As companies grapple with accelerating changes across most global markets, they face critical challenges for staying ahead of competitors, sustaining growth, maximizing profitability, complying with regulatory requirements and establishing organizational agility to respond quickly to the unexpected.
By 2020, corporate finance professionals are going to have some pretty big challenges on their hands. Compliance requirements are changing, and the inherent limitations of existing legacy finance and ERP systems are going to be at threat.
Over recent years, companies throughout the world are experiencing a series of major changes in regulatory and compliance mandates that are disrupting existing accounting and business processes.
If you think of today’s businesses as being like complex organisms, then it becomes easier to understand the critical role of advanced analytics in monitoring organizational health and supporting growth. Just as your body’s nervous system, immune responses and circulatory network provide continuous sensory feedback to identify problems and maintain healthy functioning, your company’s analytics processes are critical for organizational adaptation and survival.
For the past forty years, companies have been building all their financial and business decisions around information contained in traditional data structures. Virtually all financial systems, no matter who has designed them, have been built around relational databases. This brings the same set of issues and challenges to every single system.