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Global Finance Teams Falling Behind in Digital Transformation, According to Report from insightsoftware and Hanover Research

Jet Global

July 21, 2022 – insightsoftware , a global provider of reporting, analytics, and performance management solutions, today launched its annual Finance Team Trends Report. With 63 percent of finance teams now reporting a “high level” of digitization, they have become significantly more efficient in their day-to-day tasks.

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2023’s Top Trends for Finance Teams in Europe, the Middle East, and Africa

Jet Global

Chief among them are: 35% Budgetary restraints 27% Raised prices 26% Lack of skills in team 25% Manual and time-consuming processes 23% Adoption of New Technology This year’s survey also highlighted a significant drop in teams around the world expecting to grow in 2023 down to 64%, compared to 73% in 2022.

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insightsoftware Ranks in the Gartner Magic Quadrant for Financial Close and Consolidation Solutions

Jet Global

Gartner sets a notoriously high bar for inclusion in its MQ reports. Like other Gartner Magic Quadrant reports, the financial close and consolidation version provides a graphical comparative positioning of technology and service providers where market growth is high and provider differentiation is distinct.

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Top 5 Trends Impacting Finance Teams in 2024

Jet Global

Generative AI Since ChatGPT was released in November of 2022, generative AI has exploded onto the global market. Secondly, by analyzing automated reports and pinpointing areas for improvement, teams uncover concrete use cases where AI can deliver the most significant impact. But finance teams are slow to adopt this technology.

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Agility for Strategic Decision-Making: A Finance Team Imperative

Jet Global

Tangibly, this means more planning, more accurate and deeper forecasting, and more strategic decision-making based on real-time reporting. Respondents also reported that their processes are significantly more efficient in 2022 than they were in 2021. Financial reporting (89 percent). Operational reporting (84 percent).

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