CFOs Need To Focus On These Top 4 Technologies To Further Enhance Their Way Of Doing Work
How a CFOs can steer financial innovations within their organizations? What technologies a CFO can make use of? If you are in search of answers to these queries, your search finally ends here.
Before getting started with our main topic, let me explain the role of a CFO in a company. As you all know, CFO stands for Chief Financial Officer. Hence, he is the person responsible for maintaining the company’s finances. This includes financial planning, keeping a record of the finance, etc.
In this technology-driven age, some technologies exist for them to help them out with their work. So, in this article, I will discuss the top 4 technologies that can help a CFO drive financial innovations.
So, without further ado, let’s start.
Four technological advances that CFOs should take seriously
With digitalization, the role of the CFO is expanding at a brisk rate. According to a report by Deloitte, in 2018, almost 66% of senior CFOs progressed with an advanced digitalization policy.
However, this figure was just above 50% (to be precise, 51%) in 2017. But, which technology has the most potential and why?
So, in 2020, a CFO needs to spend some time on the below four technologies.
Conceal the scalability of Cloud
Today, every finance department must know the pros of moving financial functions to cloud-based solutions. It could be a public, private or hybrid cloud.
Nevertheless, the flexibility attained by breaking the bonds of the traditional computing regulations is highly beneficial to a CFO. A CFO can move the planning and budgeting function to a cloud-based function.
In this way, he can enjoy innovative than others.
Also, cloud-based financial software better combines with other industry systems like ERP and CRM.
This brings the finance procedure within the reach of everyday business operations.
Using Data Visualization and Data Analytics
Big companies generate tons of data, some of which are useful to the finance officer while interpreting the results.
Hence, a CFO can enjoy having a deeper insight into that large data. So, we can say it that compiling valuable information from the existing data fits in the CFO’s maturing role.
For example, dynamic dashboards can visualize the performance of a growing enterprise.
Adopting the robotic process automation
The industry’s finance procedure is highly transactional and includes repetitive business cycles. Hence, today, automating these cycles can allow the officer to commit himself to other high-level activities.
In this way, the risk of errors reduces to a large extent and increases the quality of the work. For example, RPA is the best solution to this. It stands for Robotic Process Automation.
It differs from AI and machine learning. RPA steers the existing processes which otherwise eat up the resources and energy of the staff.
Deploying blockchain for data commerce
A well-organized and informed CFO must move on from cryptocurrency for data transactions. This is the age of blockchain.
It has proven applications in finance departments. Therefore, it can help CFO develop a secure and transparent transaction environment.
With tokenization, the overall cost of the financial process lowers down. Alongside this, it enhances the efficiency of both, internal and external financial transactions.
So, these are the four technologies upon which the future of finance offers depend. Moving on from the traditional methods to these technologies will benefit both the enterprise and the officer.