Hyland 160x1200

Hyland 160x1200

Hyland 705x108

Tuesday, 03 August 2021 09:42

Data management and analysis concern CFOs, lack of data impacted financial operations: Workday survey

By Staff Writer

GUEST RESEARCH: Enterprise cloud application for finance and human resources Workday surveyed more than 260 global chief financial officers (CFOs) to shed light on the challenges they faced during the pandemic. The survey found that gaps in data management and analysis concerned CFOs, and the lack of data affected financial performance.

Data management and analysis was the biggest area of concern for chief financial officers throughout the pandemic and the lack of data insights challenged organisations to make informed and fast decisions in the ongoing uncertainty, according to a CFO survey conducted by Workday.

The survey tackles the impacts of COVID-19 on the finance function, CFOs’ digital investment plans, and the role of data.

“The Workday CFO survey highlights the impact of the pandemic on the finance function, and there is no doubt it has caused many businesses to re-think their systems and processes. But in ANZ, CFOs are still eager to modernise and move their systems to the cloud, and the pandemic hasn't slowed this down," explains Workday Australia managing director and vice president Stephen Jack.

“Almost a fifth of the global survey CFO participants were from Australia and New Zealand,” adds Jack. “Many of them are Workday clients, whose finance leaders are consistent in identifying data management and advanced analytics as a priority.”

Jack says customers are realising the benefits of moving to the cloud.

“Even lockdowns are not slowing CFO’s recognition that there is no better time to do so. Almost two thirds of our clients are moving their finance operations to the cloud and investing in artificial intelligence (AI) and machine learning (ML) solutions,” Jack says. “Workday is seeing a new impetus to pursue that strategy in the post-pandemic era.”

In March 2021, one year after many organisations were forced to remotely close in the meantime 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.

The survey studied 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 organisations in the midst of digital transformation, CFOs also reported gaps in their data, which affected their performance last 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, the key highlights of the survey show:
● Execution during COVID-19 was affected due to lack of accurate data. Nearly half of CFOs (49%) say their organisation’s biggest gap over the past year was the ability to execute with accurate and timely data that drives quick and informed decisions.
● As a result, over the past year CFOs prioritised investments to close the data gap. When looking at investments, 50% of CFOs made the most progress over the past 12 months closing the data gap by prioritising intelligent data foundations (creating a single source of truth for finance, worker, and operational data) and advanced analytics for better decision making.
● Looking ahead, CFOs are prioritising cloud and machine learning investments over the next one to three years. Nearly two-thirds of CFOs (60%) are investing in reimagining finance operations in the cloud and deploying artificial intelligence and machine learning solutions to address finance digital transformation.
● Beyond technology investments, environmental, social, and corporate governance (ESG) as well as diversity and inclusion (D&I) are emerging as business priorities. ESG (29%) and D&I issues (26%) are listed as the emerging topics that businesses are most focused on prioritising beyond technology—ranking higher than cybersecurity and cryptocurrency.

"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," concludes Workday senior vice president accounting, tax, and treasury Barbara Larson.

“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,” Larson says.

Read 2259 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here


The past year has seen a meteoric rise in ransomware incidents worldwide.

Over the past 12 months, SonicWall Capture Labs threat researchers have diligently tracked the meteoric rise in cyberattacks, as well as trends and activity across all threat vectors, including:

Encrypted threats
IoT malware
Zero-day attacks and more

These exclusive findings are now available via the 2022 SonicWall Cyber Threat Report, which ensures SMBs, government agencies, enterprises and other organizations have the actionable threat intelligence needed to combat the rising tide of cybercrime.

Click the button below to get the report.



It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.


Share News tips for the iTWire Journalists? Your tip will be anonymous




Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News