09 Apr CFO driven software adoption, cloud, big data, social
Chief financial officers are the perfect C-role decision makers to drive innovation and collaboration efforts through information technology, according to an article at CFO-Insight.com. In the context of cloud computing, big data and social media, the CFOs knowledge of the budget and focus on improving profitability make CFOs the ideal executives to lead major technology changes in an organization. CFO driven software adoption of products like a hosted ERP system will benefit all departments, but when the change stems from the accounting department, it might be more likely to succeed according to the article.
“The CFO is a more neutral person: unprejudiced by legacy investments and more concerned with the long-term profitability of the business than with short-term investments,” said Steve O’neil, the author of the article. “When you consider the potential for IT to deliver new revenue streams and become a profit centre for the business, the CFO becomes an ideal candidate to facilitate this transformation.”
For many SMBs, financial and business management often means a series of bulky Excel spreadsheets. But according to a recent study from IBM, companies who deploy business management software with advance planning and insight are able to consistently deliver plans, forecasts and contingency plans. What’s more, they are better able to enhance strategic decision-making, while strengthening the link between strategic objectives and operations and financial plans.
Check out this video to see how a CFO can benefit from business management software like Microsoft Dynamics AX.
“Planning is a crucial component of performance management that contributes greatly to a company’s overall success or failure, especially in these mercurial economic times. Despite its importance, planning — and especially the annual budget process — is often seen as burdensome and time-consuming,” said the IBM study.
The right software can reduce that burden. Check out this case study of Padagonia to see how they benefited from an AX deployment.
“We wanted to ensure that the business could scale to meet global demand and continue to grow without adding significant resources,” said Rose Marcario, Chief Financial Officer and Chief Operations Officer at Patagonia. “And, we needed a way to view supply and demand globally, moving away from what had been a silo environment.”