In the face of economic turmoil, agility has taken on a new meaning for organisations. For modern enterprises, agility has become a defining characteristic of businesses that can better anticipate what is coming, act quickly when faced with change, and more decisively respond to the demands of customers, market shifts, and competitive threats. Today’s finance teams are challenged to provide more guidance than ever before, with more accurate forecasts and reports in the face of unpredictable events. Traditional spreadsheets are no longer manageable at the pace business is moving, and, instead, finance teams are moving to cloud platforms powered by machine learning to help accelerate the planning process.
Since the COVID-19 pandemic emerged on a global scale in the first months of 2020, finance teams across the world have been put to a once-in-a-generation test. While many have been able to provide critical decision-making support leveraging new technologies and processes, many organisations were caught off guard. As a result, it has acted as a wake-up call for finance departments that, for various reasons, have delayed digital initiatives. According to a survey of CFOs conducted at the height of the pandemic, one-in-three CFOs (34%) report that they plan to prioritise digital finance transformation next year, compared to just 5% as the pandemic hit.
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