Finance teams are under immense pressure to do more with less and are often not given the necessary funding and resource to meet the demands of a dynamic modern-day business. They are being asked to provide greater insights, improve forecasting accuracy and deliver efficiencies across the company.
Departmental budget: For too long, finance has been seen as an administrative function and not a strategic one. As a result, finance teams have often been the last to receive funding and have struggled to compete with other teams such as product, sales and marketing when it comes to departmental budgets.
Investment in technology: To be successful, finance teams need adequate funding to invest in market-leading technology solutions, such as artificial intelligence and machine learning, which can help them automate manual tasks and improve forecasting accuracy.
Hiring and talent: Many finance leaders struggle to hire the quantity and quality of people required. The war for talent is heating up and finance teams are finding it difficult to compete with other companies when it comes to attracting and retaining top talent.