Reinventing the Finance Team as the Organization’s Hub of Insight

A recent study conducted by IBM found a gap between Finance teams’ abilities to execute strategy, integrate information, and manage risk and opportunity. For Finance departments to take full advantage of the benefits that software and technology offer, they must become the “hub” of insight for their organization.

The 2010 IBM Global CFO Study found that “More the 45 percent of CFOs indicate that their Finance organizations are not effective in the areas of strategy, information integration, and risk and opportunity management…” 

Though organizations have implemented expensive ERP and business intelligence systems intended to make information easier to access and interpret, why are almost half of CFOs behind the curve in terms of delivering the expected results? 

Increased Regulation

The pressure of compliance requirements to produce reports that serve the government’s needs instead of the companies’ needs has been a huge burden to public and private companies. In addition to the routine of any finance department (month-end, 10-k, etc.), resources must be allocated to understand and comply with regulations. Rarely are new resources added to fulfill these requirements, and day to day tasks continue to be the priority instead of strategic activities.  

Value Integrator is not just about data and processes

In the study, IBM describes the 55% of organizations that are excelling as ‘Value Integrators’ with Finance teams that have been able to achieve efficiency to provide insight instead of just reporting. By automating the integration of data from across the organization, the Finance team can spend less time manually consolidating reports and more time building insight. 

When the Finance team helps to identify market opportunities, mitigate risks, and validate tough decisions, their role in the organization changes from reporter of the past to visionary for the future.  Microsoft Dynamics GP provides the toolset that allows organizations of virtually any size to normalize and integrate data, turning that information into insight. Along with process improvement and efficient business intelligence solutions, an organization can join the ranks of the Value Integrator without spending a fortune.

Take the lead in a new approach for your organization.  Contact Steve Kane at BroadPoint Technologies (301-634-2404 and skane@broadpoint.net), Virginia’s most experienced Microsoft Dynamics GP Partner.

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