CFOs and senior finance executives are dealing with a growing number of responsibilities and demands as a result of the novel coronavirus pandemic, according to a new report.
The report, from consulting firm Protiviti, found that the pandemic has been a wake-up call to finance departments that weren’t already investing, or weren’t investing enough, in cloud-based systems as they have struggled to shift to the remote work environment. Eighty percent of the 1,057 finance leaders surveyed ranked security and privacy of data as a top priority, while 78 percent cited enhanced data analytics, and 72 percent cited cloud-based applications.
Karen Monks is a Principal Analyst in Celent's North American insurance practice. She brings a broad range of insurance and consulting experience to her work; she has worked as a management consultant to and within insurance carriers and other financial services companies for over 25 years.
Karen's focus is life insurance technology and trends. Her research concentrates on life, all aspects of life insurance processing including illustrations, eApplications and eSignature, new business and underwriting systems, policy administration systems, claims systems, and digital enablement technologies. Her consulting experience at Celent includes new business and underwriting system selections, policy administration system selections, distribution management system selections, vendor product strategy reviews, a life claims system benchmarking project, eApplication and automated underwriting cost analyses, plus several small life insurance technology analyses. Karen led Celent's Knowledge Management team for seven years. The KMC supports Celent's vendor assessments across all practices and helps manage vendor data on Celent's online platform, VendorMatch. She helped build out Celent's VendorMatch Digital Services Platform.
Mary Mulcare, MD, FACEP, is the Chief Medical Officer at Summus and oversees all clinical aspects of operations. Mary also serves as a Clinical Assistant Professor of Emergency Medicine at NewYork-Presbyterian/Weill Cornell Medicine, and has held several leadership roles at Weill Cornell, including Director of Undergraduate Medical Education in the Department of Emergency Medicine and Assistant Director of the Margaret and Ian Smith Clinical Skills Center.
Sam Raus studies public relations and political science at the University of Miami. Follow him on Twitter: @SamRaus1.
Of those respondents who are CFOs and vice presidents of finance, 72 percent ranked cloud-based applications as a top priority to address over the next 12 months. Seventeen percent ranked cloud-based applications as the most important finance priority for their organizations to address, signifying a big jump from the 8 percent of respondents who indicated so in a similar survey by Protiviti last year.
“Having the right technology infrastructure and cloud capabilities is now considered a baseline in order to operate effectively and efficiently and will continue to be as organizations move into a hybrid work environment,” said Chris Wright, managing director and global leader of Protiviti’s Business Performance Improvement practice, in a statement. “COVID-19 disruptions underscored the critical nature of a truly digital finance workforce and companies without advanced technologies and digital processes faced a difficult transition to remote work. We’re now seeing an increasing number of boards and CEOs tap their finance leaders for guidance about whether their organization is allocating enough resources to their technology infrastructure.”
Labor models are changing, in part as a result of the pandemic, with 18 percent of the finance leaders surveyed saying their organizations are relying on managed services providers, while 29 percent are augmenting their staff to handle financial planning and analysis with greater speed and agility.
