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News & Press: MANAGEMENT

CFOs not really using IT

04 March 2014   (0 Comments)
Posted by: Nicolaas van Wyk
An ACCA report found that CFO's are not fully utilising technology to improve efficiencies. 

The report summarised the problem as follows: "Finance leaders are familiar with technology. They have not only relied on the implementation of enterprise resource planning (ERP) solutions for years, but have also deployed select applications to improve the efficiency of their current finance processes and delivery constructs as they are configured today. Now, the bigger prize for finance will be won by using technology to further eliminate the current need for shared services and outsourcing in the move to ‘lights out finance’.

More automation will require radically different finance capabilities. It will probably place the burden of investigating, selecting and configuring software to support changes in business rules directly on the finance team. No longer will the finance team be able to throw the responsibility for technology over to the chief information officer (CIO). Technology could also impact the remit of finance —moving even further up the value chain. Social and mobile technologies, abundant in front-office functions such as sales and marketing, could irreversibly change how finance ‘works’ – how it communicates with the business and its employees, and its ability to provide real-time data. In short, finance could become technology-led rather than people-led – but will it?"

To read the full report click here 



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