In 2017, companies will commit significant resources and time to prepare for new revenue recognition standards, and they will re-evaluate their finance technology systems to ensure they have the data and capabilities to not only assess but adopt these changes in an accurate and cost-effective manner.
A flexible, robust cloud-based technology foundation enables the organisation to move all data to one system and consolidate and streamline core financial applications, driving efficiency and supporting growth. A cloud-based platform that offers real-time accurate data at all times enables the finance function to support and report business performance in a constantly changing environment.
More significantly, the ability to do sophisticated analytics, slicing and dicing of organisation data from a multiple perspectives creates a competitive edge for the finance function of forward-looking, growth focused organisations.
Trend #5: CFOs become strategic business partners to CEOs
As the pace of business accelerates, the pressure for finance leaders to think on their feet, look forward, and address questions across the organisation at a moment's notice, increases. CFOs are seeing their role transformed, from number crunchers to storytellers.
In 2017, we will see CFOs and their teams leverage data and analytics as they move from reporting on just the numbers to providing more context and insight behind the numbers, helping business leaders better understand the current and future state of the business.
Trend #6: The smart, collaborative organisation
The way people work within an organisation is continuing to evolve, as they want the ability to work whenever and wherever they want. This has resulted in growing adoption of diverse collaboration tools and platforms that can integrate with a range of technologies within many organisations.
Much like the BYOD (Bring Your Own Device) challenge CIOs faced several years ago, today's CIOs must determine the right strategy to help their business maximise the opportunities these new technologies bring, while limiting the potential downsides. Finding the right balance across all of these different elements in the context of each company's culture will be an important focus area for CIOs in 2017.
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