CFOs: Take the Self-Driving Test Part II
Posted by Lauren O'Neil
Should you move to a self-driving financial management model?
The simple fact is that being complacent or acting too slowly displays the same risk profile as being wrong. If you noticed yourself answering yes to the majority of the self-driving test questions, it could cause risks to your business.
Another big factor is the technology you use. You’ve probably struggled with outmoded software solutions that were never intended to meet your needs to begin with, much less adapt to the strategic requirements of tomorrow. The growing trend, based from Protiviti’s 2016 study, is that “the demand for speed and accuracy in financial consolidation and working capital management activities almost assuredly will intensify". As these expectations grow without comparable increases in staffing, modern finance governance technology can reduce errors, accelerate consolidation and closing activities which will support your goals in becoming a strategic advisor.
Get ready to realize a whole new potential of your role and the business. Download our CFO Strategic Empowerment Series paper on how CFOs can achieve automated, self-service finance processes and become true strategic planners. As you create a consultative, strategic advisory role, business executives will be able to turn to you for real-time, on-demand information about the state of the business, the market and the industry. Operating at this level puts you in control, and employees at all levels will truly rely on you and your team as full strategic partners and collaborators on the future of the business.