In today’s uncertain financial landscape, proper budgeting and forecasting have never been more important. CFOs and finance leaders must develop future-facing strategies to ensure their businesses adapt to ever-changing markets.
This year’s Budgeting, Planning, Forecasting and Reporting Global Survey provides food-for-thought that can help leaders strategize. It’s a global survey of senior finance professionals from 450 of the world’s leading companies, conducted by Financial Services Network (FSN) in partnership with Sage. Dive in to learn more about dependable business forecasting, optimizing resources, and steering your business to new heights.
businesses adapt to ever-changing markets.
This year’s Budgeting, Planning, Forecasting and Reporting Global Survey provides food-for-thought that can help leaders strategize. It’s a global survey of senior finance professionals from 450 of the world’s leading companies, conducted by Financial Services Network (FSN) in partnership with Sage. D
Where are finance leaders looking to invest?
- 33% of finance functions have made significant changes to their Planning, Budgeting, and Forecasting process in the last three years
Why can’t finance teams commit?
- 23% of respondents also reported only being able to make ad hoc changes, and 14% can only commit to weekly tinkering with their processes.
What needs to happen to implement AI?
- 71% of senior finance professionals expect to use AI before 2030 but there are conditions they consider to be essential in order to implement AI successfully.
- 67% of respondents said predictive analytics must be led by the finance team and maintained not led by software developers and data scientists
- 94% of finance professional prefer having a choice of algorithms
- 60% of respondents said AI must be transparent enough for them to understand
- 57% of respondents feel software vendors have yet to demonstrate a compelling business case for AI in finance
What does the future of reporting look like?
- 90% want to invest in forecasting the most
- 70% view compliance and risk reporting as needing the most investment
- 50% want to invest in financial/statutory reporting
- 73% say budget reporting requires the biggest investment
- 68% say sustainability reporting (ESG) requires the biggest investment
- 69% want to invest in self-service reporting the most
- 68% view regular management reporting as needing the most investment
What tools are best for getting the job done?
- 36% of professionals believe that scenario planning improves their agility. 18% have already implemented this technique
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