It is no longer the case that finance’s role in an organization is just to manage risk, perform transactions, and bookkeep.
Today progressive CFOs and CIOs are getting ahead of the competition by adapting and creating modern digital business models.
Most business executives agree that technology is one of the most important factors shaping businesses today. As technology transforms the business landscape, finance has also had to evolve and adapt. As a result of growing demands, technology is becoming both an expense and a capital asset. Technology in the workplace requires certain financial demands. It is important that finance professionals have a comprehensive understanding of these larger line financial items.
Migrating to the cloud has allowed finance teams to be more productive and serve business managers with groundbreaking modern best practices. Emerging technologies, and new finance technologies specifically, are generating huge amounts of data not previously seen in traditional CFO roles. Utilizing a cloud-based ERP solution creates timely and accurate budgets by nurturing collective planning throughout the company.
Monitoring and reporting on finances has become faster and less expensive, and as a result, the CFO has taken on more strategic planning responsibilities.