Environmental, social and governance reporting by public corporations has become a top-of-mind issue for senior executives and boards of directors as countries increasingly consider or mandate its implementation in some form. The fundamental rationale for ESG reporting is rooted in the inability of purely financial measures to capture externalities (such as greenhouse gas emissions) or provide metrics that enable an objective assessment of management’s ability to properly determine trade-offs between short-term results and long-term sustainability. And, while in the United States the Sarbanes-Oxley Act mandates that auditors assess governance, the focus of this assessment is on preventing financial fraud as opposed to broader objectives that may be important to the functioning of the company as a sustainable entity.
The annual Ventana Research Digital Innovation Awards showcase advances in the productivity and potential of business applications, as well as technology that contributes significantly to the improved processes and performance of an organization. Our goal is to recognize technology and vendors that have introduced noteworthy digital innovations to advance business and IT.
A year of business uncertainty, lockdowns and operational disruptions forced finance and accounting organizations to adapt and change in many ways that are proving to be permanent. The need to operate virtually resulted in some organizations accelerating their adoption of technology, bringing them closer to achieving a transformation of the finance and accounting function: reshaping the department into an organization that is more forward-looking and strategic. Strategic in the sense of providing greater visibility into how the company and each of its business units is performing and insight into how to achieve better results going forward. Its focus is on what is happening next and not merely on what just happened. It does not only explain past results but uses that context to provide guidance about the choices executives and managers have, and the likely impact of those choices. To truly achieve this degree of transformation requires a different departmental structure, one that incorporates a Finance IT capability.
Topics: Office of Finance, Business Intelligence, Data Governance, Data Preparation, Business Planning, Financial Performance Management, ERP and Continuous Accounting, blockchain, robotic finance, Predictive Planning, AI and Machine Learning