Right Financial Information Crucial for High End Business Performance: Study
FREMONT, CA: Inability to access the right financial information is having a direct impact on business performance and CFOs, announces Epicor, a business software solution provider.
Based on a global survey, Epicor Software came up with a couple of crucial findings behind CFOs’ failure in decision making. The reasons being; poor data dealings which paves way for inaccurate dissemination of information and delayed decision making. The survey shows that CFOs who relied on empirical data for decision making made more profit when compared to those who made decisions over their mere instincts. Nearly 46 percent CFOs in the survey confirmed that “increasing profits” is their top business objective in 2015.
Some of the key findings highlighted in the research include high reliance on Excel spreadsheets to gain access to data despite of the availability of other business systems and applications, Big Data, Digital Disruption, and Data Deficiencies.
As per the research, Big Data was one among the biggest issues faced in finance and accounting in the business. Regulations and compliance and increased complexity in the business are the other chief concerns bothering the CFOs. As a result of Data Deficiency, CFOs run short of time and resources which yet another major challenge that hampers in decision making. According to the study by Epicor, CFOs can overcome this issue by employing the right systems in place to support financial decision making.
Epicor Software is of the opinion that mobile, social, analytics and many other technological innovations can assist organizations in making healthy and effective collaborations. It was also found that almost half of CFOs has already deployed financial applications in the cloud such as financial accounting, CRM, HR, forecasting and budgeting, business intelligence, and financial consolidation and reporting. Reduced capital and support for remote workers were inferred to be the most beneficial outcome due to cloud deployments.
“The solution is to have a modern financial IT infrastructure in place that delivers the right data to the right people at the right time in the right way – providing a solid data decision framework, and leaving the CFO free to add value in more creative ways, to collaborate and be confidently opportunistic,” states Malcolm Fox, the Vice President of Product Marketing Financial Management and Services Industry Solutions at Epicor Software.