CFOs prepared to remedy uncertainty

We live in a period of economic uncertainty. The global pandemic is followed by a war in Europe and a crisis with rapidly rising prices of energy and raw materials, coupled to major disruptions in supply chains and low supplier reliabilities.

It is a chaotic time for finance executives. The economic uncertainties are not in offices of finance’s power to impact, but they demand their attention when it comes to stepping up as a strategic voice in companies. Now more than ever CFOs are aware that traditional, manual methods for budgeting, forecasting, and planning are not adequate.

While CFOs have long recognized the limitations of using disconnected spreadsheets as their primary tool, almost two-thirds of finance teams still use spreadsheets as part of their budgeting and forecasting processes. But it’s an ineffective and inefficient way to plan, as Excel relies on manual processes to share spreadsheets, correct mistakes, and source data.

As a result, organizations are actively pursuing FP&A automation in 2022. According to a recent survey of finance leaders conducted by CFO Dive, over two-thirds of respondents have a 2022 target of implementing automation to manage over 50% of their FP&A processes by the end of the year. In contrast, slightly less than half of the organizations surveyed currently utilize automation to reach this goal.

While we don’t know when the uncertainty in the world will normalize, what we do know is this: in order to succeed during these times, finance teams need to be empowered to streamline processes, gain insights faster and improve their agility. Those actions remain top of mind at Prophix as we deliver enhancements in our releases and continue innovating our solutions.

Peter Van Craenenbroeck

M: +32 475 61 01 41 | E: [email protected]

De Boelelaan 7, 7th floor, 1083 HJ Amsterdam, the Netherlands

Lenniksebaan 451, 1070 Brussels, Belgium

www.prophix.com www.sigmaconso.com