CFO Risks: Keeping Pace With Disruptive Technologies
If you don’t stay on top of the latest disruptive technologies, there is a good chance your organization will lose profits, its ability to drive differentiation and its competitive position.
It’s little wonder CFOs list technology as the most stressful part of their jobs.
In a recent global poll about the impact of 27 risk issues facing CFOs and their organizations, over half indicated that the “rapid speed of disruptive innovations and new technologies” was a worrisome risk.
Across the board, finance chiefs understand that their organizations need to innovate more, remain agile and manage uncertainty. And to do so means keeping up with the changing pace of technology in both customer-facing front end scenarios as well as back-office technology that supports better financial insights, decision making information and keeps a pulse on the organization across borders.
In an ever-changing world of technology, though still functional, legacy systems can make it a challenge for the organization to get financial data across geographies, collaborate across F&A departments and do the basics, like staying up to date with new compliance rules.
As the global technology environment becomes more complex within any organization, vital business information is often “siloed” or even hidden, with diverse data sources and manual spreadsheets obscuring the true picture of operational and financial performance.
In the era of ‘doing more with less’ expensive larger-scale “rip and replace” projects are cost and time prohibitive, and quite simply, not viable.
Augment & Support Existing Technology
However, with the boom of as-a-service technologies, organizations no longer need to invest in major infrastructure to gain the benefits of going digital, harnessing new automation methods and being able to access the latest F&A-specific technology.
F&A outsourcing goes well beyond mere cost savings, and can also be a no- to low- cost way to gain instant access to some of these transformative technologies as well as bolt-on tools that can help fill organizational gaps. With these tools in place, companies are in a position to achieve better insights, and improved productivity and data quality, all while working within the parameters of their existing systems.
The Side Benefit
Going digital is not just about technology; it’s also about bringing best practices to the processes fuelled by the new technology in order to increase internal efficiencies. A third-party F&A partner can help evaluate your environment and provide clarity into potential opportunities that will enhance the customer experience, reduce costs and bring value to the organization.