Why leading blue-chip brands modernised their finance function - and why you should too
Written on the 28 August 2019 by Business News Australia
Manual updates, disorganised data, and systems shutting down. These scenarios were some tipping-points that recently led CFOs from four Australian blue-chip brands to modernise their organisation's finance function.
Companies with similar number-crunching issues need to modernise their finance function, or risk being left behind, according to a leading Australian analytics company.
Brisbane-based Bistech has released a report to help organisations transform their finance function by automating their existing processes.
A solution for now and for the future
As the Greek philosopher Heraclitus famously said, "the only certainty in life is change".
This seems to be truer than ever in this era of fast-changing technology with chief financial officers (CFO) under increasing pressure to drive organisational change so companies can benefit from the huge amount of data being generated.
But CFOs do need to keep the future in mind; predictive analytics (AI and Machine Learning) are likely to be the norm in the near future, and any solution a CFO might invest in now needs to be able to handle that eventuality.
All organisations need to automate their processes if they want to derive benefits from data and remain relevant. But how do CFOs know when the time is right to seek a solution? And how do they know which is the right one for their business?
Tipping points and benefits
Bistech's report discusses the tipping points that resulted in some organisations realising that the lack of financial modernisation was hurting their business. These include:
Bistech modernised these organisations' finance function through Headstart, their financial performance management system, based on IBM planning analytics technology. In Bistech's report, Allianz Worldwide Partners, ALS Global, Auto & General and other Australian companies say the benefits derived include:
Bistech's report covers all aspects of modernising a finance function, including tips on how organisations can get started on their transformation journey.
This article was written in partnership with BISTECH.
Business News Australia
Author: Business News Australia