Workday’s annual CFO Indicator Survey, has revealed a direct link between finance transformation and agile business practices, better decision-making, and more efficient reporting, planning, and financial operations.
The research, conducted during the pandemic, revealed that while nearly half of CFOs have not completed any transformation initiatives in finance, 34 percent expected to prioritise it within one year. The 54 percent of CFOs who had implemented some transformation initiatives consistently perform better on agility, enhanced insights, and improved efficacy.
Michael Magaro, senior vice president, business finance and investor relations at Workday, said: “This survey validates CFOs’ shifting priorities as they look to a combination of new skills and technologies to give them greater visibility and agility. And, while finance has been slower to embrace digital transformation, it’s clear the pandemic has become both a catalyst and imperative for change.”