{"id":68860,"date":"2020-12-21T11:29:51","date_gmt":"2020-12-21T09:29:51","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=68860"},"modified":"2026-01-29T15:48:36","modified_gmt":"2026-01-29T13:48:36","slug":"cfos-businesses-path-to-success","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/cfos-businesses-path-to-success\/","title":{"rendered":"How CFOs can set their businesses on the track to recovery"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tGrowth & Customers<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tHow CFOs can set their businesses on the track to recovery\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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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tGerhard Hartman<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

The impact of coronavirus (COVID-19) still looms large across the country. With South Africa complying to lockdown requirements from the government, business continue to face challenges.<\/p>\n\n\n\n

Lord Sorrell, founder of advertising agency WPP and once CFO for Saatchi & Saatchi, says this about coronavirus<\/a>: \u201cIt\u2019s not like the dot-com bust, it\u2019s not like 9\/11, it\u2019s not like the great financial crisis; it\u2019s most like war.\u201d<\/p>\n\n\n\n

As the CFO, in the combat against coronavirus, you\u2019re playing an important role.<\/p>\n\n\n\n

You may be fortunate to be in an industry that\u2019s experiencing high growth during these pandemic times. Lockdowns and working from home have resulted in a boom in sectors that provide products and services such as DIY and home entertainment.<\/p>\n\n\n\n

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Download your free copy of CFO 3.0: Digital transformation beyond financial management<\/a><\/div>\n<\/div>\n\n\n\n

Driving digital transformation<\/h2>\n\n\n\n

Businesses and the way they operate are undergoing a process of evolution. Customers and employees are changing and have access to a plethora of cloud tools that weren\u2019t available before.<\/p>\n\n\n\n

Who is driving this digital transformation?<\/a> Well, according to our recent research, it\u2019s you, the CFO.<\/p>\n\n\n\n

CFOs help to shape and drive business direction and strategy. You\u2019re more aligned with managing directors and CEOs \u2013 you don\u2019t just crunch the numbers. You\u2019re now required to provide up-to-date information, financial analysis and forecasting at rapid speeds<\/p>\n\n\n\n

Today, the financial profession plays a key role in their organisation’s digital strategy in medium businesses, with 9 in 10 financial decision-makers doing precisely that. Meanwhile, 15% say they are fully responsible for digital transformation.<\/p>\n\n\n\n

Currently, it\u2019s not only about looking backwards into the rear-view mirror and analysing past performance. It\u2019s about becoming a future CFO and looking forwards.<\/p>\n\n\n\n

Three things to change within the finance function<\/h2>\n\n\n\n

When it comes to moving with the times, digitalisation is critical, with data changing the dynamics of decision making.<\/p>\n\n\n\n

Technology and tools are now available to automate your financial processes. You can add the \u2018why\u2019 to what happened, using data for strategic insight.<\/p>\n\n\n\n

It\u2019s a new era where advanced technology such as artificial intelligence and machine learning are finally becoming genuine options for your business.<\/p>\n\n\n\n

Here are three things to keep your finance team moving in the right direction.<\/p>\n\n\n\n

1. Move from spreadsheets to software<\/h3>\n\n\n\n

Spreadsheets have associations with finance \u2013 think of the CFO stereotype burning the midnight oil, buried deep into the intricacies of Excel.<\/p>\n\n\n\n

Today, you don\u2019t have the time to spend hours interpreting data to create meaningful charts and graphs. And you certainly don\u2019t want to deal with the frustrations of tying the data you have in spreadsheets together.<\/p>\n\n\n\n

The right financial software<\/a> can automate these processes, saving you hours in building the reports you need to present to the business.<\/p>\n\n\n\n

It provides the data visibility that will help you add value to business strategy and set a suitable course in the future.<\/p>\n\n\n\n

You\u2019ll find excellent value in business intelligence, in the form of insightful dashboards and reports you can auto-generate.<\/p>\n\n\n\n

