Organisations across the globe are adopting Digital Transformation strategies, examining how the effective use of technology can provide the information and tools needed to reduce costs, improve productivity and achieve a competitive advantage.
Year on year, finance doesn’t change significantly, it’s a conservative function that moves incrementally. However, markets and business models can change overnight with disruptive technologies often at the heart of a change.
Consequently, business leaders are seeking fresh insight to make rapid decisions about how to survive and thrive in a fast-changing landscape. Finance & Performance Management firm The Hackett Group says it’s no longer sufficient for finance to describe what happened last quarter. It needs to predict what’s going to happen next, and support decision-making at the highest levels with meaningful analysis that is put in a business context to help drive practical business decisions that enhance enterprise performance.
But… there’s a couple of challenges here. Firstly, hiring new analytics-savvy talent is hard as everyone is doing it, and secondly, firms need to increase their adoption rate of analytics tools as the advent of new technology is going to push finance even further up the analytics business maturity curve.
A 2018 study by Digital List Magazine asked finance professionals to list their major objectives for the year and what they most want to improve. The top five answers were as follow.
- Support enterprise information/analytics need
- Support enterprise digital transformation strategy, objectives and initiatives
- Formulate strategy with the business
- Support the enterprise in achieving and maintaining a competitive cost structure
- Support enterprise customer-related strategy, objectives and initiatives
Whilst providing better analytics is the top objective, the study also reveals that it’s the area where finance has the least mature capabilities. The mission of finance this year is therefore to close that gap.
How Can Oak Help?
Oak Innovation call analytics provides real-time dashboards and wallboards to help front line staff make better ‘in the moment’ decisions and use their time more effectively. Historical reporting helps business leaders identify trends and act where necessary.
Call recording and quality measurement enable business leaders to manage the quality of communications to pre-defined criteria, New call scenarios can be rapidly identified, strategies developed and best practice shared.