Welcome!

Java IoT Authors: Carmen Gonzalez, Elizabeth White, Xenia von Wedel, Liz McMillan, Gerardo A Dada

News Feed Item

New Oracle and Accenture Study Declares the CFO a Technology Evangelist

Modern CFOs and Finance Executives Are Adopting Emerging Technologies to Help Transform the Role of Finance

REDWOOD SHORES, CA -- (Marketwired) -- 03/19/14 -- Oracle (NYSE: ORCL)

News Facts

  • To define and benchmark the key attributes of modern, technology-enabled finance, Oracle and Accenture co-sponsored a global study with Longitude Research, entitled "Empowering Modern Finance: The CFO as Technology Evangelist."
  • Respondents included 1,275 CFOs, senior finance executives and line business executives from organizations around the world of varying sizes and industries -- 300 of whom were senior non-finance executives -- and found that:
    • The modern CFO is a technology evangelist who recognizes the value of digital and cloud technologies for the finance function and the business as a whole, but a gap remains between CFO ambitions and reality;
    • Finance departments recognize that cloud capabilities will be useful for budgeting, planning and forecasting as they fulfill modern finance's mandate to be a strategic partner and help drive business growth; and
    • To act as a strategic partner to the business, forward-thinking finance teams are using sophisticated analytical tools, modern applications and the latest social, mobile, cloud and collaboration tools to stay closely linked to the vision, strategies and activities of their peers across the enterprise.
  • While the study found that many CFOs are making major strides toward creating a more productive and efficient technology-enabled finance function, it is clear that much work lies ahead. For example, too many companies still rely on outdated data for key decision-making, not least due to the challenges of consolidating numerous disparate systems.
  • This report demonstrates that CFOs over the past year have made progress since an earlier Oracle and Accenture study, The CFO as Catalyst for Change, which found CFOs across the world wanted more strategic engagement but instead were focused on battling costs, economic volatility, and organizational complexity.

Key Findings

  • CFOs are seen as technology evangelists, but a gap remains between ambition and reality:
    • Over two-thirds of respondents agree the CFO is a strong evangelist for the transformational potential of technology and nearly three-quarters of finance executives believe new technologies such as the cloud, mobile technology and social media will change how finance is structured and run.
    • However, only 20 percent of C-suite executive respondents believe that their finance organizations have adopted leading-edge technologies, in contrast to sales organizations, in which 43 percent of C-suite executives view as already having done so.
  • New skills and analytics capabilities are needed to execute on modern finance's mandate:
    • Nearly half of respondents saw an increase in the number of finance analysts hired over the past two years, reflecting the growing need for finance talent with a deeper and broader range of business and analytical skills.
    • For example, 23 percent of non-finance respondents feel that the ability of finance to provide an up-to-date view of performance against budget "falls below expectations," and nearly twice as many finance respondents (42 percent) think they could do far better.
  • CFOs are embracing the cloud to modernize finance:
    • Survey respondents clearly see the potential for the cloud to deliver new insights through advanced analytics and business intelligence. More than a quarter of respondents (28 percent) are already using the cloud to support budgeting, planning and forecasting, and another 34 percent plan to move them into the cloud within the next year.
    • In addition, more than two-thirds of executives surveyed have either already adopted a cloud-based system in some part of their organization for core financials (24 percent), or are planning a road map for doing so (45 percent).
  • CFOs continue to focus on automating processes, consolidating system and real-time reporting to drive operational excellence, but more progress is needed:
    • While about 30 percent of finance and line of business executives responding agree their processes are still paper-based, there is a clear trend toward automating and digitizing processes, with nearly 50 percent now using mobile apps and 53 percent leveraging web-based systems.
  • Senior management backs the technology vision:
    • Only 5 percent of respondents cite lack of senior management support as a barrier to adopting new technologies in the finance function. Ability, rather than willingness, seems to be a greater factor, with 38 percent of respondents citing lack of internal skills as a key barrier.

Webcast: The CFO as Technology Evangelist: How Effectively Are You Using Technology to Drive Strategy and Set the Growth Agenda?

  • Oracle and Accenture will host a webcast to discuss the study's findings on March 19 at 12 p.m. ET. The webcast will feature Oracle Chairman of the Board Jeff Henley, Scott Brennan, managing director in Accenture Finance & Enterprise Performance, and Stuart Brown, senior vice president and CFO, Red Robin International, Inc. More information and registration for this event is available at: http://www.cfo.com/webcasts/index.cfm/l_eventdetail/14705976?pcode=ORA031914_a.

Supporting Quotes

  • "Empowered by data insights and collaborative new ways of working, modern finance organizations are no longer content to focus on containing costs and instead are looking at new ways to deliver insight and value to the rest of the business," said Karen dela Torre, vice president, ERP Application Business Group, Oracle. "While the study highlights how finance executives are increasingly leveraging operational knowledge and analytical expertise to provide data-driven insight and forward-looking guidance on where to drive innovation and growth, an important gap still remains between aspirations and reality."
  • "CFOs today are creating modern finance organizations that are adopting the cloud and other disruptive technologies to realize the power that digital can wield and help propel the enterprise forward," said Scott Brennan, a managing director, Accenture Strategy in Finance & Enterprise Performance. "This study shows how modern finance leaders can help craft corporate strategies that drive profitable growth."
  • "It is encouraging to see the progress and foresight that finance leaders have demonstrated as they break down traditional operational barriers and harness new technologies," said Brennan. "These new modern finance organizations will want to train and hire professionals with robust analytical skills and business knowledge to help today's CFO realize the full potential that finance has to offer."

Supporting Resources

Note to Editors
Of the 1,275 respondents, 663 (around 52 percent) were from Europe, 268 (around 21 percent) were from North America, 191 (around 15 percent) were from Asia Pacific, 89 (around 7 percent) were from the Middle East and Africa and 64 (around 5 percent) were from Latin America. Among those finance professionals surveyed (975), about half were CFOs and finance directors, while the balance were direct reports.300 respondents were line of business (non-finance) executives. Respondents represented companies with annual revenues in excess of US$250m, and 51 percent of them represented companies with annual revenues in excess of US$1b.

About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with approximately 281,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.

Accenture is a Diamond level partner in Oracle PartnerNetwork (OPN).

About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE: ORCL), visit www.oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Contact Info
Danielle Cormier-Smith
Oracle
+1.610.766.3463
Email Contact

Simon Jones
Blanc & Otus
+1.415.856.5155
Email Contact

Barbara Lyon
Accenture
+1.703.947.1838
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...