Staying on top of Back Office Technology is a critical component to running a successful business
Working with CFOs, I’ve seen new technologies take hold in the finance function of midsized organizations. Recently, I shared some of those thoughts in an article on CFO.com and continue to see the topic referenced in the media. Because of this, I believe there needs to be a continued education in on how technology will impact the future of business.
With this in mind, below are some suggestions for CFOs considering new technology within the finance department.
Embrace and understand technological change
- CFOs can take a more proactive role in the development of the company’s technology changes including software purchases, upgrades and overall strategy. Additionally, it’s important for CFO’s to encourage their organizations to do an ROI analysis on all software investments—both before the software is purchased and after—to ensure results are achieved.
Think strategically to allocate freed up resources
- In the next five years, we will see a focus on the realization of positive financial benefits of technology that frees up overhead costs and streamlines the processes that form the backbone of the CFO’s infrastructure. For instance, accounts payable, accounts receivable, payroll and other purely transactional accounting processes will be automated to such an extent that they will require very little manual intervention aside from quality control.
Add “technologist” to the job description
- As more functions underneath the CFO become fully automated in the next five years, finance executives will need to maintain a deep understanding not only of how to archive cost reductions, but also how to transform data into actionable business insights.
In 2015 and beyond, CFOs will find business success by expanding far beyond traditional financial obligations and tapping into new technological innovations. It will be interesting to watch how this impacts the C-Suite in the years to come.