Issues facing CFO’s
New blog just launched by Plano the Penguin on Forecasting and Planning – FP&A The MIAGEN Way!
Believe it or not, as a finance professional myself I know that every year the bar is set higher. The CFO is under pressure to deliver more information to an already information savy board. This is part of the evolution of the CFO. Long gone are the days when they were seen as accountants, if they were seen at all! Now the CFO is a business leader and decision maker, the only thing that hasn’t changed much are the difficulties in getting the right information when it’s needed.
A 2013 survey produced by my good friends at KPMG showed that over 70% of CFOs see technology as the major risk to not meeting objectives, ironically a similar percentage see technology as the way forward. This clearly points to the fact that many Finance teams are battling with unsuitable or poorly implemented technology.
According to a recent report from the good folk at Gartner, the top priority for CFOs this year is Performance Management and Business Analytics. I couldn’t agree with them more. The mindset has changed also with regard to Information Technology. There are no more IT projects, there are now only business projects. The role of the IT department is moving to technology advisory rather than information supply.
So the challenge in all this is identifying what changes can be made quickly to produce a great impact. Cloud technology can deliver in months what would otherwise take years and innovative CFOs are embracing this medium to enable performance in their organisations. The result of this is the creation of a more self-service model based around the business not technology, producing more decision makers with more autonomy while maintaining control of the data integrity and removing the overload of information requests on one area.
If you do one thing for your organisation this year, think how you can enable better decision making within it.
That’s the bottom line folks!