Council Post: Tips Every CFO Should Consider For Implementing Tech Solutions

Mara Garcia is the CFO of Phonexa, an all-in-one marketing solution for calls, leads, clicks, email, SMS, accounting and more.

As the demands of consumers, businesses and service providers continue to change, so have the tech tools needed to complete specific tasks and everyday processes.

With new technologies being developed and implemented each day, organizations need to reassess their processes and operations to determine where any improvements can potentially be made. This is particularly true for chief financial officers (CFOs), as their roles constantly evolve to meet the needs of both their organization and the consumers they serve.

Organizations today have to keep pace with technology, especially in the area of financial planning and analysis.

As the CFO of a tech company that provides performance marketing software and various marketing automation solutions, part of my responsibility is to make sure that our organization has the tools needed to streamline internal processes and cater to the demands of our clients.

The following are some factors to consider when implementing tech solutions for your organization.

Specify areas that require more efficiency.

As new technological innovations become available, more operational processes can be completed by employing such tools.

CFOs can identify areas of the business that can run more efficiently by leveraging tech solutions. For accounting departments, tech tools such as enterprise resource planning platforms and automated invoice generators can help teams save time by automating repetitive, time-consuming tasks.

By adapting to and utilizing new integrated accounting solutions, CFOs can ensure their finance teams use their time and resources for more pressing tasks that require critical thinking. This ultimately prevents team members from going into autopilot mode—which tends to occur when focusing on tedious busywork—and, in turn, prepares them to take on bigger roles within the company.

Take the initiative when implementing tech solutions.

As a CFO, you have a 30,000-foot view of your entire business since every aspect of your operations is tied to the company’s financials—cash flow, balance sheet, income statement, etc. Thus, a company’s financials help provide insight into the output of each department within the organization.

For example, a business’s financials detail how money flows to each department. CFOs analyze financials to identify which departments generate the most revenue and which are underperforming. After analyzing the financials, CFOs can suggest where tech solutions can be implemented. To do so effectively, CFOs must look beyond the numbers and evaluate how teams collaborate to assess the quality and efficiency of their operations.

Conduct a cost assessment to pinpoint areas where tech upgrades may be needed and determine if these upgrades will add value to your financial operations. Remember, newer doesn’t necessarily mean better. Therefore, you must invest in tech solutions and upgrades that improve efficiency across the board. By taking the initiative and identifying areas where tech solutions can solve specific pain points, CFOs can help ensure a seamless transition when implementing new technology.

Overhaul current systems only if necessary.

While many organizations today jump at the opportunity to implement updated solutions to replace legacy systems, an overhaul doesn’t have to be made just because new technologies become available.

Let’s say your company is considering using cloud-based accounting software, for example. Whether switching to cloud-based accounting software makes sense or not depends on the specific needs of your business. In today’s ultra-competitive market, the benefits of accessibility, real-time updates, scalability and automatic updates and backups typically outweigh any concerns regarding a cloud-based system. But while a cloud-based accounting system may offer more features, it has to add real value for overhauling current systems to make sense.

The key is fully understanding why you’re switching to and implementing new technology. Just because certain tasks and processes can be done using advanced tech tools doesn’t necessarily mean your company needs new software.

Take my final thoughts.

Implementing new technology can provide a variety of solutions for any organization. In addition to reducing manual work by automating everyday tasks such as data entry and processing, tech solutions can provide real-time data and analytics, thereby allowing finance teams to make better decisions and increase productivity.

These solutions are beneficial for strategic financial planning and forecasting. At the same time, however, CFOs must make sure their finance teams don’t lose touch with critical thinking by relying on tech to do the bulk of the work.

Despite new tech becoming more readily available each day, it’s important to remember that no matter how robust a software solution is, human talent can never be fully replaced by these tools. Software can only analyze numbers and data, but there are processes it won’t be capable of completing. For instance, collaboration among team members is still needed to streamline processes and improve overall efficiency. This is an area where human capital trumps any form of technology.

It’s up to you as the CFO and as one of the leaders of your organization to ensure your finance department retains a human touch as part of its everyday operations. In the end, increased productivity is all about balancing human talent with technological innovation.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

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