their organizations has stalled or stagnated, mainly due to 1) lack of skills to use technology once implemented, and 2) an internal resistance to change. Unlike external issues, the CFO has the power to address both of these challenges.
Another key finding is data issues tend to delay critical business decisions. 30% of CFOs highlighted that the lack of critical finance data on a real-time basis sometimes affected their decision-making. 45% cited conflicting data between finance and operations while 49% felt that their finance team is not proficient in delivering meaningful insights from available data.
To find out more, download the full Workday’s CFO Indicator Survey 2020 on Finance Digital Transformation today to learn how CFOs can equip their team to tackle change.