The New Normal Requires a New Standard for Efficiency in Finance

The finance function has faced critical roadblocks over the last few years, due to outdated technology and an over-reliance on paper records. As a result, many finance and accounting processes aren’t resilient enough to support changing conditions and new ways of working. In this report, Criticaleye Partner, Workday, explores how organisations can achieve a ‘frictionless finance’, a seamless accounting and financial management ecosystem that is based on advanced technology.

Key takeaways include:

Inaccurate or inaccessible data prevents finance executives from realising their full potential as drivers of strategic change.
A frictionless finance function not only adds value to companies but empowers CFOs to fulfil their role as a key strategic business partner.
The inefficiencies companies tolerated pre-COVID are no longer acceptable. CFOs recognise that automation is no longer a nice to have, but a must have.
In addition to improving productivity, finance automation technology increases transparency across the business, provides relevant data analytics in real time and enables instant audit capabilities.