{"id":8419,"date":"2020-11-26T17:33:57","date_gmt":"2020-11-26T17:33:57","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=8419"},"modified":"2026-01-29T10:01:21","modified_gmt":"2026-01-29T10:01:21","slug":"cfos-technology-improve-business-processes","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/cfos-technology-improve-business-processes\/","title":{"rendered":"How CFOs are using technology to improve business processes"},"content":{"rendered":"
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\n\t\t\t\t\t\tHow CFOs are using technology to improve business processes\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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In the past, the CFO role might have been more comparable to someone focused on crunching the numbers, rather than the C-suite figurehead we know now.<\/p>\n\n\n\n

CFOs were more focused on history \u2013 generating reports about the past through business processes.<\/p>\n\n\n\n

Today, if you are in the CFO role, your business needs you to focus on strategy, analysing both current and future growth prospects.<\/p>\n\n\n\n

You need to have a more holistic view of business operations and market development, being in tune with customers, products and services, all the while increasing value.<\/p>\n\n\n\n

But how can you deal with these increasing demands both now and the future? With technology.<\/p>\n\n\n\n

Technology is what you to transition from being the manager of finances via a view of the past to becoming the person in charge of unlocking of the most valuable future opportunities.<\/p>\n\n\n\n

Technology is integral to modern businesses.<\/p>\n\n\n\n

Without technology, digital transformation<\/a> is impossible, and your finance function won’t be ready and equipped to meet the challenges both now and one, five and 10 years down the line.<\/p>\n\n\n\n

You need to embrace innovation and arm your finance team with the right tools to improve and increase effectiveness.<\/p>\n\n\n\n

According to PwC, finance leaders agree that technology is the top way to improve the effectiveness of the finance function.<\/p>\n\n\n\n

So what should you be focusing on when it comes to using technology to improve your finance processes? We cover some key areas in this article.<\/p>\n\n\n\n

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Download your free guide, The Future CFO<\/a><\/div>\n<\/div>\n\n\n\n

Data quality and data science<\/h2>\n\n\n\n

What is it? <\/strong><\/h3>\n\n\n\n

Data science, as applied to finance, is where you build systems and processes to extract data, which allows you to draw insight you can use to predict the future, and make evidence-based decisions and suggest improvements.<\/p>\n\n\n\n

Why should you adopt it?<\/strong><\/h3>\n\n\n\n

According to executive search firm Leathwaite, 51% of finance functions are already using data quality and data science, while 36% are planning to use it.<\/p>\n\n\n\n

With data science and better data quality, you can better understand customer needs and dig out patterns that help you know where you should put your investment.<\/p>\n\n\n\n

Steps to take to adopt it<\/strong><\/h3>\n\n\n\n

To put data at the heart of long-term business success, professional services network EY says you should focus on six areas:<\/a><\/p>\n\n\n\n