CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

Finance execs struggle with lack of real-time data, says Workday

By Newsdesk
Tue 2 Jul 2019
FYI, this story is more than a year old

A new report from Workday suggests that large enterprises are increasingly looking to move their finance systems to the cloud, with many enterprises aiming to do so within the next 12 months.

Finance Disrupted: The Changing Role of the CFO in Large Enterprises compiled the responses from 300 senior finance executives in enterprises across Singapore, Hong Kong, Australia, and New Zealand.

It found that 53% of respondents plan the move to cloud, with 33% expecting to do so within 12 months.

Finance professionals are also tasked with predicting the future, growing the business, and changing as digital disruption shapes the finance industry.

Workday Financials vice president James Harkin says finance professionals are expected to play a role akin to a jack-of-all-trades.

 “Finance professionals are now expected to be knowledgeable on digitalisation, IT services and even cybersecurity – the finance role is moving beyond the traditional finance function,” explains Harkin.

“The uptake of cloud is on the rise because of the ever-increasing pressure for finance to be a more strategic partner to the business. Finance leaders are now having to answer questions such as: Where do we grow fastest? Where do we need to invest, and what are potential expansion areas for the business?

“This is challenging because the technology to support accounting that many businesses have in place was never designed to support finance as a business partner, so they are now having to transform to meet the needs of the business.

Finance professionals are struggling with a lack of data and insights. There is an increasing appetite for both analytics and data; however, they are also conscious about security.

The survey found that 49.5% of respondents say a lack of up-to-date market knowledge and solutions was a significant barrier to providing more strategic advice; followed by a lack of industry benchmarking for comparisons (48.5%) and lack of time and resources (46.5%).

More than half (56.7%) of finance professionals rely on two or more different systems to collate their data, and 16.2% use as many as six different sources to collect data. Singapore and New Zealand ranked highest for the number of sources used to collect data.

Almost 30% of professionals say they do not have the tools to provide real-time reporting and analytics.

Additionally, 61.7% say their organisation uses either on-premise or combination systems. Only 20.2% use public cloud and 17.8% use private cloud.

“Finance leaders are now realising that moving to the cloud and consolidating their systems gives them real-time data analytics capabilities that can help inform decision-making, manage risks and plan for the future. It also enhances security," Harkin concludes.

