Fueled by the demands of modern business and accelerated by the market’s innovations, the role of financial officers has underwent a pretty significant shift in recent years.
CFOs are showcasing their depth of business savvy to both their organizations and the board by providing much more than historical financial reports and stagnant, lifeless data. Backed by the cloud, today’s robust business management tools are enabling these innately strategic thinkers to deliver insightful, forward-looking analyses on operational performance, opportunities to maximize growth, and the overall financial health of their business.
This evolution from reactive to proactive financial management comes as the cloud continues to mature as the digital lifeblood in today’s modern businesses.
With the cloud, today’s financial departments are no longer solely task focused on accounting, compliance, and budgets; they are spearheading and undertaking value-added, profit-driving initiatives. By embracing cloud ERP’s ability to automate operations and provide an integrated view of the business, modern CFOs are able to prioritize and focus on directing the organization’s financial strategy and ensuring business decisions are backed by accurate, sound data.
Improving performance, reporting on trends impacting the business, and providing key stakeholders with solid, timely, and in some cases, live-time strategic reports – all while keeping head count down and business value up; this is the role of a modern CFO.
A single, cloud-based business platform provides significant advantages that today’s CFO understands is essential to their evolving role and the organization’s continued success.
• Quick and affordable to implement
• Effectively scales to support future growth
• Simple to manage and operate
• Adapts to the needs of the business
• Inherently data-rich with built-in business intelligence
• Provides a unified view for complete visibility across the business
These are true differentiators that business leaders are beginning to view as vital to their bottom-line instead of just optional.
The flexibility of the cloud opens the door for creative problem solving, providing a one-stop-shop for all your answers. This unified platform not only reveals new growth potentials, enables informed decisions, and builds a dynamic financial report but it increases performance and efficiency organization-wide. Time and resources previously spent compiling reports and conducting manual processes are now freed up to focus on process improvement, streamlining workflows, and executing on those big picture objectives.
Leveraging cloud technologies as a strategic business solution means productivity, scalability, and flexibility in a changing marketplace for today’s Chief Financial Officers.
The ability to analyze and gain accurate insights into the business’ key performance drivers based on trusted numbers drives profitability and reaps a valuable return on their technology investment. In fact, cloud ERP is a proven lower total cost of ownership solution and yields a high return on investment over traditional software systems, as shown by most companies reporting a realized ROI of more than 150% after moving to the cloud according to a 2015 study.
Driving business value has always been at the core of the CFO’s role, and now with the latest cloud ERP technologies, the CFO has the means to focus less on daily and monthly tactics and more on the strategic opportunities that will positively impact the business.
Scott Kost is the executive director of Eide Bailly Technology Consulting. With more than 25 years of experience in the IT industry, Scott’s wealth of knowledge across new technologies and strategic planning enable today’s innovative business leaders to develop a strong roadmap for future success.