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:
- 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.
- 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.
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