Under-pressure CFOs turn to data-driven insight to mitigate risk – EY
Press Release | 31st May 2016
Reading, UK – 31st May 2016: As the role of the CFO has changed to include strategic and operational duties, finance executives are coming under pressure to respond to new digital challenges using digital and data analytics tools, according to a new EY study The disruption of the CF0’s DNA.
EY defined four key forces working to disrupt the modern role of the CFO - digital innovation, data proliferation, risk and regulation. The study found that harnessing the power of data and analytics can transform the finance function “from a reporting entity to a group that guides strategy through business intelligence”.
In the study, 58% of the finance leaders surveyed felt they needed to build their understanding of digital, smart technologies and sophisticated data analytics in order to deliver against their critical strategic priorities.
“As we move into the new world of technology that enables us to get data much more quickly, I believe data-driven insight will play a very important part in making better risk-based decisions quicker,” says Jonathan Blackmore, EMEIA Risk Leader, EY.
“This is because you can use data from multiple sources either to look for trends or predict potential risk events. In the future, that will be a key trend, because there is so much information available that you can begin to correlate different data sources to build up patterns and trends.”
David Griffiths, CEO of FISCAL Technologies, the world-leading provider of accounts payable forensic software, commented: “Data analytics is empowering executives to make well-informed strategic decisions. The data generated from the finance function, when properly executed and analysed, can help to improve processes, save money, protect corporate spend, and free up valuable executive time to devote to bigger strategic priorities.”
FISCAL Technologies’ advanced algorithms search structured and unstructured purchase-to-pay data to identify patterns and flag up anomalies or risks. This frees up finance function time to focus on value-added tasks while protecting organisational spend from fraud and overpayments.
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organisations.
For more information, please visit www.fiscaltec.co.uk.
0845 680 1905