Ultimately for CFOs to deliver more with less to fund further growth by driving operational efficiencies, to push finance even further toward the value-add, insight-providing function that it can be. a holistic and enterprise-wide view is required
As CFOs look across their organisation, they may find that the capabilities of tools available or the requirements of maintaining high-quality data are beyond the skills of their existing team. The old adage that a chain is only as strong as its weakest link rings true here – new tools and technologies without the expertise to drive them will have limited value. Similarly, new tools and technologies paired with excellent knowledge, but poor and infrequent data, are unlikely to be of much use. I am aware of more than one FTSE100 organisation that has invested millions in new technology only to find that corrupted data erodes any benefit from the new system within 12 months of go-live. In others I have seen new ERPs re-worked to follow legacy processes, relegating an very expensive new system to the status of a lick of paint on a crumbling building.
Having spent most of the last 18 months working remotely, almost every part of every organisation has come to appreciate the importance of technology to the day-to-day activities that drive businesses. Having already had to adapt to changes in day-to-day process, the removal of incidental conversations and the immediate exception management possible when working in an office, employees have a greater appreciation now of the potential of technology than ever before.
Now is the time for CFOs to leverage that enterprise-wide appreciation to generate sponsorship and support for the necessary investment in data, process and technology that will lay the foundation for future efficiency.