The Results Are In: What Does Finance Transformation Mean to You?
MorganFranklin Consulting is an international services firm that delivers business consulting and technology solutions to public companies, fast-growing private companies, and government clients.
Author: Thomas Roland, Managing Director
For 46% of participants surveyed, planning, budgeting, and forecasting drive the informed business decisions needed for a successful finance transformation effort, according to a 2014 research study just released by MorganFranklin Consulting. What Does Finance Transformation Mean to You? 2014 Outlook on Finance Transformation is an annual study unveiling the top trends and perspectives of professionals preparing for finance transformation. MorganFranklin conducted the study in collaboration with FierceCFO, a publication of FierceMarkets and the leading source of news and information for financial and accounting management professionals.
The study targeted finance professionals, primarily C-suite and Director-level executives from a mix of industries, and sought to discover what the term “Finance Transformation” really means to professionals. In addition to outlining the participants’ top five transformation priorities in 2014, the study answers the following questions:
Where are you in the process of planning a finance transformation?
What primary challenge is preventing you from completing a finance transformation?
What are your top focus areas for improvement?
What is your goal in undergoing a finance transformation?
The results revealed that while cost takeout is still important, it is less of a focus in 2014. In contrast to recent years, many organizations are more interested in understanding how their investments are advancing plans to grow and increase revenue share. We interpret this as meaning the respondents have an increased desire to make more informed business investment decisions, and we look forward to seeing how this trend influences finance transformation in the future.