Business
Three-quarters of Finance and Accounting teams do not have the data and analytics capabilities they need, according to EXL and HFS survey
Transition to Data-Driven Finance Leaves Many Organizations Scrambling to Catch Up NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Data-driven finance has become
About this update from Exlservice Holdings, Inc.
[{"type":"text","content":"Transition to Data-Driven Finance Leaves Many Organizations Scrambling to Catch Up\nNEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Data-driven finance has become a top priority for corporate finance and accounting teams around the world, but just 23% feel they have the data and analytics capabilities they need to drive real-time insights and deliver strategic advice to their organizations. That’s according to a new report published today by HFS Research in partnership with EXL, [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company. The report, Behind Every Successful Enterprise, There is Data-Driven Finance (click here), takes the pulse of more than 200 finance and accounting leaders globally across several different industries to identify their biggest priorities, most significant challenges and organizational goals for the year ahead. “Our study finds that data-driven finance has become a top priority as organizations chase post-pandemic growth and profitability, but the path to that transformation is littered with challenges and many finance and accounting leaders still feel they lack the tools, tech and talent they need to thrive in this environment,” said Saurabh Gupta, President, Research and Advisory Services, HFS Research. “However, for those fast-growing firms at the peak of economic performance, it is clear that prioritizing investment in data-driven finance is paying off handsomely in the form of more agile operations and a repositioning of the finance function from cost center to strategic partner.” Following are some of the study’s key findings: Data-Driven Finance is the Future: The vast majority of finance and accounting executives (89%) believe that data-driven finance is the future and 87% agree that they will need to invest in artificial intelligence (AI) analytics, cloud and digitally-fluent talent to reach their data-driven finance goals.Most Finance Teams Lag on Data Maturity: Just 23% of organizations currently have mature, data-driven finance functions in place today, while 77% report that they are still working on their finance data and analytics gameplan. On average, finance and accounting leaders anticipate a two-year timeline for achieving their data-driven finance goals.Empowering Evolution of Finance from Cost Center to Strategic Advisor: The primary drivers behind finan...