Reporting and Analytics emerge as key priorities for CFOs
Date: 21 Apr, 2017
In recent years, the role of CFOs has transformed. Once focused on financial outcomes and operations, CFOs have now taken on more strategic responsibility and, as a recent poll found, advanced financial reporting and analytics have become an integral part of this new role. The poll published on CFO.com found that over 70% of senior finance executives surveyed believed ‘supporting decision-making’ was their top goal for 2017. A whopping 90% felt that they needed to do more with their financial and operations data in order to make better strategic decisions.
With CFOs now playing a critical role within the wider matrix of organizational decision-making, the demand for accurate, accessible and integrated financial reporting is more important than ever before. Many of the executives polled realized a need for on-demand data, citing rolling forecasts and continual benchmarking as necessary capabilities for accurate reporting and decision-making.
Procure to Pay (P2P) is a critical process for CFOs globally. P2P automation is crucial as it gives CFOs full control over spend across the business but also because it enables them to monitor and report on it in real time. By replacing isolated Excel data with holistic financial process analytics, users build actionable insights that lead to informed strategic decision-making. Such insights include in-depth reports on accruals; spend by GL, cost center, or supplier; invoice processing times, etc.
SoftCo uniquely provides extensive dashboard reports and real-time analytics configured to ensure that CFOs have full visibility over their organization’s financial operations, facilitating informed decision-making. SoftCo’s rapidly configurable platform also provides procurement, accounts payable and other key stakeholders with detailed analytics tailored to suit their individual needs.
“As finance continues to become a more strategic function, the need to break away from information siloes is urgent; for many CFOs, P2P automation with advanced reporting and analytics capabilities is the solution they have been waiting for.”
Garret Pearse, Senior Consultant, SoftCo