NEW YORK, Dec. 12, 2019 /PRNewswire/ -- Only 13% of finance
executives are using artificial intelligence (AI), analytics, and
automation to transform multiple processes across their
enterprises, according to new research from Genpact (NYSE: G),
a global professional services firm focused on delivering digital
transformation.
Genpact's global study, Finance and Accounting:
Unleashing Transformation, surveyed more than 500 chief
financial officers (CFOs) and other senior finance executives on
business innovation issues. The research reveals that finance
organizations are well positioned to deliver strategic insights
from the ever-increasing amount of data that businesses manage
today; however, most finance teams are not fully implementing the
advanced technologies necessary to drive transformation for
competitive growth.
When it comes to meeting business expectations to generate
actionable insights from company data, not a single survey
respondent states that their function can do so significantly; 58%
say that finance just somewhat delivers insights. Moreover, none of
the executives say they have a structured way to generate
predictive insights to meet businesses' changing and varied
demands. None also are using AI, analytics, and automation to
fundamentally reimagine their finance function.
"Finance organizations can be critical transformation engines
for their enterprises, but they're currently not firing on all
cylinders," said Katie Stein,
chief strategy officer and global business leader, Enterprise
Services, Genpact. "CFOs and their teams must champion the
change necessary to drive innovation and compete effectively in a
data-dominated and digital-first world."
Genpact's study reveals that customer experience is the number
one corporate priority, ahead of increasing cash flow and driving
revenue growth. This is reflected in businesses' expectations from
the finance function in the next two years, where enhancing the
experience for customers, suppliers, and employees comes out on
top. While most survey respondents believe they are somewhat
improving these experiences, only 1% say they are significantly
meeting this expectation.
To support strategic business goals, the finance function must
evolve to become the company's enterprise data guardian. Genpact's
research demonstrates that finance organizations are making
inroads, with nearly half (49%) agreeing this is their role,
although only 7% strongly agree.
Despite, or perhaps even because of, technology-implementation
issues, the executives surveyed recognize the importance of
embracing AI, analytics, and automation when recruiting talent. The
top two skillsets that finance organizations most urgently seek are
knowledge of advanced digital technologies and data-science skills,
both of which top traditional finance and accounting
capabilities.
"The need for new skills is clear – not just for finance
operations alone, but more importantly, for the function to enable
enterprise transformation," said Stein. "CFOs and their teams can
lead as strategic partners and provide faster, smarter access to
critical data. The opportunity is there. It's up to finance
executives to implement digital technologies and analytics more
effectively, combining their domain expertise to deliver business
insights that drive competitive growth."
To learn more, visit Genpact's website for the complete report,
Finance and Accounting: Unleashing Transformation.
About the study
Genpact worked with the research firm
Longitude to conduct the study via an email invitation and online
survey. The study represents views of 516 C-suite and senior
finance executives at companies across 11 countries: United States, United Kingdom, Japan, Australia, Norway, France, Germany, Netherlands, Sweden, Switzerland, and Denmark. Respondents work at companies with
revenues from $500 million to over
$50 billion. Of the surveyed
executives, 25% are chief financial officers.
About Genpact
Genpact (NYSE: G) is a global
professional services firm that makes business transformation real.
We drive digital-led innovation and digitally-enabled intelligent
operations for our clients, guided by our experience running
thousands of processes primarily for Global Fortune 500
companies. We think with design, dream in digital, and solve
problems with data and analytics. Combining our expertise in
end-to-end operations and our AI-based platform, Genpact Cora, we
focus on the details – all 90,000+ of us. From New York to
New Delhi and more than 30
countries in between, we connect every dot, reimagine every
process, and reinvent companies' ways of working. We know that
reimagining each step from start to finish creates better business
outcomes. Whatever it is, we'll be there with you – accelerating
digital transformation to create bold, lasting results – because
transformation happens here. Get to know us at Genpact.com and
on LinkedIn, Twitter, YouTube, and Facebook.
Media
Contacts:
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Danielle
D'Angelo
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Siya
Belliappa
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Genpact Media
Relations - Global
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Genpact Media
Relations - India
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danielle.dangelo@genpact.com
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siya.belliappa@genpact.com
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+1
914-336-7951
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+91
9823133365
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SOURCE Genpact