Formulating a practical technology strategy
CFOs need a story about how they are adopting technology and using it to push toward an inspiring future. Formulating this strategy is vital, pinpointing the precise moments and context for embedding technology within the finance function. It is imperative to vividly illustrate how digital tools can enhance finance operations, boost business performance, and integrate smoothly with the workforce. This strategy should be laser-focused on supplying stakeholders, from financial analysts to other C-suite executives, with enhanced and timely information — navigating the complexities of an ever-shifting landscape while adhering to regulatory compliance. Without a strategic foundation for technology, efforts to modernize finance, no matter how well-intentioned, may not achieve their goals.
“In the rapidly evolving world of finance, having a well-defined technology strategy is not a luxury — it’s the cornerstone of success,” says Krueger. “By strategically incorporating the latest digital innovations, CFOs are not just making processes more efficient, they are unlocking extraordinary value. It’s about harnessing the power of technology to not just keep pace, but to set the pace — ensuring that every financial decision is informed, strategic and forward-thinking.”
Embracing game-changing technologies
Once a clear technology strategy is in place, CFOs must focus on the effective integration of digital tools to ensure they not only fit with but also amplify the existing systems within the organization, maximizing the return on investment. Implementing cloud-based ERP platforms, for example, can enhance the finance function’s capability to perform vital financial tasks efficiently and provide a secure platform for rapid data retrieval.
Moreover, the importance of hyper-automation technologies such as AI and ML is growing, transcending finance organizations traditional roles to bring additional value to businesses. These technologies go beyond automating mundane tasks by offering advanced data analysis and improving forecasting capabilities. Automation provides a fresh, unbiased perspective by linking aggregate business data with current market trends and other factors that affect business outcomes. Acting as a versatile resource, these technologies quickly deliver actionable insights. By directing these insights to the right places, CFOs can create a significant impact, transforming the way their organizations operate and compete.
Integrating emerging technologies into finance starts with building capabilities and finding practical uses, such as employing AI to draft initial 10-K reports — a perfect task for the technology. This step not only begins the automation journey but also enriches finance professionals’ processing routines with valuable insights. The next phase involves broadening the scope of technology used to maintain momentum. Exploring creative ways to leverage emerging technologies to provide additional insights is important, all while ensuring a comfortable adoption pace as these technologies become more acquainted with business operations.