90% of senior finance executives surveyed by CFO Research* said their companies are not content to stand pat and are seeking to become more profitable in 2015. However, improvements in profitability will likely have to come from the same resources as 2014 given the reluctance of most firms to add costs without a clearly defined payback.
“Constant innovation,” is the way to increase profitability as one CFO reinforced in the survey —the unceasing drive to develop new products, services, customers, markets, and businesses. And companies will be relying on new technologies and new ways of working to deliver profitable growth.
According to 87% of the finance executives surveyed, corporate decision makers will need to “accelerate the time to action” to succeed –get more information faster, process that information quicker, and make strategic business decisions faster.
Finance executives also anticipate that business managers will increasingly look to their finance colleagues for help keeping pace with the growing stream of available information and have to step up their game. The vast majority of the executives surveyed confirm that their finance colleagues need to get better at providing key managers with predictive analytics to accelerate decision makers’ time to action. Bottom-line: New information capabilities placed in the hands of business managers are pushing them to seek even more insightful analysis of their finance colleagues.
*To view the full report, download here.