Research will investigate the broadening scope of finance use of applications and technology
SAN RAMON, CA, February 14, 2014 - Ventana Research has launched its newest benchmark research, into business and technological transformations in the Office of Finance. This research will investigate the extent to which CFOs and finance departments are moving to a more strategic role in management of the company through use of technology. It also will determine the directions and rate of adoption of next-generation technologies that enable Finance to gain strategic insights on processes of importance to them and the entire organization. And it will examine the efficiency and effectiveness of critical finance processes including accounting, consolidation, budgeting, planning, reporting, tax, treasury and other functions of the CFO. “Finance transformation” refers to a longstanding objective: shifting the focus of CFOs and finance departments from transaction processing to more strategic, higher-value functions. Our research confirms that a majority of executives want their finance department to play a more strategic role. A new generation of applications, driven by new approaches and new technology, can help forward-looking finance organizations make this shift.
However, even as finance executives set their sights higher they must ensure that they execute basic core functions as well as possible. For example, our recent benchmark research on the close-to-report cycle found that on average companies are taking a half-day longer to complete the process. Moreover, fewer than half (43%) of companies are able to deliver important metrics and key performance indicators to users within one week of the end of period. A self-examination of the office of finance and its processes and use of technology is essential to determine if the information is readily available and outcomes achieved are within expected ranges.
"Both the increasing strategic inclinations of the CFO and the generational change in enterprise software are significant, and the two dovetail," said Robert Kugel, SVP and research director at Ventana Research. "In software, we are seeing a design revolution that is beginning to resemble in potential impact the seismic shift from the green screen to the graphical user interface that began in the 1980s. Two major factors are catalyzing simultaneously: the accelerating retirement of baby boomers and their replacement by a generation that grew up with computers and video games. Those entering the workforce today have high expectations of what software and computing systems should do."
Ventana Research, a leading business technology research and advisory services firm, provides qualified research participants with an incentive, complimentary report and presentation of the research findings as well as access to a free educational webinar on key findings from the benchmark research.
About Ventana Research Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
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