Over the past two decades, and even more so because of the pandemic, CFOs have become one of business’ most prized assets.
While financial reporting and compliance are still key responsibilities of the role, more and more businesses are now leaning on a CFO’s management expertise to help inform strategic decisions.
Many CFOs spend their time dealing with the business-as-usual finance tasks and putting out fires. Add to that the recent challenges of managing remote teams, having to adapt to extreme market movements, and the increased pressure to provide critical information to guide strategy.
So, our question to you is: is your team doing everything it can to enable one of your most valuable assets?
CFOs Need Time For Strategy
You rely on your CFO to be an innovator and strategist, but a recent survey has found that whilst CFOs aim to spend 50% of their time focusing on strategic initiatives, in reality this figure is closer to 25%.
Figure 1 CFO Evolution Survey Report, Armanino LLP, 2017 All rights reserved.
Furthermore, a 2018 Gartner report found that half (56%) of the time executives and their teams spend on strategy is wasted. That is because when Finance teams spend too much time trying to manage, analyze and understand their data, this takes critical time away from strategic planning.
The good news is that the right tools can save your CFO (and your team) time and stress by creating efficiencies and providing insights, consequently serving as a catalyst to drive successful strategy.
Four Ways Using the Right CPM Solution Can Drive Successful Strategy
A Corporate Performance Management solution, can help save time and provide insights so that you’re getting the maximum value from your CFO:
Automated Financial and Operational Reporting and Analysis
Create rich and user-friendly reports that save time on manual processes, like manually inputting data into multiple systems. Automation removes the chance of errors and ensures your CFO can trust the data.
Multi-Dimensional Analysis of Key Data Points
Deep data capabilities allow your CFO to find and analyze both financial and operational information by looking up a set of dimensions that are specific to your business.
Near Real-Time Data Integration with Your Systems and Built-in Forecasting Modules
Synchronize data with your systems in near real-time so that your CFO doesn’t have to gather and normalize data from other business units. Near real-time reporting and built-in forecasting also enables your CFO to create reliable projections in moments. This helps to reduce uncertainty when planning in such a volatile business environment.
Reporting portals, smart dashboarding, and features like CALUMO’s ‘slice and dice’ and ‘drill-to transactions’ make it easy for CFOs to dissect their data and quickly get to the bottom of any issues.
“Slice and dice” filters and aggregates transactions by customer, location, cost center, or any other dimension to observe trends and monitor impact.
“Drill-to transactions” can help tie the impact of an initiative to a profit-and-loss line item so that CFOs can ensure that every initiative has a quantifiable outcome.
Support your CFO by integrating CPM technology to save them time, grant them additional insight and increase their capacity to invest in strategy.
Discover how insightsoftware can help, request a demo, today.