Finance organization strategy and structure
Digitalization, matrixed decision making and new service delivery models are changing what companies expect from finance. Finance teams face pressure to keep up or risk damaging their credibility and influence with business decision makers.
Successful CFOs understand where and how to employ strategies that take advantage of these trends, and how to structure finance to make the most of tight budgets. Progressive leaders break down organizational structures that limit the advantages of a digital finance function, pay close attention to reduce duplication of effort and aim to provide coordinated support to the business.
Read more: How to Organize Your Finance Function
Finance technology optimization
Finance technology optimization means extracting more value from accounting and enterprise resource planning (ERP) systems while adopting digital technologies to improve finance processes. Finance’s technology literacy is still nascent, leading to an expensive dependence on the IT function and external vendors.
As a result, finance technology implementations take too long. Seventy-six percent of CFOs report lagging ROI from technology investments due to long implementation. Slow adoption is a key challenge, but only 24% of CFOs are confident in their ability to solve the problem. In the meantime, slow adoption rates of emerging technology continue to undermine the function’s effectiveness.
New technologies, such as robotics, promise capabilities that can significantly improve the ability of finance to deliver actionable, real-time business intelligence and capture process efficiencies that haven’t been possible previously. To capture the benefits, CFOs must be able to identify the potential and justify the costs of new solutions in a tangible way.