Every chief executive owns a particular area and defines how that organization will move forward to support the corporate direction. But the story is different for CFOs: They are expected to take a much bigger interest in business ownership and decisions made throughout the company. Not only must they own the finance area, but also the entire business model – the go-forward plan, the strategic initiatives, and the investments to achieve it all.
Yes, CFOs are still concerned about governance and compliance. And yes, they are still the executive board’s “numbers person” who keeps the books and spending in line. While all of these functions are still their primary responsibility, the actions of all business areas – from HR, marketing, and sales to production, supply chain, and logistics – have a direct impact on CFOs’ valuations and assessments.
This is why a CFO’s effectiveness depends on instant access to all relevant and integrated data from one source. Such transparency brings insights that inevitably pave the way for innovative decision making. But to get the full story of the enterprise, CFOs need to derive insights from accurate data that’s based on complete processes running under one system.
Unfortunately, one system does not exist without costly, time-consuming merging of a variety of applications and databases. But it doesn’t have to be that way; an implementation scenario for central finance can lead to a level of visibility that enables instant insight at a lower cost.
Leading the charge to reimagined business performance with central finance
For CFOs, the ideal scenario is access to flexible, personalized, and on-time information that empowers every member of the organization to become a profit manager. In fact, the entire business can take action in real time – seizing unique competitive differentiators and nontraditional, yet profitable, opportunities. And this time, the CFO will be leading the charge.
Managing such a transition successfully requires effort in specific areas, including risk control and informed decision making. Through a digital transformation enabled by a broad application of technology, confusion, delays, and inefficiencies can be eliminated across all areas, as represented by the inverted effort pyramid shown below.
By automating repetitive, administrative tasks and paving the way for proactive management, the entire business can dedicate more effort to innovating and architecting new business models that support the CFO’s ability to access the whole truth of the business – every area, at any time, from anywhere, without disruption.
Give your CFO the right platform to understand your business’s truth with these sessions at SAPPHIRE NOW, May 17-19 in Orlando: