Being an effective and progressive CFO today means recognising that there’s more to technology than just considering how much it costs the bottom line. That’s because if the CFO and others in finance management are wielding that technology wisely, it makes doing their job easier and more effective.
Over the years, CFOs have been steadily automating formerly manual-only processes, and also using technology to better cut through complexity to improve efficiency. But for the modern CFO, how does a full appreciation of technology actually make the job easier and more efficient?:
1. Looking ahead
A chief role of any CFO is being able to predict what is going to happen next. Formerly, these important and often strategically-impactful decisions were based mainly on analysing existing data – in other words, looking at what happened in the past and turning that into a forward-looking move.
But now, information is more easily collected and analysed thanks to data visualisation, giving real insight into how something is performing now and motivating clear and confident decisions about things like investment and innovation.
Since technology spread its tentacles throughout an organisation and beyond, the CFO has been better able to collaborate with more stakeholders than ever before.
With everyone using collaborative platforms that are easy to use and control, the CFO is just the pinnacle in a full team of financial sector contributors, analysing big data and using data analysis and business intelligence tools together.
3. Better return on investment
The lifeblood of any business is profit – and the key to those profits is efficiency. Technology opens the door to more and more options when it comes to analysing results, identifying weaknesses and devising strategies that will have the best effect moving forward.
This effect can then be compounded by identifying which areas of new technology are best invested in, multiplying the many ways in which the latest advances super-charge the power of the CFO and beyond.
Supported by business intelligence leader BOARD, Sensus Solutions is committed to helping CFOs get on the fast track to making better and more insightful decisions – all thanks to the incredible power of technology. Get in touch today to see how we can help.