Finance leaders are now starting to delve deeper and ask bigger questions to tech professionals amid the rapidly changing world we have today.
Operating chief financial officers act more as strategic partners in times of economic fluctuations. They are tasked with ensuring financial stability and compliance, but their ability to succeed in that respect depends largely on collaboration with CTOs, CIOs and other tech leaders.
In a recent McKinsey survey, 72% of CFOs said increased participation in business decision-making was their most impactful way to help manage economic volatility.
When CFOs tap into a broader spectrum of benchmarks, they can use that added visibility to unlock new opportunities for business growth and efficiency for the future.
With these tech investments, it is vital for financial leaders to take a macro-level view of their decisions.
Improving customer experience
Technology-driven solutions can help support efforts in improving overall customer experience. SaaS providers can invest in an onboarding platform to get clients up and running faster on their systems, as well as an easy-to-use, self-service customer support tool to help customers solve problems faster. The collective goal is to increase customer satisfaction and loyalty, ultimately driving higher revenues.
Technology in decision-making
Technology can help finance leaders make use of the business data they already have. For instance, if business intelligence software features predictive modeling capabilities, CFOs can use historical data to curb the financial impact of future challenges and tap into favorable financial opportunities—an especially valuable asset in today’s economy.
The result is improved resource allocation, fewer risks and greater growth potential.
Market expansion
Cloud-based technologies can prove valuable in quick, cost-effective market expansion. In fact, companies that adopt cloud platforms said they can get new capabilities to the market faster. For finance leaders, this means big long-term value without big upfront costs.
E-commerce technology
In an age where consumers demand self-service and convenience, finance leaders can drive growth with investments in e-commerce technologies. As you implement new online platforms and secure payment gateways, you can open up new revenue streams.
