PR Newswire 20-Mar-2017 8:00 AM
REDWOOD SHORES, Calif., March 20, 2017 /PRNewswire/ --To help management accountants and finance professionals successfully navigate the business and technology changes that are transforming the finance function, Oracle and the American Institute of CPAs (AICPA) today released a new report that details the blueprint for modern finance. The report, Agile Finance Revealed: The New Operating Model for Modern Finance, identifies the traits of agile finance leaders and benchmarks their success in creating a dynamic new operating model that is resilient, responsive, and predictive, helping CFOs and their finance teams to shape the future of the business.
"With so much data at their disposal, CFOs must embrace a new operating model for modern finance," said John Windle, FCMA, CGMA, chief financial officer at the Association of International Certified Professional Accountants. "This means they must effectively use cloud and digital technologies as well as ensure that their finance staff develops a broader skill set that includes strong analytical and business partnering skills."
Based on an extensive survey of senior finance executives and in-depth interviews with CFOs who have already embraced new operating models, the report found that the finance function must be transformed in order to remain relevant in a business environment that is increasingly defined by rapid, unpredictable, and constant change. According to the report findings, only 38 percent of respondents are currently agile finance leaders. To help CFOs and their teams meet the demands of this rapidly changing business environment, the report outlines the key attributes necessary for the successful implementation of a new operating model for finance:
"At Oracle, we believe that digital transformation brings companies into the future, and it enables them to be more competitive," said Ivgen Guner, senior vice president, Global Business Finance, Oracle. "We also believe that the cloud gives CFOs an opportunity to restructure their current operating models to support new business models and more agile ways of working. The scale of these changes can be daunting and that's why we worked closely with the American Institute of CPAs to develop a clear and actionable blueprint for modern finance that enables CFOs and their finance teams to lead digital transformation not just react to it."
The report found that while some major organizations have already made the transformation to the new operating model for modern finance, more than 80 percent of organizations are still in the process of implementing the required initiatives. The report also revealed that more than a third (36 percent) of finance leaders believe the current skill set of the finance function is too narrow and nearly a half (42 percent) said they need more data analytics skills if they are to deliver more forward-looking analysis for the business. To identify what sets agile finance leaders apart, the report examined how these leaders differ from those who are less advanced in their transformation journey in terms of structure, systems, and skills.
The report includes insights from 483 senior finance executives in large businesses or other organizations across the U.S. and Canada, including five key industries: financial services, manufacturing, retail, healthcare and finance. It also includes insights from CFOs from a range of organizations including GE Digital, Arby's, HSBC Global Services Companies, Vanderbilt University, Rutgers University, and Wake Forest Baptist Medical Center.
About the Research AICPA conducted a North American survey, sponsored by Oracle, of senior finance professionals and other managers across different industries. In addition, AICPA conducted interviews with senior finance professionals to inform its interpretation of the survey results.
The survey was answered by 483 senior finance professionals from the USA (76 percent) and Canada (24 percent) and represented organizations with revenue of over $200 million with a spread across the turnover bands $200 million - $1 billion (31 percent), $1 billion- $5 billion (23 percent), $5 billion -$20 billion (26 percent) and $20 billion plus (20 percent).
The financial services, higher education, healthcare and life sciences, manufacturing, and retail sectors were each represented by robust samples of over 80 respondents, which allowed findings to be presented by sector.
About the American Institute of CPAs (AICPA) The American Institute of CPAs (AICPA) is the world's largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation, which sets a new standard for global recognition of management accounting.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ. Media representatives are invited to visit the AICPA Press Center ataicpa.org/press.
About the Association of International Certified Professional Accountants The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.
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