Chief Finance Officers (CFOs) or Directors of Finance (FDs) are continuously challenged to get the most out of their data. With new regulatory and compliance requirements placing greater emphasis on governance and risk reporting, consumers expect to get
their information the way they want it, fast. As a result there have been rapid changes to the competitive landscape and FDs are looking to automation and workflow to help them face today’s big data challenges.
10 years ago saw companies thriving in a stable and growing economic environment where finance departments implemented systems that digitised processes and improved efficiency. But five years ago everything changed. The impact of market volatility on the
finance department goes much deeper than the obvious cash flow management and now there are concerns with financial performance, risk management and future flexibility.
Today, CFOs are battling with exchange rate shifts that increase the complexity of financial processes. Accounts receivable, accounts payable and cash cycle management have changed exponentially. In financial planning and analysis, digitised tools were once
seen as the solution to visibility but are now struggling to give a 360 view of businesses thanks to market complexities.
According to Deloitte, global volatility, fragility of the economy and execution missteps are some of the top concerns of CFOs.
Up against thought consuming priorities like these, getting approval on a technology solution seems like a daunting proposition. However, as organisations are continually challenged to increase efficiency, implementing technology to streamline back office
tasks and reduce errors has become a necessity.
In today’s recovering economy, project leaders are responsible for proving the value of the solution they champion as they present it to their C-level executives. If a project leader fails to explain how the project fits in with the overall corporate objectives,
doesn’t give tangible proof of expected ROI or can’t relate the case to the success of the overall business – not just their own department – they’ll likely miss an opportunity to turn a sceptical CFO into an enthusiastic advocate.
Managers and process owners need to focus on the technology benefits that will strongly appeal to the CFO and review committee. Furthermore, by developing and documenting the business case in the most credible and compelling way then following up in a manner
that can help assure the success of future proposals, they can strengthen the business case and increase chances of implementation.
Executives determine whether a project will make a strong enough impact to merit their approval by deciding how they might benefit from project implementation. Providing a CFO with a ‘What’s in it for me?’ perspective to prove the true value can go a long
way toward getting a project approved.
A presenter should get to the benefits of their proposal within 90 seconds to keep the audience’s attention. Coupled with the daily communication overload that’s become the norm for everyone, it’s clear that a project proposal must appeal immediately to
the approvers’ self-interests or it could languish in the ‘maybe next year’ category for a long time. The presentation should include: solution comparison, financial impact, support for strategic goals, audit controls, peer review and resource impacts.
When presenting a solution for accounts payable (AP) for example, it may be obvious to department managers that back office tasks need to be handled with as much automation as possible to reduce errors, speed up cash flow, and keep labour costs in check.
To a CFO, a compelling story is necessary to prove the additional value an automated solution will add.
While executives are rightfully cautious about spending money on new projects, a compelling, factual case will allow them to see the value automation solutions can bring to the organisation.In many cases after implementation, the value of automation proves
The role of the CFO and how they view their organisation is evolving. According to
IDC’s 2013 European Software survey, key priorities for business leaders in 2013 include increasing productivity, processing innovation and improving the quality of products/services. Historically,
this was the IT department's responsibility but now it falls firmly within the remit of the CFO. The CFO’s role in IT decision making is key as they are in an ideal position to evaluate the financial risk any such project may bring, as well as looking at the
long-term goals of the company and how potential new technology will play into this.
This moves the business from an operational focus that revolves around keeping statutory accounts and compliance to a far more strategic role. In this capacity, the FCFO can provide information and analysis about business performance in real time, support
the company's strategic growth initiatives, provide governance and risk management and control the bottom line. The foundation for this role change is a focus on operational excellence in the finance department.