Onestream: data analysis, use of AI tools increased in 2021

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CFOs and other finance executives are optimistic about economic recovery on the horizon: three-quarters (73%) expect them to return to normal growth by the end of 2021, according to the latest Report on Enterprise Financial Decision Making from OneStream, a provider of enterprise performance management solutions for midsize and large businesses. Companies have significantly increased their investment and use in data analysis tools over the past year, according to the report.

Above: More than half of companies are using more data analysis tools than before the pandemic. Companies in the IT and finance industries, as well as those with more than 1,000 employees, use data analytics tools much more than others.

Image Credit: Onestream Software

The OneStream study targeted financial leaders across North America and identified the factors driving their priorities, budgets and plans for technology adoption for 2021. The investigation found that the COVID-pandemic- 19 created an increased need for agile forecasting, predictive planning and digital transformation. The ability to quickly rethink budgets and workflows has become essential.

The 2021 report found that financial executives have dramatically increased their investments and use in data analytics tools. Companies have typically invested in artificial intelligence (59%) and increased their use of cloud-based planning and reporting solutions (65%). Most companies are already using (69%) or planning to use (18%) low-code development platforms, which allow business users and citizen developers to take on new roles while bypassing the requirements of complicated coding. For back-to-office budgets, data privacy tools are the most common priority (18%), followed by hybrid cloud technologies.

Compare the results with OneStream’s 2020 Corporate Financial Decision Making report, where less than half (46%) of CFOs said they regularly use cloud-based solutions, while less than a quarter use machine learning (21%) and artificial intelligence (20%). ) solutions.

Many financial executives are assessing their workforce, technology and supply chain needs for a post-pandemic reality. However, the political and social landscape has also strongly influenced investment decisions, leading executives to prioritize sustainability and diversity initiatives.

The commissioned study, conducted by Hanover Research in April 2021, gathered information from 340 financial decision makers in the United States, Canada and Mexico. All individuals occupy a management position (senior executive (CFO), vice-president, director, controller) in finance. Respondents work in companies across many industries and with varying incomes, 24% of which are employed by companies with annual sales exceeding $ 1 billion.

Read the full Onestream 2021 Corporate Financial Decision Making Report – North America.

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