When financial and operational data must be evaluated and decisions made quickly, who do you call? You start with the Chief Financial Officer (CFO). Your CFO holds a central position in the C-suite with insights into financial transactions, daily operations and other trends across your organization. Advances in cloud technology are arming savvy CFOs with the tools to take their business to new heights.
The stakes have never been higher in this modern economy. Businesses must work harder and faster to satisfy demands from customers, as well as employees. Businesses are adding more responsibilities to CFOs. Now, when you need inventory and procurement information, profitability reports for a product or manufacturing task, or whether marketing efforts are worth the investment, chances are you turn to your CFO.
CFOs are growing more and more overworked and need to uncover their own superpowers, which includes the support of super-technology.
How to Be the Superhero Your Business Needs
1. Guide Strategy:
Business today is challenging with a workforce on the move, changing customer demands, and an increase in regulatory oversight. Data stuck in disparate business systems is difficult to access and review as quickly as it’s needed. CFOs need prompt access to reliable, real-time data in order to support business goals and strategies, show transparency and respond faster to changes in the marketplace. With a focus on the right data, at the right time, CFOs can streamline operations and drive profits through new revenue sources and business models.
2. Balance Risk vs. Reward:
You wouldn’t gamble on your business and make decisions based on best guesses or gut feelings. Neither should a CFO. In order to safely weigh the risks and look for the rewards, CFOs must have a finger on key performance indicators (KPIs), access to powerful analytics and the data needed to make realistic forecasts. Integrated business systems offer a 360-degree view of operations, sales, customer behaviors, financial transactions and other core business operations. Based on reliable metrics and business intelligence features, CFOs can quickly analyze data, then take advantage of new opportunities to build a competitive advantage.
3. Share Focused Insights:
Your CFO isn’t the only superhero within your organization. Departmental managers and other key leaders play a valuable role in business success. When managers have access to actionable information, they can also drive new efficiencies in their specific departments. They connect the dots between departments, delivering new areas of performance and cooperation across the organization. These leaders can also look for new opportunities using the details behind top-line numbers.
4. Reduce Inefficient Tasks:
Manual procedures, spreadsheets and disparate software are amongst the biggest time-wasters within an enterprise. While patience may be a virtue, this doesn’t apply in a business setting. Customers, suppliers and your own business leaders don’t want to wait for services or information and they don’t need to. A centralized business system makes it easier to enter and access data and offers time-saving workflows and automations that keep processes moving forward quickly. The less time your people spend handling data, the more time they have to use it.
5. Drive Growth Using the Cloud:
Technology is advancing and there is no time to waste fixing problems with outdated, inefficient software systems. An integrated, cloud ERP system frees up time within your own IT department. Professionals behind-the-scenes ensure backups, data security and other maintenance activities are performed promptly and successfully. Added mobility supports a dispersed workforce and strengthens ties with vendors and customers. Stronger business intelligence features deliver the visibility your CFO and leaders need to support growth.
Put Your Superpowers to Work
With real-time data, CFOs can guide operations with laser-like focus, knock-out inefficiencies and take your business to new heights. Start a digital transformation and take advantage of a cloud ERP solution that delivers measurable results. Download the eBook
and let us know if you need help finding those superpowers.