Despite over a year’s worth of economic uncertainty, a recent study found that 7% of organisations have nearly doubled the efficiency and tripled their profit margins, as opposed to 93% of businesses that have remained comparitively stagnant.
The collection of real-time data and subsequent operations maturity is believed to be, at least in part, a key factor for those 7% of businesses.
A survey of 450 leading CFOs conducted by Accenture found that 99% of respondents said real-time operations and processes were crucial for businesses looking to make better business decisions, as it allows for constant feedback and gives businesses the leg-up when the need to make snap decisions presents itself.
While the future for Australian businesses remains increasingly unpredictable, the adoption of real-time finance will act as an additional preventative measure for threats outside of our control.
Accenture, a Forbes Global 500 company that works with other businesses to adapt, innovate and digitise, believes there are a few roadblocks that might be preventing the implementation of real-time data tracking: inaccessible data, an incorrect operations model, outdated technology or a lack of skill in the team.
Once any and all of those drawbacks are addressed, a company can move towards a future-ready set-up and away from the more basic predictive operation.
To achieve this, the introduction of Intelligence Finance Operations is key — Accenture has embraced SynOps software to help companies move towards IFOs, giving CFOs access to real-time analytics and the advantage of being able to make informed decisions that will steer the company through whatever the future throws at it.
The end result, according to Accenture, will increase operational efficiency, make finance more predictable and improve liquidity management, mitigate risk and create a less risk-averse culture — reports boast 99% accuracy after transitioning to this new operational process, which is as close to a technology-based crystal ball as you’re going to get.
Not only does real-time data act as a buffer for any business, but it also indicates to investors that they will likely remain stable, adding an element of comfort and a competitive edge — the ability to quickly identify and take on new opportunities before rival companies do the same is a strong asset to have.
No company can entirely future-proof its operations, but it can certainly be future-ready.
Head to Accenture’s Operations Insight page to read more on creating a future-ready company.