NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) — Data-driven finance has develop into a high precedence for company finance and accounting teams around the globe, however simply 23% really feel they have the information and analytics capabilities they should drive real-time insights and ship strategic recommendation to their organizations. That’s in response to a brand new report printed immediately by HFS Research in partnership with EXL, [NASDAQ: EXLS], a number one information analytics and digital operations and options firm. The report, Behind Every Successful Enterprise, There is Data-Driven Finance (click on right here), takes the heart beat of greater than 200 finance and accounting leaders globally throughout a number of totally different industries to establish their greatest priorities, most vital challenges and organizational targets for the yr forward.
“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,” mentioned 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 research’s key findings:
- Data-Driven Finance is the Future: The overwhelming majority of finance and accounting executives (89%) imagine that data-driven finance is the longer term and 87% agree that they might want to put money into synthetic intelligence (AI) analytics, cloud and digitally-fluent expertise to succeed in their data-driven finance targets.
- Most Finance Teams Lag on Data Maturity: Just 23% of organizations at present have mature, data-driven finance capabilities in place immediately, whereas 77% report that they’re nonetheless engaged on their finance information and analytics gameplan. On common, finance and accounting leaders anticipate a two-year timeline for reaching their data-driven finance targets.
- Empowering Evolution of Finance from Cost Center to Strategic Advisor: The major drivers behind finance and accounting teams’ push to data-driven finance are figuring out development alternatives to assist the business and develop into a extra strategic advisor (25%), driving operational price reductions (18%) and bettering capital allocation (18%).
- Fast-Growing Firms Show the Way: Among fast-growing companies with topline development charges of greater than 15%, 36% have mature, data-driven finance capabilities and 32% cite the first driver of their data-driven methods as the flexibility to develop into a strategic advisor to the business. The majority of fast-growing companies (52%) are already proactively growing centralized facilities of excellence for higher administration of information and analytics. By distinction, simply 23% of mid- and slow-moving companies have began to develop facilities of excellence for data-driven finance.
“Against the current backdrop of economic and geopolitical volatility, technological disruption and sweeping changes in consumer behavior, the finance and accounting function has become a critical source of intelligence for guiding corporate strategy,” mentioned Narasimha Kini, EXL Executive Vice President and Business Head, Emerging Business Unit. “To unlock that intelligence, however, finance and accounting teams need sophisticated data and analytics capabilities that give them real-time insights and the ability to forecast across multiple different scenarios. Clearly, many pioneering firms are cracking that code with highly evolved data-driven finance functions, but many still have a very long way to go.”
The full report, Behind Every Successful Enterprise, There is Data-Driven Finance relies on a survey of 207 finance and accounting executives within the banking, monetary providers and insurance, retail, consumer-packaged items, manufacturing, media and communication and pharma/life sciences trade, together with a collection of qualitative interviews to complement survey outcomes. The survey was performed from January-March of 2022.
For extra info on this analysis and entry to the complete report, go to right here
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About EXL
EXL (NASDAQ: EXLS) is a number one information analytics and digital operations and options firm that companions with shoppers to enhance business outcomes and unlock development. By bringing collectively deep area experience with strong information, highly effective analytics, cloud, synthetic intelligence (“AI”) and machine studying (“ML”), we create agile, scalable options and execute complicated operations for the world’s main firms in industries together with insurance, healthcare, banking and monetary providers, media, and retail, amongst others. Focused on driving sooner decision-making and reworking working fashions, EXL was based on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our group is over 40,600 sturdy, with greater than 50 workplaces spanning six continents. For extra info, go to www.exlservice.com.
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