FSN's Innovation in the Finance Function Global Survey 2018 shows 'true Innovators' perform better

21st March 2018

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.

True innovators are able to reforecast quicker, close the books faster and forecast more accurately than their less innovative competitors. 66% of true innovators were able to reforecast within one week, compared with 59% of committed innovators, 53% of those uncommitted to innovation and 57% of laggards. 

True innovators also do better at closing the books quickly. 30% can close the books within three days, compared with 28% of committed innovators, 21% uncommitted, and just 17% of laggards. The results are equally stark for accuracy of forecasting. 55% of true innovators could forecast to within +/- 5%, compared with just 45% of committed innovators, 42% of the uncommitted innovators and 31% of laggards. 

Crucially true innovators instill a culture of innovation recognizing that making mistakes is part of the process of innovation, they share innovation skills and ideas across the business, with considerably more ease in attracting and building upon their pool of tech saavy talent to help them achieve this ambition.


Innovation in the Finance Function Global Survey 2017 related Infographics:

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

 

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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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