Why are these areas gaining so much attention, and how can you tackle them effectively?
1. Moving away from spreadsheets: Why CFOs are turning their backs on Excel
The top priority from the survey is clear: Spreadsheets are on their way out. Half of respondents want to reduce their reliance on Excel and similar tools. The reasons are compelling:
- Error-prone: Many spreadsheets contain critical errors.
- Limited scalability: Large data sets push Excel to its limits.
- Collaboration challenges: Versioning issues and lack of visibility hinder team collaboration.
- Lack of real-time access: Manual updates are time consuming.
- Limited analytics: Advanced analytics and interactive dashboards are difficult to achieve.
Forty-five percent of respondents feel that they are not using their existing software to its full potential. By focusing on proper usage, significant improvements can be achieved:
- Review functionality: Identify underutilized features that could add value.
- Train your team: Workshops and training sessions help people use tools more effectively. Listen to your team's feedback on pain points that may have gone unnoticed.
- Leverage automation: Many tools offer automation features that are underutilized. These can dramatically increase productivity.
Key takeaway: Before investing in new tools, evaluate the capabilities of what you already have.
3. Standardize software: Creating efficiency through consistency
Forty-three percent of respondents plan to standardize their software solutions. Many organizations still operate with fragmented systems that don't talk to each other and drive up costs without adding value.
The benefits of standardized software solutions include:
- Streamlined processes: Standardized tools ensure consistent data structures.
- Improved collaboration: Departments "speak” the same language.
- Improved data reliability: Fewer integration issues mean better data quality.
While the transition requires initial effort, the long-term benefits of streamlined processes are significant.
4. Data management: The foundation for success
Software alone is not enough without a reliable data foundation. Consistent and accurate data is essential for making informed decisions.
Improving data management is high on the agenda, with 39% of respondents prioritizing this area. Key considerations include:
- Single source of truth: A central data platform that integrates consolidation, financial planning, and reporting ensures that all financial processes are aligned.
- Seamless integration: Ensure that your software easily integrates with ERP, HR, and other systems to simplify data collection.
- Automated validation: Tools that automatically validate data reduce errors and improve accuracy.
Sometimes new technology is the only solution. Thirty-eight percent of respondents plan to invest in new software. But how do you choose the right tools?
The short answer: It depends.
The long answers can be found here:
How Lucanet can help you achieve your goals
As a leading provider of financial software, Lucanet offers solutions tailored to the needs of the modern CFO. From ensuring data consistency to real-time analytics and AI-powered consolidation and planning, Lucanet helps you future-proof your financial processes.
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