Related stories
Top stories
Story image
Observability
Gigamon named leading vendor in deep observability market
650 Group has published a report, recognising Gigamon as the leading vendor in the deep observability market for 2022.
Story image
Cloud
Workday expands skills cloud and announces new HCM customer
Workday has expanded its skills cloud service and has also announced that Busy Bees Learning has selected the company's HCM solution as part of an overall HR transformation. 
Story image
Fintech
New report highlights opportunities and challenges of Super Apps for banking sector
"Staying ahead of the game means predicting where tomorrow will take us, as well as recognising where things currently stand."
Story image
Software-as-a-Service
Intel accelerates innovation with software-first approach
Intel introduced new services and tools in AI, security and quantum computing to help developers reduce time-to-market and increase performance and security.
Story image
Distributed Denial of Service
Sysdig reveals a loss of $53 for every $1 cryptojackers gain
The 2022 Sysdig Cloud Native Threat Report breaks down supply chain attacks against containers and how geopolitical conflict influences attacker behaviours.
Story image
Sustainable IT
Equinix commits US$50 million to advance digital inclusion
Establishes the Equinix Foundation, an employee-driven charitable organisation, to advance digital inclusion through grants and strategic partnerships.
Story image
Customer Relationship Management
NetSuite introduces CPQ to help organisations simplify sales process
NetSuite CPQ is the only native configure, price and quote solution built on the NetSuite platform. It works with NetSuite ERP, CRM, and eCommerce solutions
Story image
Low-code
What CFOs need to know about low-code
Understanding the opportunities, risks and costs associated with an organisation’s digital transformation journey is becoming an increasingly critical responsibility for CFOs.
Story image
Data analytics
COVID-19 relief innovation takes 2022 SAS Hackathon crown
In COVID-19’s wake, more than 287,000 MSMEs joined JakPreneur, a collaborative government platform that links entrepreneurs and stakeholders
Story image
Subscriptions
Denodo targets mid-market with new subscription models
These new subscriptions will help mid-market companies to streamline data integration and accelerate speed to insights.
Story image
Cashflow
Exclusive: Corpay plans to provide more hedging features
Corpay addresses border payments and currency risk management. Offering hedging, payment technology, cash flow solutions and exotic currency capabilities
Story image
Work from home
Jamf showcases new products to simplify and secure work
At the 13th annual Jamf Nation User Conference, the company shared how its continuous product innovation is helping organisations succeed with Apple.
Story image
Data analytics
Pronto launches Xi innovation to bring data to light
With the importance of digital transformation, having an ERP and analytics solution to bring data to light is critical.
Story image
Oracle NetSuite
NetSuite Launches Ship Central to improve warehouse operations
NetSuite WMS and Ship Central offer warehouse operations across SKUs, processes, and locations. NetSuite WMS eliminates manual processes
Story image
Artificial Intelligence
Fortinet advances AIOps to aid the hybrid workforce
"We’re continuing our commitment to AI innovation by delivering AIOps capabilities across our robust portfolio of enterprise networking technology."
Story image
Digital Transformation
How businesses can stay connected with their clients in a digital environment
Staying connected in a virtual world requires strong communication and collaboration, especially with many workplaces adopting a work-from-anywhere business model.
Story image
IT in Manufacturing
Five ways manufacturers can benefit from a purpose-built ERP
As the manufacturing world rapidly evolves to meet new challenges, many organisations are working to define a new roadmap to success.
Story image
Artificial Intelligence
Exclusive: Uniphore shares how Conversational AI can be the key to business success
Conversational AI and Automation are vital tools to help further promote organisational cohesion and communication, and Uniphore is leading the charge.
Story image
Business Intelligence
IDC finds the majority of executives expecting a recession
59% of respondents believe 2023 will be a recession year. Of these, nearly 30% believe we are amidst a recession. Another 26% expect a recession in later 2022.
Story image
Ransomware
Commonwealth tackling rising cybercrime threat in Asia
Ransomware, identity theft, and virtual security attacks identified as growing threats to security and economic growth.
Story image
Cloud
MYOB provides efficiency boost with new inventory solution
Premium Inventory is an integrated solution that helps goods-based businesses improve efficiency, reduce costs and increase cashflow.
Story image
DevOps
Disparate data causing headaches for A/NZ businesses
Gone are the days when developers could get away with merely producing code. Many are now expected to be accountable for their code, which should be ‘clean’, right up to deployment.
Story image
Cybersecurity
Swift successfully pilots its Securities View capability
The new capability significantly increases transparency in post-trade processing while preventing costly settlement fails; it will be widely available in 2023.
Story image
Artificial Intelligence
ServiceNow improves operational intelligence with new solutions
"We are helping customers create more resilient, secure, and productive business models, so they can navigate uncertainty with confidence.”
Story image
Payroll systems
Video: 10 Minute IT Jams - An update from UKG
Charlie DeWitt and Greg McManus join us today to discuss the importance of payroll in todays operating environments, and why automated processes can often be a key driver of success.
Story image
Kaspersky
Cybersecurity loopholes prevalent in South East Asia
In terms of the share of vulnerabilities with publicly available exploits, three countries out of top five are located in Southeast Asia.
Story image
Digital Transformation
NEC Corporation and Red Hat expand global collaboration
NEC Corporation and Red Hat have announced an expanded global collaboration to drive IT modernisation and digital transformation on Red Hat OpenShift.
Story image
Data analytics
SAS Viya now available in the Microsoft Azure Marketplace
SAS offers its analytics platform Viya, with an hourly pricing model, in-app tutorials and support for multiple languages.
Story image
Sustainable IT
Adobe surveys sustainability at work in Hong Kong employees
The top three sustainability practices are reducing paper usage (46%), digital document storage and management (43%), and curbing electricity consumption (37%).
Story image
Workflow Automation
NetSuite announces SuitePeople Workforce Management
Oracle NetSuite has announced NetSuite SuitePeople Workforce Management, a solution created to help organisations manage labour costs and profitability.
Story image
IT infrastructure
Kyndryl launches open solution, powered by co-creation
Kyndryl Vital is led by global teams of designers who work alongside customers and partners to define and solve complex problems with innovation.
Story image
Legacy
Trellix enables greater cyber resiliency with extended XDR platform
"Legacy SIEM technology has failed to modernise security operations. We are confident Trellix XDR fills this critical gap.”
Story image
Network Management
Data is growing at breakneck speed, but are we optimising its value?
Data lies at the heart of digital transformation, as every digital touchpoint translates to a data point. In this digital-first world, data is being created everywhere today – at breakneck speeds.
Story image
Digital Transformation
Kyndryl announces Kyndryl Bridge to drive business growth
Kyndryl Bridge uses operational data patterns and IP to improve and accelerate its AI-powered analytics and business objectives
Story image
Tax
BlackLine adds tax hyperautomation capabilities to its solutions
The extension to BlackLine's intercompany solutions comes in response to organisations facing increasing intercompany tax scrutiny globally.
Story image
IT Automation
Tech job moves - Adobe, Ambit, blueAPACHE, Cue & DC Blox
We round up all job appointments from September 26-,30 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Digital Transformation
Smartsheet reveals new product innovations during Engage
New features on data visibility, project control and third-party solution integration are in store for local Smartsheet customers.
Story image
Cybersecurity
Best practices for industrial cyber resilience
Operational technology (OT) security is gaining more attention than ever before, but sufficient understanding of what it takes to prevent breaches is still lacking amongst many organisations.
Story image
Cloud
IBM releases Transformation Index to assist cloud innovation
IBM has released its Transformation Index: State of Cloud, commissioned by the company and conducted by an independent research firm.
Story image
Microsoft
UiPath and Microsoft partner to empower best-in-class automation
"Together, we are helping customers realise and achieve the business value of automation at scale. We are excited to deliver substantial, integrated cloud offerings.”