Sixty percent of CFOs intend to make big changes to adjust their organizations to new economic demands, according to a new survey.

The survey by IBM of 1,900 CFOs around the world found that only half believe their finance organization is effective in providing the necessary business insight to support broader enterprise priorities.

Since IBM’s first CFO study in 2003, CFOs have stated their intention to shift more focus to analysis and decision support. However, few have made significant progress shifting the workload. One of the main challenges has been integrating information.

One group of CFOs, which IBM calls “value integrators,” were found to consistently outperform their peers in all key financial metrics by driving two important qualities across their organization: finance efficiency and business insight. The study indicates that enforcing process and data standards, integrating information and applying business analytics are key capabilities that enable improved business insight and risk management.

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