FSN's Innovation in Financial Reporting Global Survey 2018 finds only 19% of CFOs have been able to master data

2nd August 2018

FSN’s Innovation in Financial Reporting Survey 2018 covers responses from than 616 senior finance professionals worldwide. It is the first time the importance of mastering data in the context of the 'Financial Data Maturity Model' has been brought to the attention of the finance function.

More than 80% of CFOs and senior finance executives are struggling to gain control over their data. Some muddle through the chaos of data overload, others look for the right information and the right technology to harness it, but data masters are actively using it to gain insight and drive growth. 

There is good reason to aspire to data mastery – they outperform the other groups significantly across three key financial KPIs. Two thirds of “data masters” can reforecast within a 1 week period, while just 40% of those with “data overload” are able to manage to reforecast in that time. 

In addition, 36% of “data masters” can close their books within 3 days, compared with just 10% of those with “data overload”. And 59% of “data masters” can forecast to within +/- 5% accuracy, while just 39% of CFOs who are “data overloaded” are as accurate. 

These three key performance measures are a powerful indicator of financial health and efficiency in the finance function, and a very good reason for companies at the start of their journey to work towards data mastery.

 

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The research was conducted amongst the 51,000 members of the FSN Modern Finance Forum on Linkedin and represents one of the largest and most authoritative global surveys of its kind.

616 senior finance professionals responded to the survey covering 23 countries and 13 industry sectors.  Approximately half of the respondents were from organisations with more than 1,000 employees and a quater with more than 10,000 employees. 

The research was sponsored by BOARD International, Certent, FinancialForce 

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