Welcome!

Java IoT Authors: Stefan Bernbo, Elizabeth White, Liz McMillan, Pat Romanski, Harry Trott

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 For example, too many companies still rely on outdated data for key decision-making, not least due to the challenges of consolidating numerous disparate systems.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
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "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 Interne...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
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...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...