Denys Rudyi - Fotolia
Emerging technology is important, but many CFOs and corporations don't focus enough on the CFO position itself. What I mean by that is the following: In the past, CFOs were basically "bean counters." They were put in a back office somewhere, and every once in a while, they produced reports on how the company is doing -- what it sold, what it's spending, how the payroll is, all of the numbers-related information. Clearly that information is not unimportant, but the CFO position was more of an afterthought than what I would like to see it become.
In the future, the CFO needs to become a full-fledged business partner, running the company. Emerging technologies, generally, and new finance technologies, specifically, will generate enormous amounts of data to a far greater extent than they are doing now, and the CFO will need the business and tech savvy to make strategic recommendations.
Getting insight into the financials has traditionally been a long process, for example, "I get the numbers, I go talk to whomever I need to talk to, we do some formulating," and so on. Using analytics and other newer technology tools, the CFO will be able to get almost real-time insight into issues -- "Store 8136 has a problem, let's go fix it."
As opposed to waiting until the end of the month or the end of the quarter to figure that out, he can take that information to the appropriate business partner so the company can act on the issue more quickly. In other words, the strategic version of the CFO position includes not only crunching the numbers, but also being an adviser to the operations of the organization, finding problem areas quickly and helping to resolve those problems.
This version of the CFO requires a very different focus and a very different decision-making process.
How IT and finance can partner on cloud strategy
Why finance should care about mobile payments
What CFOs can learn about customer data security
Dig Deeper on ERP and digital transformation
Related Q&A from Jack E. Gold
Users who work with file sync-and-share apps on their mobile devices should be aware that auto-syncing works differently and that there are more ... Continue Reading
Smartphones don't last forever. Here's how organizations can determine their lifecycles to avoid security issues and keep smartphones functioning at ... Continue Reading
The finance horizon is filled with technology disruptions. Here's a look at a few, with some expert advice on how they will likely affect the ... Continue Reading
Have a question for an expert?
Please add a title for your question
Get answers from a TechTarget expert on whatever's puzzling you.