For the CFOs and other senior finance executives in a recent survey conducted by CFO Research – XCM®, the answers were meeting deadlines and addressing business process bottlenecks.
In the XCM – CFO Research Finance Productivity and Business Process Management survey, 29 percent of respondents reported that flexibility to meet deadlines, finding workflow bottlenecks, and addressing those bottlenecks was likely to keep them up at night. Their top concern was their ability to allocate the best resource based on the task, role, and skill set.
Often times, CFOs don’t have visibility and therefore can’t easily identify potential missed deadlines or bottlenecks in all of the work processes they are ultimately responsible for. This lack of visibility represents risks in accounting, tax, finance, and audit departments: that the required work won’t be done accurately, efficiently, and on time, incurring additional costs and other negative consequences for the company.
Workflow technologies, or business process solutions, give CFOs and finance leaders a 360° view into their business processes in real time and
into the future.
Armed with this knowledge, senior finance executives can anticipate bottlenecks and reallocate resources or assignments to avoid bottlenecks. With the right business process solutions, they can also plan better, assigning and managing tasks according to the skill sets and time availability of individual workers.
These solutions also allow leaders to set clear expectations for how and when the individual contributors should complete tasks. The same visibility and management capabilities can be available to mid-level managers, so they can instill greater accountability from the workers. For the individual contributors, clear expectations and well-planned business process workflows lead to greater job satisfaction, less confusion, and less stress.
KEY POINTS in this eBook cover:
- Workflow issues—missing deadlines and process bottlenecks—are a top concern of CFOs
- Business process solutions that focus on accounting, finance, and compliance can solve workflow challenges for CFOs
- With the increased visibility that business process solutions can offer, CFOs can avoid bottlenecks
- Business process solutions with real-time access to data analytics and key performance metrics help CFOs precisely plan and match resource allocations for work
- Finance team members can benefit from clear expectations set through some business process solutions for how and when work should be performed
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