Armonk, N.Y. - The IBM Chief Finance Officers Study of 900 senior finance executives worldwide reveals only 14% of insurance respondents rate themselves highly effective in supporting the CEOs efforts to grow the company.The study, developed in co-operation with The Economist Intelligence Unit, finds that at a huge cost to the future competitiveness of companies, almost 50% of executives report finance staff are tied up in transactional activities such as processing accounts and tax transactions, with only a quarter of staff focused on decision support--performance and growth focused activities. Furthermore, respondents state 64% of Insurance finance organizations do not have robust processes and activities in place to support growth.
Respondents excel at reporting historical financial results and meeting compliance requirements, but many are then unable to unlock, from the exploding volumes of data, the information that could uncover future business opportunities and foresee trends or costly problems ahead of time.
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