Finance professionals are specializing in innovation and flexibility in 2020, in response to a survey.
Finance professionals are specializing in a variety of traits this yr, together with product growth, enterprise mannequin adjustments, methods, and staffing in an effort so as to add worth to their organizations this yr, in response to a brand new research from BillingPlatform.
“The findings of our research are in keeping with what our prospects are telling us,” mentioned Dennis Wall, CEO of BillingPlatform, which offers billing options. “The finance operate is a serious contributor in producing new sources of income. Usually, these income sources come by new merchandise and expertise, however finance professionals know that new enterprise fashions can contribute as properly.”
Listed below are 5 traits BillingPlatform has recognized from the survey.
CFOs are searching for modern methods to usher in new income
Sixty % of finance professionals surveyed by BillingPlatform indicated they’re launching new services and products to extend market combine, and 35% mentioned they’ll leverage recurring or consumption-based billing to supply extra enticing pricing on new merchandise/providers.
Respondents mentioned they must overcome system constraints (23%), system consolidation (22%), and the transition of IT infrastructure (18%) to perform these targets.
Firms are attempting to squeeze extra worth from assets
Engaging in extra with the identical or fewer assets is the very best precedence problem (18%) going through finance groups in 2020. Finance professionals are addressing this problem by figuring out methods to drive larger income by new services or products and decreasing working prices or capital investments (17%). They’re additionally investing in cloud applied sciences as a part of a broader digital transformation effort (11%) and automating by AI or robotics (10%), in response to the survey.
Finance departments are specializing in tech abilities in staffing
Solely 45% of survey respondents mentioned they’re in nice form in the case of their workforce’s ability as they head into 2020, whereas 55% mentioned they have been in wherever from OK to dangerous form.
Hiring staff with technical expertise is a focus, with 26% of respondents indicating that assist for digital capabilities and superior analytics are a very powerful job abilities for brand spanking new hires on finance groups, BillingPlatform mentioned.
Regulatory considerations stay on the forefront
Regardless of being almost 20 years previous, the Sarbanes-Oxley Act of 2002 stays a spotlight for finance professionals. Of these surveyed, 19% mentioned the act, which set new or expanded necessities for all US public firm boards, administration, and public accounting companies, has been probably the most difficult regulatory change over the previous three years.
Curiously, 35% of respondents mentioned this regulation was difficult to their departments as a result of that they had underestimated its impression, BillingPlatform mentioned. In the meantime, Basel II/Basel III, a regulatory framework issued by the Basel Committee on Banking Supervision, was the second-most difficult regulation, cited by 13% of survey respondents.
Cybersecurity is an enormous concern, and plenty of professionals aren’t ready
Thirty-nine % of survey respondents mentioned cybersecurity is amongst their high considerations/dangers. Making issues worse, solely 33% of finance professionals mentioned they have been in nice form to deal with cybersecurity points. Finance professionals imagine consciousness is essential to addressing the cybersecurity downside, the survey discovered.
Workers schooling on potential scams is a spotlight for 37% of respondents, and 30% mentioned they might speak to the CEO and different management concerning the potential monetary impression of cybersecurity points, the survey mentioned.
Over 300 finance vice presidents or administrators in US corporations with a minimum of $50 million in annual income participated within the 2020 Developments in Finance survey, in response to BillingPlatform.