New report suggests that CFOs are treating business transformation, with new digital technology, as their top priority between now and 2020.
The research, which was conducted by EY found that over half the public sector CFOs agreed that improving business performance through the use of digital technology was the single biggest strategic priority for them. 58% of respondents cited this as their first priority in the coming years.
Darra Singh, 0f EY, says: “The pressures to deliver more with less in the public sector has thrust the role into the spotlight and they are responding to this challenge in different ways.
“This includes the use of technology such as blockchain and sophisticated data analytics. We are seeing quite different profiles and responsibilities emerge when compared to the traditional idea of a public-sector CFO.”
Is Sage Enough?
As CFOs become more involved with business strategy and reporting, it’s clear that there is a requirement for them to keep abreast of changing technology and technological advances. Many CFOs are now the lead when it comes to things such as ERP software search and select projects, their role being widely recognised now as more strategic and operation than in previous years.
Financial systems sit at the heart of the business software suite. With CFOs growing mandate, they are often placed at the heart of a software search and select process. The sage CFOs are beginning to ask if Sage is enough.
Enterprise software, such as NetSuite, put financial software at the epicentre of the product because after all, manages budgeting, forecasting, planning and reporting for the most critical parts of the business.
Cloud Transformation
McKinsey Global Survey of CFOs also recognises the growing pressure on CFOs in their evolving role. The change from tradition doesn’t just bring with it increased responsibility, but also the challenge of keeping on top of all the technological advances. That could explain why more and more are turning to Cloud software vendors to help with their solution.
One of the main advantages of Cloud solutions is the rapid availability of innovation. Software as a Service systems, like NetSuite, allow subcribers to take advantage of upgrades at a more frequent pace than on premise. The benefits brought about by rapid innovation in the cloud extend beyond the innovation itself. It also helps to alleviate pressure from the over extended CFO.
Watch: NetSuite Changing the Role of the CFO
To talk to someone about how cloud technology can benefit your business please get in touch.
Written by Emma Stewart – Sales & Marketing Director at Cofficient Ltd
Cofficient provision smart cloud based software to CFOs across the UK
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