In an increasingly complex world, finance leaders are being counted on to meet their organization’s demands for efficiency, innovation, and business intelligence.
The evolution of the role of finance within organizations means you have to make sense of the world around you, what external forces are shaping your business, and how people and places are more interconnected.
Organizations of all sizes are operating in an increasingly global, fast-moving, and distributed environment. Sustaining and growing a business is more challenging.
Research has found that managing complexity well can lead to three major benefits:
- Higher returns
- Improved customer satisfaction
- Improved employee satisfaction
Causes of Business Complexity
This report will highlight some of the top causes of business complexity, such as:
- The 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 as well as 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: Evolving standards and regulations are a constant source of change and a constant source of pain. CFOs often cite regulations and the cost of compliance among their top concerns.
Managing Organizational Complexity in the Financial Close
To reduce complexity, the Office of Finance can:
- Eliminate Inefficiency: Across many key processes, such as the financial close, automation, and process improvement can reduce costs and improve productivity
- Add Value: Move beyond traditional accounting and compliance and deliver business insight
- Invest in Skills: Build out financial planning and analysis so the team can be leaders and not merely reporters
Download this report to better understand some of the top causes of business complexity so you are better prepared to embrace and manage them.