The business world is in a constant state of change. The market in which your company operates embraces new technologies every day. The future of finance is no exception to this rule. Your organization’s future financial operations will require a deeper knowledge of the digital world and technology. Those who choose to keep things as they are will fall behind. So, we ask are you ready to become a tech-savvy CFO? We put together a list of a few things designed to help you start the transition.
What are the new skills you will need to become a tech-savvy CFO?
- Analyze incredibly large volumes of data
- Embrace social media, mobile users, and cloud computing
- Tap into connectivity
- Understand how to use sophisticated databases and big data analytics
- Adopt new metrics for operations and valuations
What can you do to revolutionize your organization?
- Automate your processes. Departments that continue to use manual processes end up less efficient. They cost more to run because they use more people than they should carry out time-consuming manual processes that rely on bad data and that end up producing bad reports. You need to streamline your processes so that your people use their skills on the most critical processes. Let machines do the more mundane tasks like accounting, record keeping, and generating reports.
- Use the cloud. The operating and maintenance of in-house software often means a large capital outlay. Moving to the cloud means that the Software as a Service company takes responsibility for cyber security and software updates, and not your company. If you’ve already started your evaluation process on the cloud, that is good. Look at all your options. Identify the benefits of cloud computing will provide to your organization. Factor in your analysis the cost of keeping things the way they are. That road may comfort the nerves but is not appropriate anymore. Learn the language of technology. Analyze the value of integrating processes and platforms. Visualize the benefits of the cloud in terms of visibility, collaboration, as well as the automation benefits.
- Think long-term. The technology-driven future is coming hard and fast. The changes mean that you will have to stay on your toes, display agility. You cannot have your feet in the quicksand of yesterday. Make choices that expand your organization’s growth. Act prudently. Do your due diligence but leave a pathway open for your organization to embrace the future.
- Make collaboration your goal. Getting from the way things are to adapting whatever changes the future holds requires the skills and ideas of a great many people in your organization. Break down barriers across departments. Encourage all departments to offer suggestions and contribute to the path to the future.
- Make visibility your aim. Paper financial statements provided a static snapshot of the company’s financial health. Today, the tech-savvy CFO wants something more. You want to look back and forward at the same time. You want to use technology to help you identify problems and present opportunities faster than the old manual systems ever envisioned. You want to find and address the systemic challenges your organization faces. And technology can help you do this using one integrated system.
- Keep ahead of the game. Technology creates a gap between the tech-savvy CFOs and the non-tech savvy. Keep ahead of the game. Ready yourself to step into new markets driven by technology, technology your customers love and expect in today’s marketplace.
To read more about becoming a tech-savvy CFO, please download the white paper from Intacct entitled “Are You Ready to be a Tech Savvy CFO?”
To talk more about this subject, or anything else, please contact us. We look forward to helping you grow your business using technology.