You understand your market is changing. You understand your business must meet that changing market. You understand you must change to continue to be a successful CFO. The good news: You don’t have to become a technical wizard, ready to program computers to take on the challenges of your role. You need merely become a Tech-Savvy CFO, one who understands that technology can give you an advantage over your competitors.
Now, you just want to understand where to get started. What will be the first steps on your way to becoming a tech-savvy CFO?
Your first action on the path is to get your head out of your spreadsheets so you can begin to see the bigger picture. Most likely, your finance team is bogged down in manual processes of inputting data into old technologies, generating reports that are too outdated or too sketchy to give your stakeholders an accurate picture of where your company has been, let alone give them an idea of where they need to go to establish a stronger future.
Instead, the tech-savvy CFO embraces automation to tackle the mundane tasks, eliminate redundancies and overcome inaccuracies. Your data becomes more than a snapshot of past activities. It becomes a living, breathing piece of your daily operation, giving timely input to your stakeholders, pointing fingers at what pieces of the operation are going right and which are going wrong. Your team members suddenly value their jobs, not as data entry clerks, but as data analysts, experts who understand what your numbers mean and where they can point the company to a substantial future.
Take It to the Cloud
Where does this magic bullet lie? Where can you turn to make this rapid change in your environment? Most likely, the best answer for your organization lies in the cloud.
In the cloud, you will find the most up-to-date solutions for your automation needs, no matter which part of the finance field it addresses. You’ll be able to start with basic accounting functions, then choose best-of-breed software as a solution (SaaS) to meet your company’s exact needs.
This radical change in your financial management operations no longer need be dependent upon some giant on-premises software provider who tells you what your team needs to do to meet their system’s requirements. You don’t need to invest a ton of money in hardware to support this soon-to-be-outdated software system. You don’t need to wait months of implementation, only to find it doing half the work it promised.
By working with a SaaS provider, you can automate your financial record keeping in a matter of weeks, with all the surety that your financial records are secure as SasS providers bank their entire business on security. Your SaaS provider also will work with you to determine which add-on applications and integrations will bring the best services to your company.
All of this service comes with no up-front costs. SaaS services are provided through a monthly or yearly contract, meaning the SaaS team will be working side by side with your finance team through implementation and beyond. And as technologies change, so will your SaaS service. No more waiting for costly upgrades to be implemented. Upgrades and expanded services are routine with SaaS and oftentimes are generated by the ideas and desires of your finance team.
Making changes in technology will be only the beginning of your new role as a tech-savvy CFO. You will find yourself taking on an expanding role in your company as your data become more valuable and stakeholders turn more to you to understand your vision of the future, as read through your new understanding of big data. In the next part of this series, we’ll look at how you become a change agent within your company.
As you contemplate these changes in your role as CFO, please enjoy a complimentary copy of the white paper “Are You Ready to be a Tech-Savvy CFO?” from Intaact and InCloud360.Contact us about becoming a partner in your journey as a newly minted tech-savvy CFO.