Finance Automation Linked to Better Crisis Preparedness

(from McKinsey & Company) Use of digital and automation technology in finance functions appears to be linked to greater preparation for future crises, according to the latest McKinsey Global Survey on the role of the CFO. Among the companies that are best prepared, most are using advanced analytics for business operations. The most common obstacles to adopting new technologies are familiar: the high up-front costs, a lack of skills or capabilities needed to build and implement the technologies, and cultural and organizational resistance to changing existing processes. For organizations in the early days of digital adoption, the best place to start may be those activities where increased use of digital technologies would add the most value—namely, revenue forecasting, cash-flow forecasting, and scenario management.

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