At the same time, 24% report that being data-driven can help with efficiency
Amsterdam, 20 April 2023 – Only 22% of finance professionals describe their organisation as data-driven, according to the FinTech Barometer, a survey conducted by Onguard on the financial status of Dutch companies for the sixth time this year. This involved surveying 311 CFOs, financial managers, and financial employees. However, 45% indicate that data currently supports processes in their organisation.
Being data-driven can help
It is a shame that so few companies work data-driven, because according to the finance professionals this can help their organisation further. For example, a quarter (24%) believe it can increase the efficiency of business processes. From the survey, we also see that 16% believe that it leads to cost savings and 14% indicate that the organisation can respond better to market developments.
Improving credit management
Not always being able to work data-driven is one of the issues that finance professionals encounter in their daily work. There are also other stumbling blocks that make it difficult to improve credit management processes. For eighteen percent, personalising communication with customers is the biggest challenge. The same percentage is most affected by the uncertain economic conditions. Finally, seventeen percent of finance professionals indicate that the lack of technology and automation is a major challenge in improving their credit management processes.
Adriaan Kom, Managing Director at Onguard: “The Fintech Barometer shows that only a small portion of organisations consider themselves to be data-driven, but that is crucial for the work of the finance professional. Data-driven working yields many advantages, namely that processes can be designed as efficiently as possible. This leads to decisions being made faster, better and more accurately. Employees also have more time for tasks that cannot be taken over by technology, for example determining the right approach for debtor management. Enough reason for organisations to finally embrace data-driven working.”