New Study Reveals Key Attributes of High-Performing Finance Teams - Seite 2

"The services economy is expanding at an unprecedented pace and challenging businesses across the globe to redefine strategies and adapt to changing business models," said Gordy Brooks, CFO at FinancialForce. "Companies who quickly embrace the opportunities provided by this new market can have a better chance to increase revenue opportunities and business success."

"Businesses with integrated systems and data sources are able to collaborate more quickly and efficiently, accelerating business productivity," Brooks continued. "With the proliferation of mobile devices, cloud technology, and real-time information, financial departments are no longer the revenue recorders; they're now the drivers."

According to the report, financial executives believe:

Cloud and mobile are paramount

• More than two-thirds (75 percent) of respondents believe it's important to have access to their financial systems from mobile devices.
• 80 percent say it's important to have access from the cloud, signaling a potential end for older, on-prem systems. Finance professionals who haven't migrated to cloud-based systems must upgrade and innovate quickly.

Business flexibility reigns supreme

• The overwhelming majority of respondents (88.0 percent) said having the flexibility to change or add business models (e.g. new product, new service, or new revenue stream) helps increase the chance of future business success.
• Businesses must be able to act quickly and adapt to new technology and regulatory changes to be competitive and successful.

High-performing finance teams embrace AI

• Two-thirds (63.1 percent) of respondents agreed that AI will transform the way finance teams work over the next two years, although there's slight uncertainty (58.6 percent) around how AI will transform their own organizations.
• Nearly half of respondents (45.9 percent) say they are already using AI, while more than a third (38.0 percent) have defined plans to expand their use of AI over the next two years.
• The vast majority of those that do use AI (70.3 percent) are seeing equivalent or greater ROI from their investment in the technology.

New revenue recognition rules offer an opportunity to update revenue management tools