Data, Privacy, Analytics are Top Concerns for Financial Enterprises
Data, privacy, analytics and customer service are top finance priorities, says a new Protivity report.
The Today's Finance Priorities: Security, Data, Analytics and Internal Customers, shows that CFOs and finance leaders are focused as much on strategic matters ad operational issues. The report says they are more focused on robotic process automation (RPA), artificial intelligence (AI), blockchain, predictive analytics, cloud-based applications and more advanced technologies.
Top 10 overall priorities for CFOs/VPs Finance:
- Security and privacy of data - 84%
- Enhanced data analytics - 79%
- Process improvement: process and data analytics - 75%
- Changing demand and expectations of internal customers - 73%
- Embracing new technologies - 73%
- Internal controls - 73%
- Accounting and finance implications of IT - 72%
- Financial planning and analysis - 71%
- Strategic planning - 71%
- Profitability reporting and analysis - 70%
More high priorities include federal tax changes, cloud-based applications that support finance, mobile finance applications, challenges with regulations, data visualization, changing role of HR, leadership & development and recruiting, robotics process automation, new lease accounting standard, blockchain/smart contracts, global mobility, outsourcing non-core activities and virtual currencies.
High priorities in finance processes and activities for the finance function to improve its knowledge and capabilities over the next 12 months include:
- Internal controls - 73%
- Strategic planning - 71%
- Financial planning and analysis - 71%
- Profitability reporting and analysis - 70%
- Financial risk management - 70%
In addition, high priorities for the finance function to improve its knowledge and capabilities over the next 12 months include:
- Embracing new technologies - 73%
- Recruiting and retaining talent - 70%
- Leadership (withing the organization) - 69%
- Working effectively with outside parties - 65%
- Six Sigma/continuous improvement - 65%
- Coaching/mentoring - 62%
- Soft skills - 62%
- Change management - 61%
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