Most people in the business arena are well aware of how things are changing in the technology world. New tech tools, like analytic tools and cloud technology, are re-shaping the way information is shared and stored and how businesses are run. While it is important for businesses to fully embrace these technologies, it is also important that they are integrated in the right way.
This article will outline why these new technologies should be owned and implemented by the finance departments in the companies, as outlined by Tom Kelly, Managing Director, T. Edward Inc.
Changing Roles of CFO
Over the years, the role of CFO has changed drastically. In the past, the CFO was little more than a number cruncher or a bean counter. As technology has changed and the business climate has evolved, the role of the CFO has been altered quite a bit. At this point, the CFO should be more akin to a mission control director rather than a simple accountant.
The main factor that is pushing this shift in the role of the CFO is information. Information is what business is all about. This means that a CFO cannot fully operate in the way he should without proper data and without the right tools to navigate this sea of data. The changing role of the CFO demands a change in business tools. One of the best tools to handle these changes is Cloud technology.
Cloud Technology Works for All Industries
Every business is different, and this makes for a variety of needs in all different departments. For this reason, some hear about this technology and immediately assume that it isn’t for them because their company is so different from the others that have discussed their positive experiences with it.
If you are thinking that this is not something for you, then you are wrong. The following is a list of some of the major advantages you can get by investing in this technology for your company:
- Organization
- Communication
- Collaboration
- Security
- Efficiency
- Training
- Mobile access
- Transparency
There is not a company out there that isn’t in need of all of these attributes. While the way you utilize the cloud might be a bit different from the way other companies integrate it, there are still a lot of needed benefits from using this technology. The more you learn about how it works, the more you will see that this is something your financial department needs to work with.
Creating Bonds between Finance and IT
Nick Burns, the Computer Guy from the beloved SNL skits was meant as a humorous hyperbolic example, but the truth is that there are a lot of companies out there where animosity really does exist between the IT people and the finance department.
Where the Cloud technology has such potential for huge change in the financial world, it is becoming more and more important to align the IT staff with the finance staff. The relationship between finance and technology integration has to change.
First of all, IT should become an integral part of the finance department. Some out there will even suggest having the IT force work within the finance department.
Secondly, you need to ensure that all the finance staff members are well versed in IT work. Everyone needs some intense training on what the Cloud is capable of, how it functions, and how to maintain the basic attributes of it.
These two steps can go a long way to altering the relationships between these two vital departments. Finance really does need to have much more ownership over the emerging technologies in the business sector. When it comes to Cloud technology, this ownership needs to be well-established from the very beginning.
Simplicity and Diligence
When this idea of CFOs taking on this new tech-based responsibilities is preached, many tend to get very overwhelmed and worried about their inability to handle such new and vital duties. The truth is that the Cloud technology can boost the revenue in your company and streamline the way you do things with only two main efforts from you. Simplicity and diligence.
The Cloud is quite simple. It is a format to receive, share, organize, and analyze information. Big data management is the meat and potatoes of business these days, especially in the finance world. That is all the Cloud does. It offers a way to better handle your mountain of information in a simple fashion.
Finally, you need some diligence. Being aware of how the Cloud is working—and ensuring that all department heads are taking full advantage of it—can create all the right changes in the way your company is running. The simplicity of the technology will be easy to see as you begin working with it, and this will make it much easier for you to be diligent about integrating it in the right ways.