Key Findings of an Accenture-sponsored survey conducted by the EIU looking into trends, risks and opportunities associated with finance outsourcing in the high-tech and electronics industries:
- Finance is among the most outsourced functions.
- Finance being outsourced by small and large firms at differing rates.
- Executives are satisfied with outsourcing arrangements.
- Barriers to increased finance outsourcing exist.
What are the primary benefits / objectives of outsourcing the Finance function?
- sharper focus on core competencies
- lower costs.
If you do not outsource finance and accounting functions but you do outsource in other areas of your business, please indicate why the finance function has not yet shifted to this model.
The finance functions are considered too critical tobe outsourced (54%)
What will be the primary drivers behind the increasing use of finance outsourcing in your industry?
- Improved quality of service from outsourcing providers (46%)
- Pressure on costs (49%)
In your own organisation, what are the barriers that stand in the way of a decision to outsource finance functions?
- Desire for greater direct control of finance functions (68%)
- Cultural resistance to change (42%)
In your view, what are the 3 primary risks associated with finance outsourcing?
- Risk that quality of service is inadequate (63%)
- Risk that in-house knowledge and expertise erodes beyond repair (42%)
- Risk of breaches of data security (41%)