Lack of funding leaves businesses in the dark ages

CFO’s aren’t being given sufficient funding to deploy new tools such as cloud applications.

This is despite many CFOs championing the cloud due to its ability to reduce costs and increase efficiency.

One of the key benefits of new technology is to automate financial tasks, with 80% agreeing that an increased level of automation will result in a greater level of productivity.

Mario Spanicciati, BlackLine, EVP, Executive Director EMEA said: "CFOs have woken up to applications which can streamline back-office processes and give them more time to work strategically. We need to support them in building a business case for cloud, so that they can access the technology they need to modernise the finance function."

The recognition of new technologies by CFO’s and other lines of business to automate processes and make the business more efficient is in contrast to the slow implementation of these technologies.

This slow and conservative approach could lead to companies being left behind by the more proactive, market disrupting companies.

BlackLine conducted the survey, asking 250 executives responsible for financial management in organisations with 500+ employees.