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ICYMI, FloQast dropped its latest market research report earlier this week, diving into the 🔥 absolutely spicy 🔥 topics of Financial Transformation and AI. The biggest revelations? While CFOs and accountants claim to understand the concept of Financial Transformation, what it looks like in practice is often a messy, piecemeal effort - if you can even call it that. One potential saving grace: accounting teams have faith in AI as a mechanism to empower them to drive positive change. 💪 Key Survey Insights: Familiarity Gap: ⭐ 96% of CFOs have heard of financial transformation, with 61% being very familiar with it, highlighting the pressure on CFOs to lead organizational change. 📊 CFOs are 2.2 times more likely to be aware of financial transformation compared to accountants. Pressure to Transform: 🚀 Financial transformation is seen as a top priority by 39% of CFOs and 42% of accountants. 📈 Over two-thirds of both groups indicate that their organizations have financial transformation initiatives. Optimism about AI: 🤖 Both CFOs and accountants are optimistic about AI, with 37% of CFOs and 30% of accountants believing AI will boost productivity. 🔧 AI is seen as a critical component of financial transformation by 32% of CFOs and 28% of accountants. And more than half of CFOs and accountants maintain a generally positive attitude around AI as a component of financial transformation. ⚙️ Financial transformation initiatives primarily focus on automated processes for both accountants (54%) and CFOs (63%). Organizations are searching for answers around Financial Transformation, but the true opportunity may be right under their noses in the optimization of their accounting teams. Connecting the data dots for a great story is what keeps me going as a communications professional. What's the next big finance and accounting topic to be explored? https://lnkd.in/gd9w_sfH #Finance #Transformation #AI #Accounting #CFO #Automation #FutureOfFinance #FloQast

McKinsey & Company recently updated its 2020 article, titled "Finance 2030: Four imperatives for the next decade," to include new developments, including #AI and #genAI: "What can companies do differently to join the finance leaders? The research points toward four imperatives. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Finally, reimagine the finance operating model so that it fosters new skills and capabilities." #AI #CFO #finance #technology #cloud #ERP #financetransformation #efficiency #leadership #data #analytics #skills www.mckinsey.com

McKinsey & Company recently updated its 2020 article, titled "Finance 2030: Four imperatives for the next decade," to include new developments, including #AI and #genAI: "What can companies do differently to join the finance leaders? The research points toward four imperatives. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Finally, reimagine the finance operating model so that it fosters new skills and capabilities." #AI #CFO #finance #technology #cloud #ERP #financetransformation #efficiency #leadership #data #analytics #skills

McKinsey & Company recently updated its 2020 article, titled "Finance 2030: Four imperatives for the next decade," to include new developments, including #AI and #genAI: "What can companies do differently to join the finance leaders? The research points toward four imperatives. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Finally, reimagine the finance operating model so that it fosters new skills and capabilities." #AI #CFO #finance #technology #cloud #ERP #financetransformation #efficiency #leadership #data #analytics #skills

McKinsey & Company recently updated its 2020 article, titled "Finance 2030: Four imperatives for the next decade," to include new developments, including #AI and #genAI: "What can companies do differently to join the finance leaders? The research points toward four imperatives. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Finally, reimagine the finance operating model so that it fosters new skills and capabilities." #AI #CFO #finance #technology #cloud #ERP #financetransformation #efficiency #leadership #data #analytics #skills

As we navigate the evolving landscape of finance, it’s crucial to stay ahead of the curve. I’ve just read an insightful article that delves into the transformative trends shaping the finance sector and the imperative moves for organizations to adapt and thrive. The article discusses the impact of generative AI on finance, the importance of data quality, and the need for reskilling finance professionals. It also highlights the significant cost reductions and effectiveness gains achieved by finance leaders. Check out the article to learn more about the critical steps for enhancing finance functions and driving organizational success. #Finance #Innovation #GenerativeAI #DataQuality #ProfessionalDevelopment

A lot of sizzle but not much steak! Only 1% of CFOs have automated more than three-quarters of their finance processes, with most CFOs automating less than half, according to McKinsey's latest CFO Pulse survey. Major barriers to automation include high workloads, lack of relevant skills and insufficient resources. #CFO #finance #AI #automation #transformation #productivity

“For all the benefits that digital technology—and gen AI, specifically—can bring to finance organizations, the survey suggests that many of them have room to improve their implementation and use of tech. On one hand, nearly all respondents (98 percent) say their finance functions have invested in digitization and automation, regardless of where they are on their digitization journeys. On the other, a plurality of CFOs report that just one-quarter or less of their processes are currently digitized or automated. Part of the reason for low digitization rates may be the breadth of the tech-related challenges—many of which are organizational—that finance functions face. When asked about the roadblocks to creating value from data and technology, CFOs report that their finance functions face already-demanding workloads, a lack of relevant capabilities, and insufficient resources. All three of these challenges are more prevalent than the tech infrastructure or data-related issues we asked about.” #data #digitalization #finance #value #transformation #talent #value #cfo

The ongoing shortage of accountants means finance leaders need to make some tough decisions about the future. With fewer people entering the field and many experienced pros retiring, it's clear we need to adapt. Embracing technology like AI and automation, investing in upskilling our teams, and rethinking staffing models are key steps. These changes can turn current challenges into opportunities, helping our organizations thrive in a data-driven world. Now's the time to act and lead the way in shaping the future of our profession. #FinanceLeadership #AccountingShortage #DigitalTransformation

CFOs continue to play more prominent roles as navigators within organisations amid volatile economic conditions and a dynamic operating environment. The primary objective of finance chiefs is to guide companies through growth to drive maximum stakeholder value. This has not changed, but the role of CFOs has evolved to incorporate digital and automation tools, including the increasing importance of AI. #CFO #finance #technology #digital