How Modern CFOs Leverage Tech for Growth

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Isaac Herman

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How Modern CFOs Leverage Tech for Growth

21/01/2021 Categories: Articles

These days, the CFO role has expanded beyond the traditional responsibilities of managing a company's financials; they are now expected to boost company growth. In 2020, a Price Waterhouse Coopers (PwC) survey stated that nearly 32% of CFOs are interested in leverage fintech products and services to support their initiatives. The good news is that CFO's have a lot more arrows in their quiver than their predecessors for growth hacking. Financial software is built to drive top-line (revenue or gross sales) and bottom-line growth (net income) through process automation, built-in data analytics, and AI.  Through a financial management suite like Acumatica Financial Management, CFOs can see exactly where their business is losing money through internal inefficiencies while finding opportunities for savings and increased revenue. Defining What CFOs Need To Drive Growth "Growth" may have a few definitions to the modern CFO. They manage multiple kinds of financial targets: Driving sales, exploring new markets, and expanding product lines.  CFOs tasked with growth need to implement a solution that will provide analytical data on past successes and losses, providing insights that prevent you from making the same mistake twice. Cloud ERPs like Acumatica provide this critical data and scale alongside your organization as it grows.  With powerful financial software, CFOs can also determine pre-emptive steps for improving company performance. CFOs must implement technology that expedites data collection and processing. A financial ERP solution can combine data from multiple modules for automated collection and consolidated reporting. This tech will reduce tedious data entry tasks for your staff, freeing them up to analyze post-processed data and develop insightful suggestions.  These actionable insights derive from financial systems that provide an in-depth, unflinching look at company operations. CFOs need this technology to identify revenue-driving products and markets and internal deficiencies where costs can be reduced. Learning to Accept Constant Change Change is inevitable, but what we can do to deal with it is in our control. The year 2020 taught us that the unexpected is always just around the corner, and we always need to be as prepared as possible. That's why

2020, a Price Waterhouse Coopers (PwC) survey stated that nearly 32% of CFOs are interested in leverage fintech products and services to support their initiatives.

The good news is that CFO's have a lot more arrows in their quiver than their predecessors for growth hacking. Financial software is built to drive top-line (revenue or gross sales) and bottom-line growth (net income) through process automation, built-in data analytics, and AI. 

Through a financial management suite like Acumatica Financial Management, CFOs can see exactly where their business is losing money through internal inefficiencies while finding opportunities for savings and increased revenue.

growth blocks

Defining What CFOs Need To Drive Growth

"Growth" may have a few definitions to the modern CFO. They manage multiple kinds of financial targets: Driving sales, exploring new markets, and expanding product lines. 

CFOs tasked with growth need to implement a solution that will provide analytical data on past successes and losses, providing insights that prevent you from making the same mistake twice. Cloud ERPs like Acumatica provide this critical data and scale alongside your organization as it grows. 

With powerful financial software, CFOs can also determine pre-emptive steps for improving company performance. CFOs must implement technology that expedites data collection and processing. A financial ERP solution can combine data from multiple modules for automated collection and consolidated reporting. This tech will reduce tedious data entry tasks for your staff, freeing them up to analyze post-processed data and develop insightful suggestions. 

These actionable insights derive from financial systems that provide an in-depth, unflinching look at company operations. CFOs need this technology to identify revenue-driving products and markets and internal deficiencies where costs can be reduced.

change scrabble blocks

Learning to Accept Constant Change

Change is inevitable, but what we can do to deal with it is in our control. The year 2020 taught us that the unexpected is always just around the corner, and we always need to be as prepared as possible. That's why CFOs need to regularly assess their company's financial state and improve internal and external factors that impact growth. 

New technology isn't a magic cure-all that will solve all your business problems. Adding new technology without evolving new approaches and procedures is a recipe for trouble. There's no doubt that implementing new systems and processes company-wide can be difficult, and you may face resistance from the company's "foot soldiers." 

The modern CFO needs to have some compassion for how hard change will be for everyone and be the cheerleader for the new solution. This will help ensure employees have internal support for help, training, suggestions, and even complaints. The CFO needs to build a unified front to ensure everyone is aligned and on the same page. 

