The demand for speed and accuracy for strategic decision making has led to a shift from spreadsheets to automated systems. Automated dashboards offer an immediate, real-time perspective of business performance, while spreadsheet analysis takes time and will not provide immediate results. Automation has accelerated core financial tasks and eliminated repetitive, manual processes. It also allows finance teams to reduce errors related to manual input and focus on strategic initiatives rather than data crunching. Cloud-based platforms have provided instant access to financial data, leading to faster approvals and confident financial forecasting for a CFO. However, companies face barriers to implementation due to lack of relevant capabilities within the finance team.
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