85% say accurate forecasting is critical to a successful performance.
New research reveals half of senior UK finance leaders aim to increase their headcount – but 74% find it harder to recruit the right talent.
American Express, who carried out the survey, found 56% of finance leaders are focused on improving their finance team’s data and digital skill sets and 85% believe more accurate forecasting is critical to a successful performance.
The survey, of senior finance decision makers at larger UK businesses, focussed on improving their finance team’s data and digital capabilities, with 56% saying these skill sets will become crucial in the next 2-5 years.
33% say better digital skills are key to improving the running of the finance function.
‘Reporting and control’ was ranked the second most time-consuming activity (36%), followed by strategic planning and financial analysis (34%).
Taking these factors into consideration, 83% said access to better quality data was vital to bolstering their finance function’s organisational impact.
Despite these challenges and against the backdrop of a challenging economy, finance leaders remain upbeat about their performance and resilience, with 88% feeling confident their teams respond well to unexpected events.
Stacey Sterbenz, General Manager, UK Commercial at American Express, said: “With calls from finance leaders for greater digital and analytical skills to interpret and act on organisational data, it’s clear that the finance function is evolving in response to new challenges.”