A significant number of finance and accounting (F&A) executives are not satisfied with the outcomes of their organization's digital technology efforts, according to a recent survey from Genpact Research Institute and
HfS Research. The accompanying report, "Finance in the Digital Age: Do F&A Leaders Believe in Digital-Driven Change?" indicates that finance department leaders think that legacy technology is holding back their company, and that better IT solutions are needed to boost productivity and enable employees to focus on high-value activities. Finance execs would also like to cultivate an analytics culture within the workforce to drive smarter decision making, while using technology to reduce costs and optimize cycle times. "Digital technology has immense potential to reimagine F&A operations, but only when it's implemented through a clear strategy of process transformation leveraging deep domain expertise and [focusing] on business outcomes," said Shantanu Ghosh, senior vice president of CFO services and consulting at Genpact. "This study underscores the importance of [taking] a fresh approach to digital transformation, one that leverages a true understanding of business and process nuances … and design thinking for solution development aimed at delivering a superior user experience.'' A total of 380 finance and accounting professionals, related advisers and service providers took part in the research.