Report Shows How Finance Teams are Handling AI , Skill Gaps , Data Integration and ESG
A recent report from insightsoftware analyzes data integration challenges , the rise of artificial intelligence , essential shifts in cloud computing and the ongoing impact of staffing and skills challenges across the finance and accounting sectors .
The report found that 93 percent of finance teams use multiple software tools , and 94 percent use software from different software vendors , causing 98 percent of finance teams to experience data integration challenges .
Poor data management and integration from multiple sources , such as enterprise resource planning ( ERP ) platforms , is considered the biggest challenge to financial reporting , forecasting and compliance by 82 percent of finance teams . Integration issues often lead to inefficiencies and inaccuracies , ultimately hurting performance .
The growing complexity of reporting and compliance creates significant challenges for finance teams . Nearly all organizations surveyed said they face one or more major challenges when integrating environmental social and governance ( ESG ) with their financial reporting . And 66 percent spend three or more days each month consolidating and collecting data for ESG reporting .
Find more survey details at https :// insightsoftware . com / resources / shaping-the-future-conquering-finance-challenges-in-2024 /.
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