Owning Finance Technology to Unlock Productivity & Drive Growth: How Finance Leaders Get it Done

THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Owning Finance Technology to Unlock Productivity & Drive GrowthHow Finance Leaders Get it Done• Laurie Wood, Director, Workday

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Learning Objectives

After attending this webinar you will be able to:

> Understand the challenges organizations are experiencing in adapting existing systems to meet dynamic business requirements.

> Discover new strategies and best practices for upgrading and replacing systems from real life practitioners

> Learn about senior finance executives' views on the strengths and weaknesses of their finance systems.

THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS

Owning Finance Technology to Unlock Productivity & Drive GrowthHow Finance Leaders Get it Done• Laurie Wood, Director, Workday


Objective: To learn about senior finance executives’ views on the strengths and weaknesses of their finance systems

Electronic survey; 202 respondents

Interviews with nine CFOs

North American companies across all industries

Joint study between Workday and CFO Research

Q: How do CFOs manage How do CFOs Manage Tech for Finance?

Copyright © 2012 CFO Publishing LLC


Not sure

Other

Manual processes (including spreadsheets and email)

Financial applications developed in-house

Multiple instances of an ERP system from a single vendor

One instance of an ERP system with complementary modules from a single vendor

Multiple ERP systems from different ERP vendors

One instance of an ERP system with additional modules from different best-of-breed application vendors

0% 20% 40%

3%

1%

2%

6%

10%

21%

27%

30%

What is the structure of your company’s primary financial-management systems?



Percentage of RespondentsNote: Respondents were asked to select all that apply. Note: Percentages may not total 100%, due to multiple responses.

Not sure

Other

Governance, risk, and compliance

Tax management

Treasury management

Customer relationship management

Workforce management (e.g., time and attendance; hiring, training)

Business planning (e.g., budgeting, forecasting)

Business intelligence/Data warehousing

0% 20% 40% 60% 80%

3%

6%

2%

19%

21%

21%

27%

28%

30%

38%

39%

42%

50%

51%

53%

56%

66%

Frequently Using Supplemental Tools?



SFEs Confirm That They Are Slow to Adapt To Changing Requirements

How quickly does your company adapt its financial management system to changes to business priorities or processes?



Which of the following system related issues interfere most with your finance function’s ability to meet the demands of its role?

17%

Lack of Speed

30%

Lack of Visibility

34%

High Maintenance / Upgrade Costs

37%

Fragmentation

44%

Lack of Flexibility

Systems Inflexibility is Cited More Often Than Any Other Concern



Not sure

It depends

Every 10 years or more

Every 5-10 years

Every 2-5 years

Every 2 years or less

0% 20% 40%

10%

9%

21%

23%

28%

9%

How Frequently Does Your Company Upgrade Its Financial-management Systems?



Improvement in each of the following aspects of my company’s finance systems would substantially improve my finance function’s ability to fulfill its objectives

Reaching For Better Performance


(Percentage of finance executives saying they agree strongly)


“Finance is burdened withtoo many manual tasks.”

79%

CURRENTLY spend most of their time on business planning,

analysis, and decision support

48%

SHOULD spend most of their time on business planning,

analysis, and decision support

86%

Where Finance Spends It’s Time



Catalysts for Change

Changing Regulatory

Requirements

Changes to Company Structure

Organizational / Leadership

Change

Reduce Costs/ Increase Efficiency

Technology Advancements

Growth

Business Process Change

Vendor Imposed


When making plans to replace finance systems, SFEs favor a long-term view

How companies approach change



“We wanted to do something more dynamic, and, more importantly, we wanted something that we wouldn’t be forced to replace for another 8 to 10 years.”

—Managing director,financial-services firm


SFEs are divided on the issue of cloud based financial management


Do you favor the concept of using cloud-based systems for financial management at your company?


Cloud Adoption for Financial Apps

“By YE2015, customer adoption of Cloud-based finance and accounting solutions will exceed 40 percent of enterprises – as the office of the CFO looks for solutions that support its evolving role as ‘score keeper’ to lead-enabler of business performance improvement.”

12%25%

40%

55%

65%

2011 2012 2013 2014 2015

Financial-Accounting cloud software purchase plansSource: Saugatuck Technology, March 2012, N=228


What are the most valuable benefits that cloud-based systems for financial management offer your company


Greater Flexibility Emerges as Top Benefit


Cloud Can Help Reallocate Resources

Cloud

75%

25%

Traditional ERP

Administration, Operations and Maintenance

Strategic Initiatives

25%

75%

More than 75% of the IT budget today is spent on maintaining and running existing systems and software infrastructure

-Gartner Group


Cloud Hits the Enterprise


Thank You!


If you have questions about CPE Credit please contactChris Brauer at [email protected]

Please join us at www.proformative.com to ask any additional questions you may have and to continue this conversation with your peers and the experts you heard from today.

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Event Sponsor

About the SponsorWorkday is a leading provider of enterprise cloud applications for human resources and finance. Founded in 2005, Workday delivers Human Capital Management and Financial Management applications designed for the world’s largest organizations. Hundreds of companies, ranging from medium-sized businesses to Fortune 50 enterprises, have selected Workday.

www.workday.com

Owning Finance Technology to Unlock Productivity & Drive Growth: How Finance Leaders Get it Done

Economy & Finance

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