Most finance leaders in Ireland feel decisions on financial strategy are being made without adequate data, a new survey has claimed.
The research, which questions 260 chief financial officers and finance leaders across Ireland and the UK, found that 90 per cent believed their organisations were making these decisions without adequate insight. It also highlighted a number of challenges they faced, from external challenges such as technology disruptions to internal ones that included a lack of skilled talent.
The survey, which was carried out for financial software company AccountsIQ, found companies were dealing with increasing pressure from economic volatility, rising operational costs and unpredictable revenue.
In Ireland, finance leaders cited tech and software disruptions as their top external threat to financial stability, followed by market competition and economic downturn. Internally, CFOs said technological limitations posed the biggest threat, but in Ireland a lack of talent, meeting targets, reporting accuracy and the time taken for manual data imput also ranked highly.
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Almost 40 per cent of respondents said access to better financial technology and software would help retain control. This was despite 70 per cent of Irish-based CFOs stating that their finance function was growing to meet the demands of the business. Only 16 per cent said it was slowing down.
“CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them. It’s a problem across the board but is particularly prevalent in Ireland,” said Darren Cran, CEO of AccountsIQ.
“The sheer scale of the challenges they’re up against – from volatility to rising costs – is forcing them to operate in survival mode rather than driving growth. This is where finance leaders urgently need better tools and insights – and the good news is, they are out there. These tools can build trust in the numbers and give CFOs the confidence to make informed decisions. It also empowers CFOs to shift from firefighting to forecasting, taking back control of their financial plans and driving sustainable business growth.”
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