FSN's Innovation in the Finance Function Global Survey 2018 shows 65% of finance functions are not actively committed to innovation

14th March 2018

In the context of a fast-paced, competitive market environment, innovation seems such an obvious and necessary focus for any business, and yet 65% of finance functions are not actively committed to it. The laggards, who make up 11% of survey respondents, “rarely if ever discuss innovation and don’t have time to devote to it”. Another 54% are uncommitted innovators who would like to be more innovative but rarely get the time, funding or support from the rest of the board to invest in finance process innovation. 

At least there are the 11% who are early adopters of technology within the finance function. These committed innovators have recognised the importance of being innovative, but have limited it to their own sphere of influence. The remaining 23% are even more dedicated to innovation across the business. True Innovators are those companies who are “early adopters of technology, have an active culture of innovation, make time for it, reward innovation and play an active role in innovation across the entire enterprise.”

For the first time FSN's Innovation in the Finance Function Survey is able to draw out compelling benefits from being an innovative finance function. Yet finance functions around the world appear to be let down by a culture of indifference, one in which they fear making mistakes, ideas are not shared across the business and their own leadership has failed to steer an innovative course.

 

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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.

1,037 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 Anaplan, BlacklineBOARD International, CXO Cockpit, OneStream Software, Oracle-NetSuiteProphix, SAPTagetik and Workiva

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