The role of CFOs and FDs has evolved to become an inter-departmental and multi-country communicator.
Ultimately, senior finance professionals must take a step back from daily administrative tasks and running of the finance department, to focus on innovation across the business by collaborating across all departments. Moreover, as companies continue to expand and grow, this means that CFO priorities must also relate to driving efficiency and reduced costs to contribute to overall company growth.
So how can senior finance professionals drive innovation and collaboration, whilst also juggling financial departmental challenges? Technology is the stepping stone.
Enterprise Resource Planning (ERP) software drives a collaborative approach across all departments, whilst also reducing workload by increasing financial process efficiency through workflows and mobile usage.
Business intelligence to support rapid and meaningful decision-making
Data and insight are key to making decisions and improvements. If all data is manual or possibly inaccurate, it is difficult for companies to refine and grow. This is particularly relevant for financial departments, with traditional manual processes of generating figures and budgets within spreadsheets. The financial scope must now focus on the full spectrum of the company’s activities: sales, communication, operations, finance and IT.
For the new wave of CFOs, the main concern is no longer the quantity of data but its relevance and how it is used. ERP software drives insight across all departments by allowing insight into every departmental process – at the click of a button, into any format.
Our guide on how CFOs can drive efficiency
Find out more on how CFOs can drive efficiency and reduce their workload using ERP, and how to choose the right ERP software for the needs of your business:
- Improving financial processes
- Increasing collaboration across your business
- Driving innovation while juggling department challenges