GEC NEWS WIREOracle Study highlights need for finance professionals to transform their roles to better measure value of intangible assets
The Digital Finance Imperative, a new research from Chartered Global Management Accountant (CGMA), found that CFOs in Europe the Middle East and Africa (EMEA) can apply the discipline of management accounting to measuring the value of intangible assets.
According to the study, while the majority of a corporation’s value derives from intangible assets such as customer sentiment and brand, few finance professionals surveyed say they can access the right data to measure and monitor these critical elements of their business – just 16% in the case of customer sentiment.
The report, sponsored by Oracle, argues that CFOs can reduce bias in decision-making by applying professional objectivity to ensure good governance, and ensuring that decisions are made in line with the overall strategy and stakeholder interests.
“Finance is well placed to become the rudder of modern business, but to do so it needs to be able to draw on relevant data from across the entire organization using modern, cloud-based ERP and performance management systems,” said Arun Khehar, Regional VP Oracle Applications.
Dr. Noel Tagoe, FCMA, CGMA, Executive Director of education at CIMA and one of the report’s authors commented: “It has the enterprise-wide overview and skill required to work with diverse internal stakeholders, ensuring that the business assembles, analyzes, and applies data to improve performance.”
