2018全球调查：财务职能创新（英文版）_46页_3mb

Summary of "Innovation in the Finance Function Global Survey 2018"

Core Content

This report presents findings from the Innovation in the Finance Function Global Survey 2018, conducted by FSN in collaboration with CCH Tagetik. It explores how finance functions around the world are adapting to the need for innovation, highlighting the importance of modernizing financial processes, fostering a culture of innovation, and leveraging technology to enhance performance and strategic value.

Main Views

• The CFO’s Role Has Evolved: The CFO is no longer just a financial steward but a key driver of innovation within the organization. The finance function now holds strategic importance due to its access to critical data.
• Innovation is Essential for Survival: Organizations that do not innovate risk falling behind their competitors, especially in a rapidly changing business environment. Early adopters of innovation outperform their peers in key metrics such as forecasting speed, accuracy, and time to close the books.
• Balanced Innovation is Key: A balanced approach to innovation—investing in both customer-facing and back-office systems—is crucial for optimal performance. Over 60% of organizations that focus only on customer-facing processes or only on back-office systems lag behind those that adopt a holistic strategy.
• Cultural and Resource Barriers Exist: Many organizations face challenges such as fear of making mistakes, lack of time, and resistance to change. These are more pronounced in Europe compared to North America, where a more experimental and less risk-averse attitude is observed.
• Technology is a Catalyst for Change: The adoption of modern technologies like in-memory computing, cloud-based solutions, and artificial intelligence is transforming the finance function. These tools enable automation, better data management, and more strategic decision-making.
• People and Process Matter: Innovation is not just about technology; it also requires a culture that encourages learning, sharing, and experimentation. Organizations must invest in innovation champions and ensure that there is a dedicated budget for innovation efforts.

Key Information

• Innovation Adoption Rates:

  • 65% of organizations are not actively committed to innovation.
  • 11% are laggards, rarely discussing or investing in innovation.
  • 23% are early adopters, investing in innovation across the enterprise.
  • 11% are committed innovators, focusing on their own sphere of influence.

• Performance Metrics:

  • Reforecasting: True innovators reforecast within one week (66%), compared to 59% of committed innovators, 53% of uncommitted, and 57% of laggards.
  • Closing the Books: 30% of true innovators close books within 3 days, compared to 28% of committed innovators, 21% of uncommitted, and 17% of laggards.
  • Forecast Accuracy: 55% of true innovators forecast revenue within ±5%, compared to 45% of committed innovators, 42% of uncommitted, and 31% of laggards.

• Regional Attitudes:

  • North America is the most innovative and experimental region, with only 31% taking a conservative approach.
  • Europe is the most conservative, with 50% adopting a cautious stance and significant fear of making mistakes.
  • Asia Pacific falls between North America and Europe, with 38% conservative.
  • Middle East and Africa also show a relatively conservative attitude, with 49% and 48% respectively.

• Cultural and Organizational Barriers:

  • Fear of mistakes and a lack of a supportive culture are major inhibitors to innovation.
  • Laggards are more than twice as likely as true innovators to have too many resources tied up in legacy systems.
  • Only 18% of balanced investors said innovation wasn’t a leadership priority, compared to 48% of experimental organizations.

• Benefits of Innovation:

  • Reduces manual work and improves efficiency.
  • Enhances data accuracy and forecasting capabilities.
  • Enables faster and more informed decision-making.
  • Supports cross-functional collaboration and strategic alignment.

Recommendations

• Modernize Legacy Systems: Replace outdated systems with modern, flexible solutions to unlock innovation potential.
• Foster a Culture of Innovation: Encourage experimentation, learning, and sharing of ideas across the organization.
• Balance Technology Investment: Allocate resources to both front and back-office functions to ensure comprehensive innovation.
• Measure ROI Effectively: Develop credible metrics to evaluate the success of innovation initiatives, moving beyond traditional methods.
• Invest in Talent: Attract and retain tech-savvy professionals who can drive innovation and support digital transformation.

Case Studies

• Metro Group: Transitioned from fragmented, manual processes to a centralized, automated CPM environment using CCH Tagetik, resulting in improved efficiency, accuracy, and strategic focus.
• Nelnet: Modernized their finance processes with CCH Tagetik, reducing manual work, improving budgeting, and enabling seamless collaboration across the organization.

Conclusion

The finance function is undergoing a significant transformation, driven by the need to innovate and remain competitive. While challenges such as cultural resistance, resource allocation, and measurement of ROI persist, the benefits of innovation—faster processes, better insights, and strategic value—are undeniable. Organizations that embrace a balanced, forward-thinking approach to innovation, supported by the right technology and culture, are best positioned to thrive in the evolving business landscape.