Why Technology Should be the CFO’s Best Friend
The role of the CFO has broadened significantly in the last 20 years. It’s no longer enough to have an accountancy degree and experience of raising funds. Today, you need to have fingers in many more pies, building a holistic view of your organisation. And, of course, one of those pies is technology. Understanding how tech can be used to enhance the performance of the business you work for, as well as the customer experience and perception, is integral to executing your role fully. That includes a whole arsenal of technological tools and applications. From payment gateways to RPAs. And to do that you need to develop a digital mindset.
The power of the digital mindset
Developing a digital mindset is the key to understanding where technology can be used to full effect within your business. Not just through the onboarding of individual products, but understanding the full potential benefits and impacts of comprehensive technical integration. And how those products can overcome the challenges your company faces. For the creation of a unified digital strategy, it’s imperative that you understand the potential for interconnectivity between the key technological components within your business – big data, cloud, automation – and maximise that potential as best you can. Because it can have a serious impact upon your ability to raise investment.
How can technology be used to supercharge fundraising efforts?
As we move into 2022, CFOs have various tech avenues at their disposal. Tools that can help with planning, strategy, and productivity. Data collation, assessment, and management tools. And tools that can help with the identification of unexpected opportunities.
Every successful fundraising initiative comes down to data. Data science gives you the power to build systems and extract data for insight-driven decision making. With the right data to hand, you have the evidence you need to influence strategy and improve your company’s ‘kerb appeal’. While investors have the evidence they need to make a positive investment decision.
Robotic process automation (RPA)
In finance, RPA relates to the use of software to automate key tasks and processes. This might be financial statement preparation, or account reconciliation. It means that essential – yet often tedious – tasks can be accurately and effectively managed without taking up additional manhours. Preventing burnout in your workforce, and saving your business unnecessary expenditure as your employees are using their time more productively elsewhere. It can also help to reduce costly mistakes, as people are far more likely to enter data inaccurately than an RPA programme. Together, these factors make your business a far more attractive proposition for investors.
Artificial intelligence (AI)
Using machine learning to process and identify data patterns, AI has significant reach for the CFO. It can enhance security measures, detect and prevent fraud, free employees from repetitive tasks, predict cashflow, facilitate lending, build predictive models, and protect data, among other things. Its goal is time saving and efficiency increasing. Its bi-product is increased data insights for minimal investment. Allowing you to present the best possible data to potential investors.
Internet of Things (IoT)
The IoT works in tandem with all of the above applications, and much more besides. Its remit is the gathering and transferal of data, from smart lighting and other office sensors, to whole city management. And in finance it can be used for the processing of large quantities of data. Both historical and contemporary. Resulting in better decision-making, better service, and better planning. IoT tech is also almost infinitely scalable. And scalability is a big plus on any investor’s checklist.
The potential for technology to support CFOs is increasing every day. And its capacity lies in its ability to make your work and your business more effectual. Of course, it can streamline processes – that’s what technology has always done. But it can also provide incomparable insights which can not only allow your business to grow. But can give your investors the confidence they need to put their money in your hands.