A recent survey commissioned by BlackLine reveals that 41% of C-suite and finance professionals in Singapore harbour doubts about the precision of their organisations’ financial data.
The study highlights a pervasive lack of confidence in cash flow visibility, with all respondents admitting to a deficit in assurance. Furthermore, 45% of senior finance and accounting professionals expressed scepticism about the accuracy of the financial data they handle.
This scepticism appears to impact business operations significantly, as 56% of respondents expressed concerns about the reliance on inaccurate or outdated information for critical decision-making. Manual processes and human error emerge as the primary culprits, with over two-thirds attributing their lack of confidence to these issues.
Nikhil Parambath, Regional Vice President of Asia at BlackLine, emphasised the critical role of trustworthy data in effective decision-making, especially in navigating unpredictable external events.
To address these challenges, the majority of respondents advocated for the adoption of modern technologies such as cloud computing, generative AI, and other AI applications to streamline financial operations.
Parambath underscored the urgency for companies to embrace next-generation solutions that automate cumbersome processes, recognizing that inefficiencies in manual workflows undermine confidence in financial data.