2018全球调查：财务职能创新（英文版）.pdf

Copyright 2018 FSN Publishing Limited. All rights reserved Innovation in the Finance Function Global Survey 2018 Insights from the FSN Modern Finance Forum on LinkedIn2Marco Pierallini EVP Product, CCH Tagetik Dear Colleagues, The role of the CFO has changed. It was once one of conservative stewardship, where CFOs checked budgets, paid bills, scrutinized expenses and balanced spreadsheets. Today, they hold the keys to innovation. More than that, the Office of Finance sits atop of a treasure trove of data that has the power to add incredible insights to direct strategy. Gone are the days of counting beans, manually crossing ts and dotting is; Business demands have thrust The Office of Finance into a new position: they are now steward of financial data throughout their organization. As FSN discusses, not everyone knows how to embrace this shift. Theres risk to deal with. And long standing comfort in broken legacy systems. And misconceived fear that implementing new technology will cost more in time, resources and errors than the benefits of the innovation are worth. Today, we see the modern CFO as the forefront of the organization, charged with driving transformation and cross- functional alignment, while leveraging the tools available in the market to push the business forward. To do so, CFOs must: - Modernize processes, while reducing costs. - Master a rapidly evolving business culture by using hard-fought performance insights. - Optimize systems for collaboration. - Remove old legacy applications that, while ingrained, are hindering growth and unable to keep up with rapidly changing business requirements. The list is long. But weve prepared our solution to help the Office of the CFO check every box. At CCH Tagetik, our job is to stay one step ahead of CFO needs. Innovation is knit firmly in the tapestry of our technology, our services, and our company. We dont see innovation as a single 3Letter from the Leader of the Modern Finance Forum yearly event. Its not an anomaly for us. We innovate daily. We help customers modernize their Office of Finance by replacing legacy solutions that bog down their potential for change. We simplify systems and processes by embracing best-in-class technologies. We capitalize on the value of tools like the speed of in-memory technology, the flexibility of the cloud and the open architecture of ETL. This is what weve always done. And when we receive new innovations in the future, it is what we will continue to do. Whats next for us? Were putting finance at the helm of the chain of data with our new Analytic Information Hub. CCH Tagetik brings artificial intelligence and machine learning technology into finance applications. Weve always got irons in the fire. When the Office of Finance is ready for change, whatever that change may be, there will always be a CCH Tagetik platform that fits seamlessly into their corporate performance management mix. We hope you find this report illuminating. But more, we hope you see it as a catalyst for action. We hope you see innovation, not as something daunting, but an opportunity leave a permanent impression on the history of your organization. Marco Pierallini Marco Pierallini EVP Product, CCH Tagetik 45 Chapter One Chapter Two Chapter Three Chapter Four Chapter Five Chapter Six Chapter Seven Executive Summary Big difference in attitudes to innovation across the world Early adopters of innovation perform better Front and back A balanced approach to innovation drives best overall performance Finance needs insightful innovation Innovation interference - no culture, no time, no measurement The recipe for successful innovation In their own words - what innovation means to finance professionals How our research was conducted About Vendor About FSN 6 10 14 19 25 29 34 37 42 45 46 Table of Contents6 Executive Summary 6Innovation Survey Executive Brief Innovation is the process of introducing new ideas or inventions to bring about more effective processes, products or ideas. In business, this could mean creating better products, improving services, or improving the processes that support these products or services. Throughout history, organizations have had to innovate to remain competitive, by inventing new products that people want or need, or by offering a better service than anyone else in the same industry. In the decades before the advent of ubiquitous computer technology, innovation occurred gradually. Since then though, it seems the pace of change has become so rapid, its sometimes hard to keep up. Organizations face a daunting future where existing competitors are constantly innovating, while new start-ups reinvent entire business models. Inertia is not an option, they must innovate, within the finance function and across the wider organization, or run the risk of obsolescence. And they need to do it now. Because early adopters of innovation in the finance function perform better. True Innovators are finance functions that adopt technology early, encourage an active culture of innovation in their organizations, make the time to innovate and reward it. These are CFOs and finance executives who have stepped out from behind the finance desk to take an active role in innovation across the enterprise, not just within their own sphere of influence. True innovators can reforecast more quickly, close the books faster and forecast more accurately than those organizations that ignore innovation or find it difficult to drum up support, financing or time for it. True innovators embrace a culture of innovation, and because of this they have access to talent that can sustain their innovation agenda. Balancing act Even if companies do innovate, their decision on where and how to invest also affects performance. Customer-facing technology investment has long been the vanguard of new technologies. But organizations that continue to focus on front- office functions to the detriment of back-office systems, or worse, those that have no strategy for innovation investment at all, are slower and less accurate at forecasting than organizations with a balanced approach. This means looking at the organization in the round, identifying the need in both the front and back office, and ensuring resources are distributed in a balanced manner. Those companies that approach technology investment with a balanced hand are better at nurturing innovation, they share ideas and skills, there are not afraid to make mistakes and innovation is a priority of their leadership. Balanced tech investors face fewer cultural obstacles like in-house politics or risk aversion, and they find it easier to identify tech-savvy talent to bring about change. Executive Summary 7High hurdles Innovation requires real change, and there are many obstacles to effecting that change. The most prolific are culture, time and a lack of credible and accurate measures of innovation success. Culture can quickly inhibit change if there isnt a concerted effort, driven from the top, to encourage and foster innovation. Where mistakes are relentlessly punished, no-one will be prepared to try new ideas. And if the finance function is not viewed as a source of innovation by the rest of the management team, it will be extremely difficult to articulate the value of innovation within it and make a case for investment. To make the case for innovative investment, CFOs and their senior finance executives need to be able to measure the return on investment (ROI), but there is very little agreement on how to go about it. Only a quarter of CFOs believe traditional methods of ROI are suitable measures of innovation success, and they dont capture adequately the intangible benefits of digital innovation. Sometimes the obstacles to innovation success come down to regional differences in culture. The survey shows that North American organizations are less risk averse, while European companies are held back by the perceived risk of failure. Europe was the most conservative in its approach to innovation, had more issues with finding top talent and was less able to make a business case for innovation than their North American peers. Obviously each business is different, and there are very successful and innovative organizations in all regions, but it is worth understanding these regional differences when CFOs look to tackle the obstacles in their path. That is when they have time A tangible benefit of digital innovation is time, but it is also a major reason why innovation is neglected. 