Having everyone on the same page and embracing change puts companies in a much better position to effectively leverage the new tech. Companies that do not may end up disappointed with their ROI.

 

kicking off growth

Kicking Off Growth Strategy

CFOs play an expanding role in the C-Suite, so they need to be providing clear organizational focus to the rest of their staff. If the reasoning and benefits of implementing a new system is clear to their employees, the modern CFO will find success. Getting the organization proficient in the new technology will make it much easier to create triumphant growth strategies. In terms of general goals, here are a few to get started: 

  • Prioritize budgeting using your new financial technology.
  • Invest in assets and people that have been determined to be valuable.
  • Eliminate unnecessary expenses that don't work toward the company goals.

For more advice on driving growth through technology, or if you are interested in implementing Acumatica Cloud ERP for its financial capabilities, contact Kensium. We are experts in Acumatica ERP and eCommerce and will gladly perform a free consultation. Contact us here today.

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These days, the CFO role has expanded beyond the traditional responsibilities of managing a company's financials; they are now expected to boost company growth. In 2020, a Price Waterhouse Coopers (PwC) survey stated that nearly 32% of CFOs are interested in leverage fintech products and services to support their initiatives.

The good news is that CFO's have a lot more arrows in their quiver than their predecessors for growth hacking. Financial software is built to drive top-line (revenue or gross sales) and bottom-line growth (net income) through process automation, built-in data analytics, and AI. 

Through a financial management suite like Acumatica Financial Management, CFOs can see exactly where their business is losing money through internal inefficiencies while finding opportunities for savings and increased revenue.

growth blocks

Defining What CFOs Need To Drive Growth

"Growth" may have a few definitions to the modern CFO. They manage multiple kinds of financial targets: Driving sales, exploring new markets, and expanding product lines. 

CFOs tasked with growth need to implement a solution that will provide analytical data on past successes and losses, providing insights that prevent you from making the same mistake twice. Cloud ERPs like Acumatica provide this critical data and scale alongside your organization as it grows. 

With powerful financial software, CFOs can also determine pre-emptive steps for improving company performance. CFOs must implement technology that expedites data collection and processing. A financial ERP solution can combine data from multiple modules for automated collection and consolidated reporting. This tech will reduce tedious data entry tasks for your staff, freeing them up to analyze post-processed data and develop insightful suggestions. 

These actionable insights derive from financial systems that provide an in-depth, unflinching look at company operations. CFOs need this technology to identify revenue-driving products and markets and internal deficiencies where costs can be reduced.

change scrabble blocks

Learning to Accept Constant Change

Change is inevitable, but what we can do to deal with it is in our control. The year 2020 taught us that the unexpected is always just around the corner, and we always need to be as prepared as possible. That's why CFOs need to regularly assess their company's financial state and improve internal and external factors that impact growth. 

New technology isn't a magic cure-all that will solve all your business problems. Adding new technology without evolving new approaches and procedures is a recipe for trouble. There's no doubt that implementing new systems and processes company-wide can be difficult, and you may face resistance from the company's "foot soldiers." 

The modern CFO needs to have some compassion for how hard change will be for everyone and be the cheerleader for the new solution. This will help ensure employees have internal support for help, training, suggestions, and even complaints. The CFO needs to build a unified front to ensure everyone is aligned and on the same page. 

Having everyone on the same page and embracing change puts companies in a much better position to effectively leverage the new tech. Companies that do not may end up disappointed with their ROI.

 

kicking off growth

Kicking Off Growth Strategy

CFOs play an expanding role in the C-Suite, so they need to be providing clear organizational focus to the rest of their staff. If the reasoning and benefits of implementing a new system is clear to their employees, the modern CFO will find success. Getting the organization proficient in the new technology will make it much easier to create triumphant growth strategies. In terms of general goals, here are a few to get started: 

  • Prioritize budgeting using your new financial technology.
  • Invest in assets and people that have been determined to be valuable.
  • Eliminate unnecessary expenses that don't work toward the company goals.

For more advice on driving growth through technology, or if you are interested in implementing Acumatica Cloud ERP for its financial capabilities, contact Kensium. We are experts in Acumatica ERP and eCommerce and will gladly perform a free consultation. Contact us here today.