Working completely data-driven turns out to be a bigger task than expected

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More than half of companies are engaged in digital transformation

Amsterdam, 25 April 2022 Finance professionals are less confident than two years ago when asked about data-driven working. The percentage indicating that they are already working completely data-driven has fallen from 12% in 2020 to 5% in 2022. This is shown by the FinTech Barometer, a financial survey conducted by Visma | Onguard on the financial status of Dutch companies. The realisation seems to have finally descended that fully data-driven working is a lengthy process and cannot be achieved with the snap of a finger.

Data is on the agenda

Data is a topic that has been on the agenda of companies for some time. In 2018, 61% indicated that data was a fairly large part of the company. Now it’s time to take the step towards fully data-driven working. Steps were already taken in 2020, at the start of the Corona crisis. Nearly half (49%) indicated that data supports their business processes. This has hardly changed in 2022 at 48%.

Yet there is still plenty of hope for the future. From the survey, 37% hope to be fully data-driven within the next two years. The biggest challenge to get there is reported as a lack of knowledge about data processes and analyses within the organisation (28%). Not surprising, as it is currently a challenge to attract the right staff with the right expertise. In 2021, the biggest challenge for finance professionals was the lack of technology to make data optimally available (28%).

The need for digital transformation

In order to make optimal use of data, digital transformation is indispensable. The past five years have been dominated by this transformation for many companies, fueled even further by the Corona crisis that forced the world to work remotely. In 2019 for example, only 36% of companies indicated that digital transformation was on their agenda. Two years later, 53% indicated this. And currently 55% of companies are engaged in digital transformation.

Adriaan Kom, CCO at Visma | Onguard: “Data-driven working is extremely important for finance professionals. In recent years, they have increasingly taken on the role of advisor and must base their advice on the latest data. Good steering can only be achieved if the correct figures are readily available. But this is easier said than done and the Dutch business community is also aware of this. To work fully data-driven, the right technology must be available, employees must be included in the digital working method and expertise about data processes must be secured in the company. This is not something you do overnight- it is a process that can take years. But it is a process that is worth it, so that you can ultimately make the right decisions for the company based on the data.”

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About the research

Every year, Visma | Onguard investigates how financial professionals view the trends and developments of the moment: Fintech, big data, digital transformation and data-driven. This survey is called the FinTech Barometer and is conducted both in the Netherlands – through research agency Markteffect – and in the United Kingdom – through research agency Censuswide. At least 100 of the respondents work as chief financial officer (CFO) and another 200 as financial assistant in an organization with at least 100 employees.

Five years of FinTech Barometer
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