Finance Companies Lacking in Digital Transformation

February 15, 2019

Based on recent findings by the Association of International Certified Professional Accountants, organizations are missing out on significant growth potential. In a report published on January 17, only 11 percent of finance executives surveyed are using artificial intelligence. The report also discovered over one-third of executives spend more time gathering data than analyzing data.

Other survey findings include chief financial officers needing to speed up digital transformation across operational excellence, digital intelligence and business influence. For instance, 13 percent of respondents said they have curtailed robotic process automation mostly due to concerns over data security. Almost two-thirds of large companies said a major challenge they face in achieving their data analytics is difficulty pulling data from legacy platforms.

In response to the survey’s findings, the association’s Andrew Harding said companies are falling short in giving finance teams the tools and training necessary to make better decisions.

The association issued the report, “Agile Finance Unleashed: The Key Traits of Digital Finance Leaders”, with Oracle. Approximately 700 finance executives took part in the survey.