The C-Suite is undergoing a period of transition. Traditional roles are being redefined, expanded, and integrated in ways that fundamentally transform the executive function. This is most clear when you look at the evolution of the CFO.
Not long ago they were thought of as strictly number crunchers, lost in a world of spreadsheets and formulas. But that was during a period when accounting was considered nothing more than an administrative task. Now we understand that financials play a key role in strategy and underpin every decision an enterprise makes. As a result, expectations for the CFO have grown significantly.
Rather than focusing only on financial figures, today's CFOs are using their research and analytical skills to make sense of vast amounts of data. Some of this is financial data, but much of it is information previously confined to other departments. Here are a few examples of data sources the modern tech-savvy CFO draws from:
- Customer success
- Risk management
- Operational costs
- Regulatory compliance
- Supply chain management
In the hands of the right CFO, these data sets can be integrated with financials to produce deep insights. But giving form and function to quantities of data that are expanding exponentially takes more than just attention to detail.
As the role of the CFO has evolved, so have the resources in their tool kit. And the executives who are ahead of the curve understand that effective data management requires an integrated system.
A well-designed dashboard makes it simple to navigate between data sources and dive deep into specific information streams. And with the right customization options, CFOs can make connections and define priorities according to their own needs rather than the limits of the system.
Reporting is just as essential. Data only has value when it's delivering insights, but locating them is no small challenge. Automated reporting reveals more about the information at hand while requiring less input and oversight from the accounting team. It also serves the new strategic role of the CFO. Instantaneous reporting makes it easier than ever to build a case and make a point.
Understanding what tools are necessary is just the first step. The next is to select the right provider of those tools. With the role of the CFO already in flux, there is no need to add expensive and complicated tech disruptions to the mix.Sage Intacct is a next-generation ERP solution that combines in-depth features with intuitive interfaces. It has been specifically designed to serve the present and future needs of finance professionals throughout the ranks. If you are ready to upgrade your role as CFO, contact AcctTwo to learn more about Sage Intacct.