Do executives have the right IQ?
A report prepared by CFO Research Services in collaboration with Deloitte
A majority of business decision makers say they don’t have ready access to high quality, reliable, and useful information on operating and financial performance at their companies. As a result of this IQ shortcoming, decision makers are forced to spend time building special reports and analyses, or reconciling the ‘multiple versions of the truth’ provided by their disparate, non-integrated business processes and IT systems.
However, finance and IT executives see real value and investment return in improving the quality of their management information – in boosting its timeliness, accuracy and transparency. They foresee broad benefits, including the ability to make better operating decisions more quickly, better annual planning, and greater confidence in business process controls.
To remedy the unsatisfactory quality of information, companies are investing in process simplification and tighter integration of their IT systems. Doing so, say executives, requires time, money, and attention. It also requires a new and much closer collaborative relationship between the CFO, the CIO, and their teams. This new relationship calls on finance to take greater responsibility for IQ, but also for companies to install accountability for IQ throughout their organisations.
To view the full report, download the PDF attachment below.