How CFOs Are Coping With The Digital Age

The essence of new technology in a corporate environment is to provide more robust simulations and ways of discharging duties. Image an office without spreadsheet software? More hands will be required to tabulate simple financial records and to perform calculations, with errors likely inevitable. The chief financial officer (CFO) is largely affected by the digital revolution cutting across various positions in the corporate environment. And to live up to the expectations; using newly introduced technology with more advanced financial approach, the CFO must be ready to learn every day.

Efficiency goes with speed and every new technology is focused on ditching analogous processing for something automatic. Like every other sector working hard to improve and to proficiently man new tools in their sectors, CFOs are on the same pressure. But there are ways in which CFOs are dealing with the digital revolution to remain valuable in their positions. Here are some of them.

Hire financial staff with strong technology knowledge

A sure trick that will not fail to work for every CFO is to hire technically-balanced financial staff. It’s ideal to have your financial team filled with skilled IT personals. Without knowing every technological solution, highly skilled team members will always cover your weakness and teach you as well. They should be vast in different levels of technological knowledge. From Excel macros, spreadsheet, Microsoft Dynamics implementation to other financial software. With these technically vast persons coping with the digital age will be relatively easy.

Interact with IT staff and consultants who are trusted technology experts

Aside from the financial team being technologically enlightened, the CFOs must seek an avenue to understanding what technology can really do and how it affects their finances. To do that, there is a need for interaction/strong connection between them and trusted technology experts, both within and outside their immediate organization.  CFOs should not just be the one who signs the checks.

Wooden laptop

Source: iameco

Attend conferences and technologies training sessions

Since technology is growing every day, there is a need for chief financial officers to also update themselves constantly. This can be done by attending conferences and seminars that address how emerging technology affects the financial world and how to tackle it. The American Institute of CPAs (AICPA) and the state CPA societies are good options for CFOs.

Become an active member in technology user groups

There are groups that are based on discussion and providing solutions to specific technological problems. These groups are essential for CFOs to become active members. When CFOs are members of these groups, they have the opportunity to ask direct questions to members of the group. And as such can get a quick answer from other members who have overcome the same challenge.

Collaborate with other CFOs making use of the same technologies

CFOs can refer to other organizations CFOs within the same industry for assistance when they have technological challenges. There are strong possibilities that the same problem has been encountered by the CFO. These other CFOs can help in providing the solution immediately.

Meet with fellow CFOs to discuss technology issues

Aside from the CFOs within the same industries who make use of the same technologies as you, CFOs can also meet with other CFOs outside their industry. The meeting should aim at discussing general technology problems and suggesting effective strategies to overcome them.

The most efficient system of learning and finding solution has been proven to be through collaboration. It will be a waste to trust in how much you can understand every aspect of your financial approach alone. It is also a waste to believe you should know the technology better than our team because you are heading them. CFOs thrive by efficiently integrating various skills in their ecosystem.

Avatar
Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

FCC rejects petition to stay Ligado Network’s 5G rollout

FCC rejects petition to stay Ligado Network’s 5G rollout

The Federal Communications Commission rejected by a vote of 3-2 on Tuesday to freeze the rollout of Ligado Networks’ nationwide mobile bro...
6 hours ago
Oil prices rise on hopes of big stimulus money

Oil prices rise on hopes of big stimulus money

The crude oil prices showed an upswing with Brentwood going up to $56.08 a barrel and the US West Texas Intermediate crude oil selling at $5...
6 hours ago
Kia bags Apple Car production deal

Kia bags Apple Car production deal

Apple Inc.’s much-coveted Apple Car could be produced by Kia Corp. at the latter’s manufacturing facility in the United States. The Sout...
6 hours ago
Food Stocks to Lookout for in 2021

Food Stocks to Lookout for in 2021

The COVID-19 pandemic has seen a resurgence in recent weeks and talks of normalcy are still far away, even with the vaccinations. For invest...
1 day ago
Big Three Credit Agencies: Who are they?

Big Three Credit Agencies: Who are they?

Credit rating agencies are risk assessment firms that provide ratings on the creditworthiness of bonds and other debt instruments. Investor...
1 day ago
Pat Gelsinger takes over Intel, expected to focus on manufacturing and execution

Pat Gelsinger takes over Intel, expected to focus on manufacturing and execution

Pat Gelsinger, the ex-chief technology officer of Intel, will be taking over the reins at the chip-making tech company Intel on February 15 ...
1 day ago