We all know the vital role of finances in any business. Lagging in this department can make or break the company from the core. So, to be safe and rule the market, you have to start planning a digital shift for your organization. Therefore, here comes the planning as a whole team starting from the CFO. Now, the question is, what is the future of finance and how any CFO can plan better strategies for their company?
One thing that we all know for sure is that the workplace is shifting right now, and it is in the hands of a new generation. So, technology is going to rule, and if you are not ready to adopt the changes, you might lose. There are new rules for the game and evolving by considering the innovative approach is a necessary part of planning.
Today, you are not bound to follow the suit-wearing culture, and now they the finance leaders are more connected to technology. There are many challenges, and technology is empowering them to evaluate the risk and grow their business.
Latest trends to be known by every CFO
· Centralized data, smart everywhere
It is now said that “data is the new oil of modern business”. Right now, most companies are fighting to survive in it. Decentralizing the data can cost you a lot as you need to manage in-house servers. But the centralized data systems are taking business data analytics to the next level. For example, if you are using dynamics 365, your data will be stored in the large centers of Microsoft. You can access all the knowledge anytime and define the access roles according to it.
·The CFO’s role Grow
The role of the CFO is growing each day. It is simple as anything that is impacting the company profit anyway, and it is the responsibility of the CFO. Second, you must know that everything is going to impact the company’s value and profit. So, as a CFO, there is a large number of teams, statistics, and other things depending on you. Now, keep in mind that the growth of the CFO is going to impact everything in the company.
Over the decades, the CFO is held responsible for making ways for the company to grow digitally. As per the research centers, Global IT spending was around $3.7 trillion in 2018.(source Gartner) So, CFO must have a strong and long-term vision for a financial line keeping the IT growth in mind.
·Customer experience becomes a top priority
Regardless of the business dynamics today, customer service will remain the gem of all departments. Your lack of expenditures and interest in improving these services can always put you in a hot pol of losing revenue. According to the statistics, 70% of users can switch the company or brand because of poor customer service. Additionally, there is also a research cleaning that customers of America can pay 17% more just because of the customer service and the company’s reputation. So, this is hugely going to change the financial situation for any organization and CFO strategies too.
·Technology makes finance smarter and faster
We have a powerful software system by Microsoft named Dynamics 365 FO. The tool is designed to manage and organize all the finances. The AI and ML are automating all your financing operations – giving you access to real-time analytical data and other figures with a visual representation of each. Accounts, dimensions, invoicing, tax reports, payments, and a lot more are now easier with dynamics 365 FO. So, being a CFO, it is your responsibility to change the way your company is doing business. The automation through AI and ML techniques in Dynamics 365 will help you reduce manual errors, minimize the risk and complexity.
It will further enhance the ability of decision making and optimization of the cash flow. So, from financial planning to budget control and reporting, you can have all of them in one place.
·Living in the age of uncertainty
Pandemic COVID-19 has shown us how uncertain our life has become today. The main concern for businesses in the age of uncertainty is to stay prepared for these unfortunate circumstances. Then, we are all well-aware of political uncertainty, too as many leaders believe that uncertainty is more than ever a part of businesses today.
Changes in financial policies, laws and regulations are also causing uncertainty. Many leaders like CFO struggles to fight with the changes, and then they have to deal with the pressure of any pending changes in the regulations too. So, they are never exactly prepared for what might happen. Therefore, CFO’s are more than responsible for expecting the unexpected.
Bottom Line
Lastly, adaptation is the key to today’s business. Any finance professional or CFOs are now transforming into strategic leaders. They have to work faster and smarter. Therefore, Microsoft Dynamics 365 is offering all the tools, functions and features for a finance professional to streamline the process. They provide more visibility and enhance predictability – resulting in informed and actionable insights.
Now, if you are also in such a position struggling to innovate or adapt to the changes, you can contact DHRP for a seamless Dynamics 365 FO implementation and support.
