Outdated finance systems drive away talent

Nearly 40 percent of finance professionals would consider changing employers due to outdated financial systems according to new research.

The report from insightsoftware shows businesses are struggling with the need for real-time insights and the younger generation’s demands for tools that eliminate inefficiencies and foster collaboration.

Failing to address both needs carries significant risk -- the study finds that Gen Z and Millennials are more likely to leave their jobs due to outdated technology, compared to Gen X and baby boomers.

“This research confirms what we’re hearing from finance leaders everywhere: their roles have grown more strategic, but their tools haven’t kept pace,” says Monica Boydston, president and general manager of EPM and interim CPO at insightsoftware. “They’re still handling all the traditional finance work, but now they’re also expected to provide strategic guidance to the business. That’s why we launched JustPerform -- to blend human expertise with AI so finance teams can spend less time on routine tasks and more time on work that moves the business forward.”

As well as driving a staffing crisis legacy enterprise performance management (EPM) systems are also creating day-to-day operational headaches.

The survey finds 28 percent of finance professionals cite ‘time-consuming workarounds’ as their top frustration with outdated systems. A ‘lack of system integration’ is also flagged by 28 percent of respondents.

AI is starting to make an impact in the field, 39 percent of finance professionals say they are confident in using it for machine learning–based forecasting and automated reconciliation. Efficiency (36 percent) and faster insights (22 percent) are the top benefits driving interest in AI use.

The full report is available from the insightsoftware site.

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