Eighty-eight per cent of financial leaders feel overwhelmed by their organisation’s data, according to Microsoft’s 2023 Future of Finance Trends Report.
A set of new capabilities in Dynamics 365 Finance is designed to address this, starting with business performance analytics, which will equip finance professionals with faster reporting and analytics.
The report also suggests that chief financial officers and their teams are facing a new directive to find balance between strategic innovation while protecting the financial health of their organisation. In addition, 79 per cent of finance leaders believe that they must play a significant role in owning business innovation and empowering transformation.
Artificial intelligence and automation are also vital for growth, according to the report, with 82 per cent of finance leaders believing that they are necessary for supporting their organisations’ strategic goals by freeing up valuable time for finance teams.
The report indicated that Microsoft’s cloud-based solutions have helped save over 977 hours of manual labour annually and reduced costs by over $25 million.