Over 5 in 10 F&A professionals say financial data visibility is key to surviving economic storms

The lack of vision has made professionals less confident about their company's competitiveness.

With the increasing economic instability and volatility, finance and accounting (F&A) professionals (55%) believe the ability to view their companies’ financial data in real-time will be a “must-have” for business survival over the next 12 months. 

According to a survey by Blackline, Inc., 96% of F&A professionals believe that the visibility they currently have over their company's cash flow can still be improved.

Of those that believe visibility could be improved, 56% are worried that their companies still make decisions based on inaccurate or out-of-date information. 

The lack of cash flow visibility has made half of F&A professionals less confident about their company's competitiveness over the next 12 months. To add, 36% of those surveyed said they do not have enough automated controls for the volume of data they have.

In response to this challenge, 51% of C-suite and F&A professionals said they will invest more in digital transformation initiatives.

 “There is widespread acknowledgement that better visibility over financial data, processes and working capital is needed if organizations want to weather the storm.  Company leaders across the world will need to carefully consider how their organization can respond and remain competitive, agile and resilient in the coming months," BlackLine CEO Marc Huffman said.