McKinsey & Company’s recent report Mastering change: The new CFO mandate has some fascinating new research that shows how CFOs and their teams are increasingly using advanced analytics and AI to drive business results. With increasing responsibilities that include procurement, CFOs are using digital transformation to increase the bottom line.
The annual study surveys McKinsey’s database of CFOs and reports on trends over time. The research reports that “the share of finance-function respondents reporting the use of robotics and AI tools has more than tripled since our 2018 survey, while the share saying that they use advanced analytics for finance tasks has almost doubled.” Looking at this chart, you see that the best-performing companies are using new digital tools to drive productivity:
Many finance teams increased their technology adoption in the wake of COVID-19, and this is leaving them more prepared overall as a business. Interestingly, advanced analytics for business operations, advanced analytics for finance, data visualization and connectivity, and robotics and AI all grew significantly:
Top performing finance functions are using advanced analytics for business operations and finance at increased rates. In many cases, finance teams are leading digital transformation charge. If you want to learn about how Suplari can help you drive change and deliver increased value, please contact us.