Enterprises Seek Data-Driven Insights into their Finance and Accounting Operations

ISG Provider Lens report finds many enterprises embracing digital technology and looking to F&A outsourcing providers to guide them

STAMFORD, Conn., June 24, 2020 (GLOBE NEWSWIRE) -- Enterprises across the globe are looking to finance and accounting outsourcing providers to enable data-driven decisions and improve visibility into their finance operations, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The ISG Provider Lens Finance & Accounting Digital Outsourcing Services Archetype Report also finds enterprises increasingly looking to F&A outsourcing providers to deliver strategic capabilities, instead of only transactional services. In many cases, enterprises are looking for automation technologies, including bots, artificial intelligence and machine learning, to deliver valuable finance insights to CFOs.

F&A processes are ripe for a large number of bot deployments, the report says. Robotic process automation, meanwhile, has become a standard technology for many F&A outsourcing providers.

With the adoption of new technologies, many enterprises are now becoming comfortable with outsourcing complex finance functions, said noted FAO authority Scott Furlong, partner and head of ISG Business Advisory Services. “Outsourcing providers can distinguish themselves by offering advanced technology, skilled employees, domain expertise, open communication and improved collaboration with clients,” he said.

The report sees increasing enterprise demand for outsourcers that provide advanced F&A services, such as budgeting, forecasting, cash flow modeling, decision support and other complex functions.

Outsourcing providers are investing in hiring skilled employees and in retaining existing workers to meet these demands, the report says. Some outsourcing providers are establishing partnerships with major F&A firms to deliver these services.

The report also sees growing demand for F&A consulting services. Many companies are under pressure to transform their finance functions but are unsure where to begin the journey. As a result, they are leaning on the expertise and capabilities of outsourcing providers to develop a transformation roadmap.

The ISG Provider Lens Finance & Accounting Digital Outsourcing Services Archetype Report examines four different types of clients, or archetypes, that are looking for finance and accounting outsourcing services. The report evaluates the capabilities of 22 F&A providers to deliver services to the four archetypes: