CFOs have recently had to adjust to the changing fiscal environment. Financial leaders have more responsibility due to inflation and fiscal pressure, forcing them to adopt more flexible operating models. It comes as no surprise that CFOs are now involved in reinventing and focusing on the future. Microsoft researched to comprehend the future of finance because it recognized the pressure of adaptability.
Microsoft addressed several questions through the Economic Guardians of the Future Report, including: What is the current role of technology in finance; how do Chief Financial Officers and their teams deal with the rapidly shifting economic environment; what problems do they face daily?
AI And Automation Can Drive Efficiency
The future is people, yet, CFO’s staff has not changed, even though their duties and those of their teams have grown! Automation is beneficial in this situation. A company can accomplish more with less by using AI and automation without negatively impacting its workforce. More than 70% of financial leaders saw automation as a benefit for assisting their teams in achieving business objectives. AI and automation implementation resulted in; freed-up time- allocated to strategic goals, more collaborative efforts, and connectedness.
Flexibility And Creativity: The Keys To Adaptability
The capacity of financial executives and their teams to adjust to shifting markets ensures business agility. Connected info, efficient procedures, and trustworthiness drive a company’s health and the production of data-driven choices.
Analytics-related information and statistics are prone to confusion and incoherence. We encourage the use of Power Bi for this reason. A data visualization tool that facilitates users’ conversion of their statistics into images that are coherent, engaging, and immersive. You can learn more here.
Creativity Catalyst While Being An Economic Protector
According to the study, financial officers feel as though they must be both innovative and secure while also being forward-thinking and present-minded. Their company may have competing objectives, for example, increasing innovation while lowering risk, balancing a long-term strategy with immediate financial success, and reducing expenses while accelerating development.
It does nothing to help their reputation as risk-averse people. In comparison, almost 80% of CFOs accepted their critical position in innovation and transformation for the future relevance of their organizations.
The Future of Finance Operations
Work that results in transformation inspires employees. Boring and routine chores can become tiresome. Since it began, the transformation of everyday operations has been a moving target. Through its solutions, Microsoft is a pioneer in changing how these activities operate with solutions such as Dynamics 365 Business Central, Power Bi, and Azure. Modern Finance is the new name for these activities utilizing these solutions. This focus has helped Microsoft save $25 million and 900+ hours in manual labor annually.
Take The First Step Of Modern Finance
The research found that 88% of CFOs feel under pressure and are limited in their ability to perform their jobs because of lacking automation tools to manage their repetitive tasks (like transactional functions). Dynamics 365 Business Central can help with this. You can go through your day confident that some duties are being taken care of by having a centralized system for your company. Visit us to learn more about Microsoft Solutions and book a Free consultation now.