RALEIGH, North Carolina–(BUSINESS WIRE)–insightsoftware, a global provider of reporting, analytics and performance management solutions, today launched its annual Finance Team Trends Report. The report found that while two-thirds of finance teams are deeply engaged in their digital transformation journey, accelerated by the pandemic, the final leg of their digitization journey is proving more difficult than expected due to expanded responsibilities. .
Independent survey, conducted with Hanover Research, offers valuable insights into how finance teams are evolving and preparing for the future, and highlights the biggest process challenges finance teams face to reach maturity digital. Data was collected from nearly 500 respondents in North America, Europe, the Middle East and Africa.
With 63% of finance teams now reporting a “high level” of digitization, they have become much more efficient in their day-to-day tasks. But even with all the progress, the report found that finance teams still lag behind in three critical areas needed to succeed: rapid support for strategic decision-making, process scalability and data self-service. .
Strategic decision making
The top three responsibilities of finance teams remain consistent with the 2021 findings: financial planning and analysis was the top area noted by respondents (64%), followed by financial modeling (57%), and budget and forecast (47%). However, several other tasks are becoming more common, reflecting a gradual shift in priorities. The responsibility growing the most is the increase in strategic decision-making to 41% (from 29% in 2021) and internal risk management to 37% (from 30% in 2021).
Despite global market headwinds, three-quarters of decision makers (72%) expect to grow their teams. As leaders continue to build team capabilities, there is still room for growth in digitalization and automation. According to the report, finance teams feel they are still being held back in their work due to manual processes and inefficient tools (50%), a lack of resources (50%) or the ability to access quickly to the required data (33%).
“Recent global crises and disruptions have exposed the fragility of today’s market and permanently changed finance as we know it. Along with digitization, we are also seeing a change in the roles of finance teams as organizations strive to prepare for the next big thing,” said Lee An Schommer, Chief Product Officer at insightsoftware. “The Finance Team Trends Report shows that while progress has been made, finance teams are still lagging behind in key areas of digitalization. We recognize that the final stage of digitization is often the hardest to navigate, but it’s also the most critical. Completing the journey will require even finer data control, streamlined processes and intuitive systems to bridge the gap.
Finance team leaders are recognizing the benefits of automation and digitization and have introduced new tools into day-to-day processes, from budgeting and planning to financial reporting. Collaboration between IT and finance teams is critical as new tools continue to be introduced, and three-quarters of finance departments (77%) often interact with IT for financial reporting. But while they are largely satisfied (88%) with their interactions with IT, 80% of finance teams also feel too dependent on IT. This results in bottlenecks in their reporting responsibilities as well as their ability to provide real-time insights and analysis.
“We continue to see this shift in responsibilities from the finance team towards strategic decision-making. Responsibilities will continue to expand as team resources are stretched, as many organizations rely on time-consuming manual processes to accomplish critical financial tasks. The tide must change and urgent attention must be given to how this increasingly important department is supported and resourced, with the right people and the right tools,” Schommer concluded.
insightsoftware helps global organizations solve key challenges with financial and operational reporting tools that put business data and insights into the hands of decision makers. To learn more about the challenges finance teams are facing, download the full report: Finance Team Trends Report.
Insightsoftware’s 2022 Financial Team Trends Report was developed in coordination with Hanover Research. To find the answers to these questions, potential respondents were recruited via a panel, and the survey was completed online in the spring of 2022. Following data cleaning and quality control, the final analysis included a total of 497 respondents, 50% of them in the North. America and 50% in Europe, Middle East and Africa (EMEA).
About Insight Software
insightsoftware is a leading provider of reporting, analytics and performance management solutions. More than 30,000 organizations worldwide rely on us to meet their business needs in the areas of accounting, finance, operations, supply chain, tax, budgeting, planning, HR and Disclosure Management. We enable the Office of the CFO to connect and make sense of their data in real time so they can proactively drive greater financial intelligence across their organization. Our industry-leading solutions provide customers with increased productivity, visibility, accuracy and compliance. Learn more at insightsoftware.com.