For chief financial officers of today, technology has found its way to be part of the day-to-day tasks.
This is because outdated technology, such as different departments within an organisation using different software, generates more administrative tasks and busy work.
Along the journey to digital transformation, CFOs must have a full grasp of technology essentials they can benefit from to drive value for their organisations, taking the company's current state of responsible AI adoption in consideration.
In a guide by Velosio, a full-service technology partner offering Microsoft Dynamics 365 and Microsoft cloud platform services, three technology essentials for modern CFOs were enumerated:
- Modern ERP Solution: A modern ERP solution provides flexibility to scale and update systems as needed. The solution integrates various functionalities like financial management and enterprise resource planning (ERP), offering a comprehensive toolset for digital transformation. The solution must be cloudbased for real-time insights and greater visibility into financial operations. This enables seamless access to data and applications from anywhere, facilitating collaboration and decision-making.
- Transformative AI Tools: Most ERP solutions offer AI tools to accelerate team productivity, create content, and spark ideas. It is important to review which AI tools your ERP solution offers, how easy they are to incorporate into your business applications, and how they integrate with the rest of the technology finance leaders are using to create a connected and positive experience. Transformative AI tools unlock the power to add AI to all of business productivity tools.
- Advanced BI Tools: BI tools transform how CFOs manage their data with easy-to-use dashboards and improved reporting to better monitor KPIs and keep teams on track. These tools help your team better analyse big data for deeper insights and more accurate forecasting.