67% of CFOs and their senior finance executives say that too many of their resources are tied up with legacy systems and traditional ways of working, leaving little time to innovate. Time is a well-documented benefit of technology investment. Automation frees up finance professionals for more value- added roles, and the new innovations in financial technology, like robotic process automation and machine learning are improving insights and clearing the way for the finance function to become a strategic contributor to the business. If these obstacles are not overcome, the finance function is in danger of falling behind the rest of the organization and the consequence of this is that organizations itself risks getting left behind by its competitors. Executive Summary 8Real world innovation Successful innovation requires three main ingredients people, process and technology. Technology may get the most amount of airplay, but without the people and processes to make the best use of technology, innovation projects will fail to produce the desired results. To drive change, organizations need innovation champions and a dedicated budget to most prudently and effectively spend it. Ultimately innovation depends on context. Where companies are still struggling with legacy systems and outdated methods, innovation looks like a little bit of process automation and a simple improvement in document handling. For around 40% innovation is a new ERP or performance management system. Where companies have already implemented cloud systems that smooth the processes of the finance function, then innovation looks like a new accounting robot or an analytical engine that can learn to uncover insights independently. Wherever they are along the finance function continuum, senior finance executives recognize the need for innovation and must find the time, cultural imperative and success measures to embrace change and stay competitive. Executive Summary 9 Executive briefing: FSNs survey results align with what hear every day at CCH Tagetik: you need to balance innovation with customer needs and back office demands. You need to react faster. But youre afraid that implementing the technology that would enable you to do so, will cost you time. You know you need to improve your decision-making process. But the risk of adopting digital innovations that could fail, scares you. We hear you. We hear you loud and clear. The days of a conservative Office of Finance are over. Todays CFO wants to roll up their sleeves and harness all of their data. Theyre anxious to produce the performance insights they need to do things like: - navigate the new digital world better. - be more strategic, partner with business and provide better guidance - manage risk and uncertainty. - meet increasingly stringent regulatory requirements. The problem is: many dont know where to begin. And at first glance, the cost of innovation seems incredibly high. While CFOs might have created the necessary workarounds to keep their processes running, legacy solutions installed 10-15 years ago are failing. And yet, because theyre long ingrained in processes, many companies are hesitant to move away from them. The comfort legacy solutions evoke is deceptive. That comfort cloaks a redundant, resource guzzling system that is only holding you back. Dont get us wrong. Were not touting innovation for innovations sake. Were advocating that CFOs address the specific challenges theyre facing. In other words, innovation in the context of Finance. Only by answering the call to modernize old legacy systems with finance-specific technology can CFOs have the tools they need to achieve their full potential.10 Chapter 1 Big difference in attitudes to innovation across the world 108% of European CFOs strongly disagreed “staff are afraid to make mistakes leading to innovative ideas being shelved”, while almost double (15%) of North American CFOs strongly disagreed. Big difference in attitudes to innovation across the world Globalization has leveled the playing field for most organizations, enabling them to sell their wares or services around the world, and offering them the same opportunities and technologies as their regional competitors. But they dont all approach these opportunities in the same way. This survey has very clearly identified major differences in attitudes to innovation around the world. These reflect the cultural undercurrents of national identity and attitudes towards business and change. They are most stark on either side of the Atlantic, where America is the least risk averse while Europe is held back by the perceived risk of failure. Just 31% of North Americans take a conservative approach to innovation, preferring instead to experiment with and try out new technologies when they become available. This compares to half of Europeans, 49% of Middle Eastern companies and 48% of Africans and South Americans, who believe their approach to innovation is too conservative. Asia Pacific respondents fell squarely between these two camps, with 38% conservative and risk averse. The cultural reasons behind this are manifold, but fear of making mistakes is a contributory factor. Only 8% of respondents from Europe rejected the notion that “staff are afraid to make mistakes, leading to innovative ideas being shelved”. Almost double the number of North Americas disagreed with this statement, suggesting they are far less likely to fear failure, and may even use it to propel innovation success by using mistakes as a basis to learn and progress. The adventurous spirit of the North Americans means they are most likely to be first to try new technology, with 33% identifying themselves as “early adopters of technology, with an active culture of innovation, across the entire enterprise”, compared to just 19% of European finance executives. The noticeable differences in attitude extend across the globe. South America has the biggest problem with cultural failings and in-house politics, with 67% citing these factors as stumbling blocks to innovation in the finance function. North America found these the least challenging (40%) while 48% of European executives also found these issues problematic. Big difference in attitudes to innovation across the world 11 Just 31% of North American take a conservative approach to innovation. (Europe 50%, Africa 48%, Asia Pac 38%, South America 48% Middle East 49%). EUROPE MOST CONSERVATIVE, WITH NORTH AMERICA MOST INN