Business complexities can greatly impact the financial close process.
In an increasingly complex world, finance leaders are being counted on to meet their organization’s demands for efficiency, innovation, and business intelligence. The top causes of business complexity include:
- The digital revolution
- Information overload
- Workforce evolution
- Compliance risk
Digital Revolution
The constant introduction of disruptive technology creates numerous organizational challenges, and adapting to technological changes can be especially challenging for established companies and industries.
Information Overload
The digital revolution leads to another cause of complexity: information management. Businesses are able to gather, store and access vast amounts of data — from internal operations to external sources.
Workforce Evolution
The increasing volume of information and acceleration of innovation is driving a new war for talent — another factor in the growth of business complexity.
Compliance Risk
The changing nature of the workforce and digital disruption are big, broad challenges for every business to manage. They often inspire creative and passionate ideas that lead to transformational changes. Executives can’t say the same about laws and regulations.
Managing Business Complexity
Organizations of all sizes are operating in an increasingly global, complex, and fast-paced environment, which presents challenges to the performance of the accounting and finance function. The Office of Finance has to respond to these forces of change and also play a key role in ensuring organizations continue to thrive.
Download the infographic to explore how to tackle these causes of business complexities.
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