For many CFOs, the past few years have seen a massive change in their role. According to Deloitte, many CFOs today have seen a change in their role from being traditional gatekeepers to strategic business advisers. This especially holds true for businesses that turn to CFOs to drive not only their financial but business growth as well.
Many CFOs today now play a more central role in driving change and innovation across their organization, which is why it has become a need for them to be receptive to new ways that can help drive business growth.
Finance Technology as a Catalyst for Transformation
Deloitte notes that 71% of CFOs believe that Finance is a driver and supporter of firm-wide growth, innovation, and transformation activities. In recent years, more CFOs turn to new technologies to improve organizational and financial processes. From this observation alone, one can say that finance technology has been a central force in successfully driving digital transformation in most businesses today.
Today, 71% of CFOs in the same Deloitte survey are thinking about investing in enabling technologies to support innovation and growth throughout their organization.
If you look closely into why more CFOs are adopting new technologies and FP&A software, this is because deploying the latest technologies to deliver better operational efficiencies internally can help companies innovate the finance function.
Automation, for example, can help finance teams improve their processes to be more efficient especially in the area of transactional processing. Automating rigorous tasks in the financial department can also help free up finance teams, so they can focus on tasks that add more value to their overall organization.
Finance technology also drives better accuracy in data gathering and reporting as well, which can empower the CFO to make strategic decisions that drive business growth.
Transforming Your Finance Department with Performance Canvas Financials
Today’s CFOs are faced with a difficult challenge of steering their business through the current COVID-19 crisis, while constantly facing the threat of disruption. For this reason, CFOs must not only make the most of their expertise to minimize operational costs, they must be open to adopt new technologies or software that can make internal processes more systematic and efficient, gather the insights needed to make better decisions, and promote innovation throughout their organization in a way that drives real and tangible results.
As change agents, it is crucial for CFOs to constantly find new ways to sustain performance and grow their organization, placing them under increasing pressure to manage disruption effectively. Whether this entails adopting new business models or new sustainable practices, CFOs must constantly be receptive to new initiatives that can bring better business growth.
However, legacy software and traditional methods embedded in most organizations can limit finance leaders in driving profitable growth. It can also limit their visibility of the company’s performance, making it difficult to measure performance and set priorities on initiatives that can promote future growth.
This is where new financial planning, budgeting, and reporting software like Performance Canvas can help CFOs.
How Performance Canvas Financials Can Help
Performance Canvas is simply an add-on software to an organization’s existing Dynamics 365 finance platform that offers an all-in-one unified solution for financial budgeting, forecasting, reporting, consolidation, and even metrics tracking and management.
Performance Canvas also delivers modern best practices out-of-the-box such as live forecasting, driver-based budgeting, unlimited what-if analysis, allocations, and multiple assumptions. It empowers CFOs and their organizations with data-driven insights to be more competitive and responsive to a more volatile and highly competitive business environment.
If your current finance software lacks the ability to scale and is limiting your ability to innovate, then it just might be time for a change.
Learn more about how Performance Canvas can empower your business with the benefits you can only find from today’s latest finance technology.
Get in touch with the PCF team today.