Historically, an organization's chief financial officer was put in charge of things like accounting, auditing, and tax compliance. While they still have these functions under their umbrella, today’s CFOs are taking on roles as more strategic advisors and change agents in organizations. So, how is technology helping these senior leaders accomplish these goals?
The Changing Role of the CFO
CFOs have become central players in the drive for digital transformation within organizations. While this leadership role remains the steward of the company’s financial resources, the functions have been expanding to include the execution and control of digital strategies that will drive growth and help the organization achieve its goals.
According to one Harvard Business Review paper, CFOs require the support of technology to move beyond their traditional roles. From AI to analytics to ERP solutions like NetSuite, the right digital tools enable the CFO to gain useful insights that drive better decision-making.
How CFOs Evolve With Technology
Investment in innovation is vital for long-term corporate growth. But a company’s owners or shareholders also need to see that the business is profitable. CFOs are tasked with balancing the use of digital technology to increase efficiency in the short term and provide opportunities for scalability and greater profitability in the long term. Some of the ways CFOs are evolving with technology include:
1. Using the Cloud
Over the past year, there has been an unprecedented move to the cloud by businesses of every shape and size. Some businesses had this move in their strategic plans for ages. Others felt the need to change in response to the COVID-19 pandemic.
Cloud-based applications like NetSuite’s ERP allow complete connectivity throughout the organization. They also eliminate some of the problems associated with disjointed systems and other inefficiencies.
2. Leveraging Analytics
Technology gives CFOs something they have always used in their roles - data. The difference is the quality and quantity of data are vastly improved with technology on your side. A CFO can choose the metrics (or KPIs) they want to focus on for the business and get the data they need with the push of a button. ERP solutions like NetSuite provide advanced reporting capability, giving CFOs the information they need to make better business decisions.
3. Eliminating Silos
Digital technology helps organizations increase their flexibility and remain nimble in the face of growing competition. One of the benefits of embracing the right type of technology is that it can help an organization eliminate silos. When the entire organization uses the same centralized system to run the business, more collaboration is possible, and it will achieve better results.
4. Focusing on the Customer Experience
Numbers people like CFOs are increasingly focused on what is going to help the organization succeed. In most cases, this involves providing a better customer experience. CFOs can help an organization serve its customers better through the implementation of technology that focuses on giving customers what they want and need before, during, and after the sale.
Partnering With the Right ERP Solution to Drive Progress
Now that CFOs are taking a more prominent role in strategic planning and technology decisions, this presents a significant opportunity. Investing in technology is one of the best ways to drive change and eliminate ineffective organizational silos.
An ERP solution like NetSuite allows an organization to streamline its most critical functions. From financials to HR to billing and more, NetSuite gives companies complete visibility and control of the business as well as more accessibility through a cloud-based platform.
We are a certified NetSuite Solution Provider, meaning we help clients achieve a smooth transition to the world’s #1 cloud ERP. Contact us today to learn more about how NetSuite can benefit your business.
