Prophix CEO shares his thoughts on the future of finance; Industry and business expectations for 2022

MISSISSAUGA, Ontario, January 12, 2022 /PRNewswire/ — With issues ranging from supply chain disruptions to cybersecurity threats and continued pandemic-driven business uncertainties, 2021 has been a challenging year for CFOs around the world. These challenges have been exacerbated by a significant digital transformation deficit, as determined by recent studies, which has hampered the ability of finance teams to anticipate and respond to business changes. Next year, however, represents an exciting time for finance executives who are now more than a calendar year away from the uncertainty of the COVID-19 pandemic and are ready to meet the challenges head on.

Alok Ajmera, CEO of Prophix software, reflects on the shortcomings of 2021 and identifies emerging industry trends to watch this year: “Last year, our Survey “Agility in planning, budgeting and forecasting” findings conducted in collaboration with FSN Research identified that most finance departments are still facing challenges in their digital transformation with significant gaps in capabilities and results in almost all survey categories – ranging from speed to the insight to the accuracy of forecasts, to the ability to plan scenarios. Our benchmark report highlighted the need for digital transformation to help fundamentally change the role of finance from reactive to proactive, better anticipate change and play a stronger role as a business advisor. By leveraging more advanced tools within enterprise performance management software, including artificial intelligence capabilities and intelligent automation, finance leaders can be better prepared for what’s next.”

Ajmera shares 5 predictions for finance teams looking to bridge the digital transformation gap in 2022:

  • Aggressive financial planning will be the antidote to continued business disruption
    From supply chain shortages to rising inflation, businesses will most likely continue to face a variety of disruptions in 2022 – and dynamic financial planning tools such as “if/then” scenario planning software based on the cloud will emerge as the safe solution for companies to remain agile and fast in their strategic decision-making.
  • Strategic funding and operational planning will go hand in hand in 2022
    To unite FP&A strategy with operational planning to achieve long-term goals, companies will focus on achievable financial and organizational goals, ensure their budget supports organizational plans, use financial planning software to optimize strategic planning, and more.
  • A focus on “intelligent automation”, not “hyperautomation”
    While a compelling concept, hyperautomation won’t be a silver bullet for CFOs looking to streamline their reporting processes in the coming year. Instead, finance leaders will apply “intelligent automation” technologies to specific areas of the business to reduce manual labor, increase decision-making speed, and improve data accuracy for reporting processes.
  • Zero-based budgeting is making a comeback
    Zero-based budgeting (ZBB) is growing in popularity, and it’s no longer the slash-and-burn tactic it once was. Instead, with the help of automation, cloud platforms, and AI, ZBB enables businesses to rapidly deploy budget changes while increasing a business’s agility in other aspects. of FP&A – from capturing operational efficiency and driving growth to improving performance. Expect to see increased adoption of ZBB in the coming year.
  • The era of AI-powered corporate finance has arrived
    CFOs have been slow to adopt advanced technologies like AI due to a number of factors, including tight pandemic budgets, lagging digital transformation efforts, and a lack of prioritization. As businesses emerge from the volatile time of the pandemic, expect to see CFOs finally dive into AI-powered fintech, kickstarting the next era of supercharged corporate finance. .

Beyond the technology features of corporate finance in 2022, Ajmera also shares predictions on key industry trends that are likely to take center stage:

  • ESG will be on the corporate ledgers in 2022
    In 2022, it is clear the growing importance and focus of companies on ESG (environmental, social and governance). CFOs who are fully committed to implementing sustainability strategies in 2022 – including creating a company-wide ESG task force, flagging best practices and linking compensation to sustainable development – will be able to avoid financial losses and missed profit opportunities, while strengthening the reputation of their company.
  • Cybersecurity is a priority for CFOs
    CFOs recognize the need for new solutions to protect private financial data. In 2022, CFOs will seek end-to-end security solutions – including people, process and technology – coupled with third-party verification and certification to identify, review and mitigate all risks, to protect their businesses and their businesses. budgets against cyber threats.

About Prophix
Your business is changing. And the way you plan and report on your business must also evolve. Prophix offers midsize businesses innovative cloud-based corporate performance management (CPM) software that improves profitability and minimizes risk by automating budgeting, forecasting and reporting processes. Prophix is ​​powered by unparalleled AI technology that adapts to your strategic realities, today and tomorrow. More than 1,700 global enterprises trust Prophix to drive tangible business results and transform the way they work. For more information, visit www.prophix.com.

SOURCEProphix

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