By tobyehatch-Oracle on Mar 18, 2014
Guest post by by Karen dela Torre
The finance function as we know is seeing big change. We’ve been talking about this transition here at Oracle for quite awhile. Last year in a survey Oracle conducted with Accenture we explored how the role of the CFO has evolved from financial overseer to corporate strategist and change agent. The results from that study illustrated that this transition is not only happening, but it’s happening very quickly.
We’ve entered into the era of Modern Finance. Not only are CFOs depended on to drive the finance function forward, but increasingly they also play a vital part in all strategic business decisions In fact, it’s fair to say that today’s CFO lives in a completely different environment than five years ago. Put simply, CFOs live in a pressure cooker environment.
With the pressure to help identify new opportunities, products and services that will deliver growth and generate revenue, the modern CFO is undoubtedly presented with challenges and must leverage existing and new assets to deliver on the new mandate to provide strategic guidance and insight to the business.
How can CFOs meet these challenges and stay ahead of their competition? One thing that comes to mind is technology.
Technology enables CFOs to drive change and innovation. Mobile, cloud, social and analytics are just a few types of technology that are completely revolutionizing the way organizations function. Implement these technologies and organizations can gain a significant competitive advantage.
CFOs are beginning to understand this and how technology can drive change within their organization that positively impacts revenue. For example, take the cloud. The cloud is reshaping finance best practices around buying decisions as organizations duke out the ROI of cloud versus on-premise. Cloud technologies save on overhead costs with less infrastructure, timely updates, and more productive employees.
Modern Finance will be empowered through technology and CFOs are taking note.
For more information about the changing role of the CFO and best practices for keeping pace with the ever-changing landscape, visit Oracle CFO Central at www.oracle.com/cfo.