Workday Global CFO Survey: Finance Chiefs Shed Light on Data Gaps and Digital Priorities Post-Pandemic
PLEASANTON, Calif., July 28, 2021 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced the results of its chief financial officer (CFO) survey exploring the impacts of COVID-19 on the finance function, CFOs’ digital investment plans, and the role of data. The survey reveals that data management and analysis was the biggest area of concern for CFOs throughout the pandemic and the lack of data insights challenged organizations to make informed, fast decisions in the face of ongoing uncertainty.
In Mar. 2021, one year after many organizations were forced to remotely close the books for the first time due to stay-at-home orders for employees, Workday surveyed more than 260 global CFOs to better understand the challenges they faced during the pandemic. In addition, the study looked at how they are adapting their finance digital strategy to better prepare for future change.
The survey findings showed that only 19% of CFOs have automated nearly all their finance processes and are currently handling financial reporting digitally. With the majority of organizations in the midst of digital transformation, CFOs also reported gaps in their data, ultimately affecting performance over the past year. The lack of data to make critical business decisions impacted product launches, according to 28% of CFOs, with 24% citing missed financial forecasts, and 17% citing misaligned resource investments.
Additionally, key survey findings show:
"It's clear that a lack of insights during the pandemic resulted in missed opportunities for companies to drive top and bottom line growth across a variety of areas," said Barbara Larson, senior vice president, Accounting, Tax, and Treasury, Workday. “And the real gap CFOs identified was not just data — but timely, decision-ready data. With Workday, organizations can adopt a cloud-first intelligent data platform that brings financial, people, and operational information together in a single system. This not only fills the gaps but provides the foundation required to help deliver actionable insights and competitive advantage.”
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About the Survey
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