2. Implement automation<\/h3>\n\n\n\n

Digitalisation holds great promise, but it\u2019s no good if you spend your time collecting and preparing data, rather than analysing it. We\u2019ve found 70% of CFOs agree that administration harms team productivity.<\/p>\n\n\n\n

Your financial team\u2019s strategic responsibilities mean it\u2019s essential you give the grunt work to machines.<\/p>\n\n\n\n

You can automate menial tasks that involve data entry such as invoice-chasing, payroll and expense management, freeing you up to make smart decisions quickly that can lead to benefits for the business.<\/p>\n\n\n\n

3. Invest in the cloud<\/h3>\n\n\n\n

Businesses are already well aware of the impact financial technology has in improving productivity \u2013 more than 80% believes it plays a crucial role in tomorrow\u2019s finance function.<\/p>\n\n\n\n

Business leaders are aware of the benefits of the cloud through centralisation with increased cost efficiencies, flexibility, integration and security. So, it\u2019s no wonder that cloud-based financial management technology<\/a> can empower business.<\/p>\n\n\n\n

The cloud minimises the need for hardware and storage, providing more scalable and easily automated processes. How does cloud technology fit within your existing business infrastructures? It\u2019s worth exploring this.<\/p>\n\n\n\n

And think about where can you be most effective. By enabling a connected operating environment that provides greater automation and advances in real-time insights, your business can truly prosper.<\/p>\n\n\n\n

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Download your free copy of CFO 3.0: Digital transformation beyond financial management<\/a><\/div>\n<\/div>\n\n\n\n

Take the right steps to implement change<\/h2>\n\n\n\n

Having the right technology is all well and good. But before you rush in and implement it, you need to understand whether your team is culturally ready for automation and other cloud technologies.<\/p>\n\n\n\n

According to our research, it shouldn\u2019t be a huge problem \u2013 82% of financial decision-makers are already comfortable with using automation for daily accounting tasks.<\/p>\n\n\n\n

However, there will be challenges.<\/p>\n\n\n\n

Our research revealed 27% of financial decision-makers didn\u2019t think their business was culturally ready for more automation.<\/p>\n\n\n\n

Even though you may feel you understand the value of disruptive technologies, other employees and even those on the board may not feel that way.<\/p>\n\n\n\n

Start by involving key players within the business in detailing a new automation strategy, so all parties can agree on what you can or should automate.<\/p>\n\n\n\n

Take them through the process, so the team are developing and upskilling together.<\/p>\n\n\n\n

Indeed, 73% of financial decision-makers believe the introduction of new technology needs a detailed implementation and roll-out plan to ensure it carefully aligns with the culture of an organisation.<\/p>\n\n\n\n

The reluctance to further adopt technology may be down to more than just culture.<\/p>\n\n\n\n

Amid the growing use of technology within businesses, your team may be worried about the extent to which roles will be automated in the future.<\/p>\n\n\n\n

For companies to get the most from technology, there needs to be an alignment between strategy and the culture and reassurance that roles won\u2019t be lost but will instead change focus towards positions that add move value to the business.<\/p>\n\n\n\n

Final thoughts<\/h2>\n\n\n\n

Shaping the strategy is akin to shaping the business, and you are the visionary. You\u2019re responsible for predicting the direction of the company, uncovering hidden opportunities and closing gaps within an organisation that is increasingly data and insights-driven.<\/p>\n\n\n\n

As such, it\u2019s worth making investments in digital platforms, tools and systems today so your business can prosper both now and in the future.\n

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Preparing the finance function in the wake of COVID-19 <\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Discover how CFOs are playing a key role in leading the digitalisation of medium-sized businesses and learn how to move from a 'historian' to a 'visionary' within your business.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload the ebook<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n<\/p>\n\n\n

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Subscribe to the Sage Advice enewsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tSubscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n\n

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