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Digital transformation occurs when the department evolves from simply keeping the books and summarizing past performance to serving as a strategic partner to the rest of the company.
BEND, OR, September 30, 2019 /24-7PressRelease/ -- Ventana Research today released its latest market research on the Office of Finance. We have conducted quantitative research on the performance of the finance organization for 15 years against the backdrop of the idea that finance organizations must play a more strategic role in the management of the modern corporation. This idea of transforming the finance department has been around for decades but this latest Office of Finance research offers some evidence that we are on the cusp of such a transformation.
For the first time, we see a significant shortening of the monthly and quarterly financial close process. We also see progress in automation and communication across the organization. Technology that's already available has the potential to have a greater impact on how the department operates over the next 10 years as it has over the past 50. Despite this backdrop of change in many aspects of business, we consistently see evidence that the Office of Finance is a laggard. Today, for example, a growing array of tools and techniques are available to enhance the effectiveness of the analytics used by finance organizations, but we find that most corporations stick to the systems and approaches they have always used.
"These results are encouraging, but it also means that what once constituted average performance is now substandard," said Robert Kugel, SVP & Research Director of CFO and business research. "Moreover, efficiency gains by themselves aren't digital transformation. Digital transformation occurs when the department evolves from simply keeping the books and summarizing past performance to serving as a strategic partner to the rest of the company."
Those interested in learning more about this benchmark research can do so at www.ventanaresearch.com/benchmark/office_of_finance/office_of_finance. Ventana Research is a leading business technology research and advisory services firm. For more information on how to use this research in your organization, or purchasing research reports, please visit www.ventanaresearch.com/services.
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