Comply CFO Dashboard: AP data visualization solved

13 Mar, 2024

data visualization

In a recent survey USA-based The CFO Alliance, interviewed over a third of finance leaders in the middle market to gain insights into their 2024 plans. Data visualization emerged as a crucial aspect requiring attention, among the various areas identified for improvement.

CFO-identified challenges

The survey highlighted two primary challenges faced by CFOs:

  1. Time constraints: CFOs expressed being overwhelmed with their day-to-day tasks, leaving them with minimal bandwidth to address other concerns. They seek to streamline workflows for greater efficiency, aiming to reduce process steps and human intervention.
  2. Communication gap: Another hurdle in workflows is the communication gap, particularly in the context of remote work environments. There is a recognized need to enhance collaboration and bridge the automation skills gap within their teams.

CFO-proposed solutions

To tackle these challenges nearly half of the mid-market CFOs intend to allocate more resources to four key areas:

  • people,
  • strategy,
  • technology and
  • data visualization.

For 2024, the emphasis lies on automation and technology-driven solutions, with data visualization and workflow enhancements ranking high on the priority list.

Among the planned technological advancements, 44% of respondents aim to focus on data visualization and business intelligence, followed by 37% prioritizing workflow automation and AI, and 36% targeting enterprise resource planning system implementations.

Why data matters

Data visualization is pivotal in allowing finance teams to ensure that data is accessible and coherent for decision makers

There’s a growing realization that data must be presented in a manner that encourages its utilization.

With the expansion of technology within mid-market enterprises, various functional leaders now have access to tools that enable data capture and transform previously immeasurable metrics into actionable insights.

Comply’s CFO dashboard

Our cloud-native enterprise SaaS AP solution gives you improved data visualization and streamlines communication between business departments to simplify and automate AP management. Visit Comply’s newly refreshed website to discover all the features of our innovative digital platform.