CFOs: 7 Tips for Staying Ahead of the Latest Technologies

In any sector, the rapid pace of innovation can be mind numbing for business executives. This is especially true in the financial sector, where today’s CFOs need to contend with technologies that span everything from cybersecurity to business intelligence to enterprise resource planning.

As a result, this rapid change in technology has become the biggest source of pressure on a company’s finance and accounting teams.

That’s the leading opinion of more than 2,200 U.S. CFOs interviewed in a new Robert Half Management Resources survey when asked “In general, what would you say is the single greatest pressure facing your accounting and finance function?”

To help CFOs navigate this task better, CGMA Magazine developed a list of 7 tips:

  1. Hire financial staff with strong technology knowledge: People need to have IT skills of various levels.
  2. Interact with in-house IT staff and/or outside consultants who are trusted technology experts: CFOs must understand what technologies really do – not necessarily from a user perspective but certainly how the technology affects the financial function and the business overall.
  3. Attend conferences featuring sessions on current and emerging technologies: The American Institute of CPAs (AICPA) and state CPA societies provide good options in this area.
  4. Set up RSS feeds with specific technologies as keywords:This is particularly effective with industry-specific software.
  5. Join and become active in technology user groups:These groups discuss problems and solutions with specific technologies.
  6. Collaborate with CFOs at other companies that use the same technologies: CFOs seeking answers to technology problems specific to their industry may find help with other CFOs in their industry.
  7. Meet with fellow CFOs to discuss technology issues: These CFOs don’t have to be in the same industry or use the same technologies. It helps to share and gain exposure to different kinds of technologies and strategies.

Are you interested in learning more about how your company can utilize the latest technologies to improve operations – and boost your bottom line? Please contact Jeff Bathurst, Leader of IT Advisory Services at SC&H Group, here to learn more.