Friday May 02, 2014

Empowering Modern Finance: The CFO as Technology Evangelist

Guest post by Karen dela Torre, Vice President, Oracle Corporation

We are observing a tangible shift in the finance function. Modern technologies like cloud, mobile, and big data are helping to accelerate the current transformation of the role of finance. In order to gauge exactly where the finance function currently stands and what the future holds, we recently partnered with Accenture on a global research study, “Empowering Modern Finance: The CFO as Technology Evangelist.”

As eWEEK summarized, the study highlights the opportunity for CFOs and other finance executives to be technology evangelists. I recapped this in my previous post, noting the ambition to be a tech evangelist is there, but a gap remains between aspiration and reality.

ZDNet explored this significant opportunity for CFOs. While there is consensus around the finance function leading business transformation, only a small majority is actually leading the way. However, steps are being taken. Baseline emphasized that finance professionals are now bolstering their technical skills while integrating analytical tools and modern applications.

But that’s not all. As Financial Executive discussed, the study also highlighted how the finance function is leveraging modern technologies, like mobile and cloud, to get real-time insights and to drive business transformation forward. In fact, 28 percent of respondents are already using the cloud to support budgeting, planning, and forecasting, and another 34 percent plan to move those areas into the cloud within the next year. That’s a lot of CFO love for the cloud, but I’m not surprised!

As evidenced by the study, the finance function is driving change and taking on the role of technology evangelist in organizations. I think this shift in finance will continue and CFOs will embrace modern technology to gain a competitive advantage and positively impact the bottom line. 

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Focusing on solutions for the Office of Finance, this blog will highlight key financial management market trends, events and other news of interest.

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