How CFOs Can Utilize Modern Technology to Their Advantage
Today’s CFOs are improving ERP systems, implementing cyber security, and automating basic tasks that are crucial for modern businesses. Financial leaders have access to all the information within a company and are in the privileged position to recommend the best ways to carry out tasks around the most modern of technologies.
Business is changing and CFOs are charged with making critical decisions — in turn, they’re welcoming modern technology to help their organizations adapt as quickly as possible. There’s a push to accomplish more on modest budgets, and putting transformative initiatives into action under pressing timelines weighs on finance leaders. The best of the crop are boosting efficiency through digital technologies.
Business changes means that roles must shift accordingly. CFOs now must focus on growing business, and according to a 2017 survey conducted by PwC, a top concern for CFOs is Growth Strategy in a four-year forecast. With the growth of cloud computing and financial management software that features built-in data analytics, process automation, and artificial intelligence, there are new tools to help drive the change necessary to affect top-line and bottom-line growth.
Data-driven Insights
Delivering data-driven insights can help inform decision-making, manage risks, and plan for the future. A lot of data can bring challenges; many companies struggle to understand the information and don’t yet realize how to use it effectively. Quite often the issue lies in being able to trust the data.
Challenges surrounding data have much to do with the actual collection. Teams are spending the bulk of their time collecting the data, which is spread across disparate systems and reconciling it. They then face the next hurdle: formatting it into a layout that others within the company can consume. Understandably, this process takes time and deliverables often are brought to the table too late to make a real difference.
Modern tools are able to save valuable time, leaving financial teams to focus on bigger pressing issues. When a company is utilizing cloud-based systems, finance is connected to operations and other business units — this increases the collaboration and the ability to incorporate new data sources. With this technology, work processes evolve with more emphasis on analytics and analysis.
Innovative Business Software
CFOs are turning to new software options to help the organizations they work for to operate more efficiently and effectively. There are solutions that can handle just about any business need, including those that are unique to an operation. Financial leaders are employing:
Enterprise Resource Planning (ERP) software:
Excel-spreadsheets and outdated legacy ERP software are passé, as better, more up-to-date technology is now available for company financials, operational metrics, and even customer data. Cloud-based ERP software is now often deployed early with online accounting, financial management tools — all of which can be expanded to include other focuses of the business. The software can be expanded to include manufacturing, ecommerce, and customer management tools; these applications can greatly improve customer relations through data-driven insights. Cloud-based apps easily integrate to connect and benefit the organization as a whole. Data points are collected, stored, and made accessible to users in real-time from one easy-to-read dashboard.
Customer Relationship Management (CRM) software:
A Modern CRM can store customer information to aid sales and marketing teams, as well as track opportunities and interactions. Working with the ERP system and other business systems, a CRM can connect the dots. As CFOs are able to gain visibility into customer profiles and the sales process, they’re able to provide better management into relationships, satisfying customer needs for effectivity. Pain points are available at a glance, which can help the finance leader to develop solutions and fixes that can benefit the business model of the company.
Business Intelligence (BI) solutions:
Workflows can be managed with dashboards that offer a one-stop-shop for reporting and data visualizations — these can be life-changing for decision-makers and the overall C-Suite. Data collected in the ERP, CRM, and various business systems connect in a clear visual, allowing users across the company to dig deeply for insightful information. Decisions shouldn’t be guesswork; with modern technology at hand, CFOs are able to make integral decisions and find answers to critical questions in no time, from anywhere and at any time.
Acumatica’s Cloud-based ERP
Even though it’s a challenging time to be a CFO, it’s also an exciting time — optimism is high with new advances in technology. A skilled executive who is willing to adapt the role, push for innovation, and drive growth offers great gains for a business. Finding the right solutions and knowing how to implement them is key!
Acumatica’s Cloud ERP gives financial leaders the tools they need to succeed. CCS Technology Group is a proud partner with experience delivering Acumatica ERP solutions for finance leads. Learn more about Acumatica, read our testimonials, and contact us for a free consultation.
