- Daily Zen
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.
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.
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.
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.
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.
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.
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.