When it comes to technology, Canadian CFOs identify two top issues: the need to update their IT and data analytics tools, and the need to achieve better process efficiency. So says a survey from EY that polled 1,000 CFOs or heads of reporting of large organizations across the globe.
“The pace of technological change is the standout challenge for external reporting in Canada, according to EY’s survey,” says Fred Clifford, EY’s Financial Accounting Advisory Services Leader. “Combined with the number of regulatory changes and the pace of regulatory change, Canadian CFOs are facing an increasingly complex reporting environment.”
Further, there’s now a multitude of technologies to choose from, says the survey. But Canadian companies expect to prioritize spending on cloud computing (35%, versus a global average of 28%) and big data technologies (32%, versus a global average of 30%).
When it comes to employees’ skills, 60% of Canadian respondents said IT management skills are the most critical to improving reporting processes. This number ranks way ahead of Canadian’s second most important skill, which is business analysis (27%).
People with these skills are in high demand, says the survey, so “there’s intense competition for the best [hires],” says Clifford. He adds, “Recruiting people with IT management skills may be at the top of companies’ lists,” but data analytics expertise is also key.