The CFO and the Digital Boardroom: The Key to Success for Professional Services in 2020
In today’s digital age, it’s more important than ever that Professional Services firms adapt and evolve, making use of the wealth of information available at the click of a mouse – lest they risk losing market share to more agile competitors.
But in boardrooms of Professional Services organisations around the world, the C-suite is still being asked to discuss ‘make or break’ decisions based on numbers printed on pieces of paper and handed around the table.
And it seems that the finance function – the place where, arguably, the ability to interrogate the available data would be most valuable – is no exception to this.
A recent study, Innovation in Financial Reporting, from finance forum FSN, found that 56 per cent of finance professionals believe their reporting is not “responsive” to ad hoc queries in the boardroom. A similar number (58 per cent) said their board reporting is simply not “insightful” enough and does not deliver useful, forward-looking insights.
“Even when working with some of the world’s biggest Professional Services organisations, we continue to see many of them making some of their most important decisions based on static figures that don’t stand up to question or analysis,” says Deborah Chantler, Professional Services Lead at Board International.