MENLO PARK, Calif.,
Sept. 20, 2018 /PRNewswire/
-- According to the 2018 Finance Trends Survey Report released
today by global consulting firm Protiviti, CFOs and finance
executives view data management (security, privacy and governance)
and predictive data analytics to be among their most significant
issues to address. Survey respondents rated different areas in the
finance function to reflect their priorities to improve their
knowledge and capabilities over the next 12 months.
Security and privacy of data in finance applications is a high
priority for 71 percent of all respondents and 75 percent of
CFOs/finance vice presidents, specifically. This comes as no
surprise given the volume, complexity and sensitivity of data that
finance groups must manage and keep secure. These security
challenges are compounded as more finance data warehouses move to
the cloud, which introduces a broad range of new security
risks.
"Another key area that CFOs and finance leaders are struggling
to manage is data quality. The analysis and reporting that finance
delivers to the organization rests on the quality and completeness
of the available data, making data governance critical," said
Christopher Wright, a Protiviti
regional managing director and leader of the firm's Business
Performance Improvement practice. "If a master data management
system were to be implemented, CFOs and their management would have
a much clearer understanding of different organizational functions
and areas of profitability and risk. Also, as the use of artificial
intelligence and machine learning grows in the months and years
ahead, data quality will become even more paramount to business
transformation initiatives."
"Following the top-rated areas of data and analytics and process
improvement, the next most highly rated priority is the changing
demands and expectations of finance's internal customers," said
Shawn Seasongood, a Protiviti
managing director in the Financial Performance Management practice.
"More and more departments throughout companies are seeking access
to real-time data and predictive analysis about the performance and
profitability of products and services. The finance group is a
critical source of this information — being able to deliver this
information reliably further enhances the internal customer
experience, increases the value proposition of finance groups and
helps lead to the organization's long-term growth."
Regarding the new lease accounting standard, there are some
expected differences in the findings between public and private
organizations. More than one in five public companies — 22 percent
— are making adjustments in the finance organization based on the
impact of the new standard, compared to 11 percent of private
organizations. This concentration may change as private companies
draw closer to their adoption deadline.
Interestingly, virtual and crypto currencies are not even on the
radar of responding organizations. More than eight out of 10 are
not using, interested in using, or investing in virtual and crypto
currencies, nor are they being pressured by employees, customers,
suppliers or partners to use virtual currencies.
The Protiviti study, titled "The Shifting Landscape of Finance,"
shares survey data gathered in the U.S. during the second quarter
of 2018 from close to 400 (n = 393) CFOs, vice presidents of
finance, finance directors, controllers and other finance
professionals at both publicly and privately held companies (79
percent) in an array of industries. The remaining 21 percent of
responding organizations are in the non-profit, government and
education sectors. Fifty-seven percent of companies represented in
the survey have revenues of $1
billion or more.
Survey Resources and Webinar
The Finance Trends Survey
Report, an infographic, a short video and a podcast about key
findings are available for complimentary download at
www.protiviti.com/financetrends.
On October 23 at 10:00 a.m. PDT, Protiviti will host a
complimentary webinar to discuss key takeaways from the survey.
Joining Wright and Seasongood on the webinar will be Ken Thomas, a Protiviti managing director in the
firm's Business Performance Improvement practice. Please register
for the 60-minute webinar here.
About Protiviti
Protiviti (www.protiviti.com) is a
global consulting firm that delivers deep expertise, objective
insights, a tailored approach and unparalleled collaboration to
help leaders confidently face the future. Through its network of
more than 75 offices in over 20 countries, Protiviti and its
independently owned Member Firms provide clients with consulting
solutions in finance, technology, operations, data, analytics,
governance, risk and internal audit.
Named to the 2018 Fortune 100 Best Companies to Work
For® list, Protiviti has served more than 60 percent
of Fortune 1000® and 35 percent
of Fortune Global 500® companies.
The firm also works with smaller, growing companies, including
those looking to go public, as well as with government agencies.
Protiviti is a wholly owned subsidiary of Robert
Half (NYSE: RHI). Founded in 1948, Robert Half is a
member of the S&P 500 index.
Protiviti is not licensed or registered as a public
accounting firm and does not issue opinions on financial statements
or offer attestation services.
Editor's note: Photos available upon request.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/data-and-analytics-are-top-priorities-for-finance-executives-according-to-new-protiviti-study-300716318.html
SOURCE Protiviti