SAN JOSE, Calif. and STAMFORD, Conn., July 12, 2016 /PRNewswire/ -- Savvy finance executives are seeing increased regulatory and financial reporting requirements as transformation opportunities, according to a new study released today by the Business Performance Innovation (BPI) Network and sponsored by Tagetik, a visionary leader in global performance management software solutions.
The report is based on in-depth interviews with finance executives from large organizations based in Europe and North America, including Xerox, Aggreko, Assicurazioni Generali, John Hancock, UniCredit Group and others.
"Our conversations revealed that while finance executives are grappling with a torrent of pressures to improve and streamline reporting and other financial processes, most find that these efforts, while initially costly, are resulting in the ability to respond more strategically to business risks and opportunities," said Dave Murray, head of thought leadership at the BPI Network.
The report points to a number of critical drivers for change within finance organizations, including:
New, more stringent and costly global financial reporting regulations
Increased risks and competitive demands across global markets
Growing business and operational complexity of multinationals
The need for analysis and reporting across a wider range of data sources
The expanding role of the Office of Finance as a business partner to the C-suite and business units
The study provides an overview of how executives are managing these challenges through the implementation of a unified Financial Performance PlatformTM and the ancillary benefits realized to date.
"This is a very disruptive period, which means it is a fantastic opportunity to evolve," said Massimo Romano, head of integrated reporting for Assicurazioni Generali, one of the world's largest insurance companies. "The finance community is dealing with something that is incredibly new and difficult, but it's an opportunity to grow our role from simple bookkeeping to something much more valuable. Yet all that is possible only if you evolve your mindset and your capacity to manage through a perfect storm."
"While finance executives must tackle the challenges of financial and regulatory reporting, they also want a more strategic role when it comes to guiding and facilitating decisions at all levels of the organization," said David Kasabian, Tagetik chief marketing officer. "They are looking to automate the 'have-tos' of the job so that they and their teams can spend more time working with business leaders on strategic initiatives such as risk analysis and profitability modeling."
About the BPI Network The Business Performance Innovation (BPI) Network is a peer-driven thought leadership and professional networking organization reaching some 50,000 heads of IT transformation, change management, business re-engineering, process improvement, and strategic planning. It is dedicated to advancing the emerging roles of the Chief Innovation Officer and Innovation Strategist within today's enterprise. The BPI Network brings together global executives who are champions of change within their organizations through ongoing research, authoritative content and peer-to-peer conversations. These functional area heads (operations, IT, finance, procurement, sales, marketing, product development, etc.) and line-of-business leaders are advocates for Innovation as a fundamental discipline and function within 21st Century organizations. They seek to demonstrate where and how new inventive solutions and approaches can advance business value, gratify customers, ensure sustainability and create competitive advantage for companies worldwide. For more information, visit www.bpinetwork.org.
About Tagetik Tagetik understands the complex challenges that face the Office of Finance and translates that knowledge into intuitive, enterprise-scale performance management software solutions that drive business results. With Tagetik, companies get the simplicity of the Cloud and the power to unify financial and operational planning; shorten the consolidation and close process; immediately analyze results, model and compare full financial statement impact of business scenarios; adjust strategic plans; seamlessly update rolling forecasts; produce formatted and auditable financial statements and management reports; collaborate on business reviews, and automate disclosure and board reporting. Tagetik has built-in financial intelligence so that CFOs, finance managers, and operations executives can orchestrate multiple or all processes in one software solution. More than 850 customers across 35 countries count on Tagetik to improve efficiency, reduce risk, save money and deliver results. For more information, visit www.tagetik.com. We get Finance. You get results.