The Digital CFO Opportunity
In the Digital Age, an organization’s success depends on how well its leaders understand and respond to the impact of digital technologies. Because most business data is being pushed into financial systems, CFOs own the business intelligence and have the opportunity and duty to take a leadership position: staying up-to-date 24/7, collaborating with the business and driving future performance.
Know the "now"
Stay up to date 24/7 by registering data as it happens so your records reflect the current business position
Instead of isolated silos, create communities and share task management across departments
Harness your data
Turn stakeholders into contributors by giving them tools to provide data that enriches your analytics
See clearly ahead
Embrace automation and tools to comply with reporting requirements and drive future performance
Nearly every company’s finance and control departments are generating management reports. But it’s one thing to create the report, and another thing to act on that information.
When you have the tools to register data as it happens, your records and forecasts reflect the current business – not a snapshot from the past.
From there, it’s a natural step to continuous reporting.
Day-to-day analysis can now contain the same data as monthly reports, even annual reports. The benefits of this approach enable you to support the business with faster, richer, and more accurate insight into the current state and future scenarios.
Ditch the Status Quo
CFOs have been using the same tools for so long that their limitations have become invisible. Taking a fresh perspective reveals reasons to challenge the status quo.
Using spreadsheets for planning and reporting?
Better expect roadblocks. Processes using Excel are incredibly time-consuming for gathering data, maintaining models and distributing outcomes – not to mention the headaches of version control. Collaboration is nonexistent. And all the information is fragmented (and often error-filled) when you need it to drive future actions.
Using email for collaboration?
Who’s missing the messages? Email chains often leave out key stakeholders, and a fragmented trail of partial or outdated information is of little use for future projects.
Using PowerPoint for stakeholder reports?
It’s an information dead end. Your slideshows may look beautiful, but presenting information in PowerPoint means the output has hit a dead end rather than directed back into the core systems. And when someone wants to dig deeper on a topic, you’re stuck with a static picture.
CFOs in the Digital Age need to get beyond email, spreadsheets and slideshows. They need modern, collaborative tools to collaborate, plan, and succeed in all the roles they fill: Bookkeeper, Improver, Predictor, and Communicator.
When everyone involved in financial control and internal auditing can access and share information, the business benefits.
CFOs, controllers, finance managers and auditors should have access to evidence and documentation into a single, shared document storage and management facility instead of navigating a fragmented system of local storage, server folders and email. This way, everyone from CFO and down is seeing data as fresh as it comes, and can collaborate on high-value tasks rather than managing data streams. Not to mention the audit benefits of a single source of formatted data!
In the Digital Age, CFOs need to get beyond unreliable spreadsheet-based workarounds and find ways to simplify their planning process. Whether analyzing cash flow, consolidating accounts from multiple companies, or simply looking to consolidate a number of tools, the key enabler to better forward-looking budgeting is integrating data so that it's accurate, fresh, and available to everyone who needs it.
With the right tools to gather and format your financial data, you can spend more time planning for future scenarios and generating budgets that keep your organization prepared for an unpredictable future.
“Before Unit4 Business World On!, we were unable to provide COR results by business line, and now we can. Our Administrative Expenses Report used to take most of a day to complete, which required a manual cleaning and organizing of data. Now it takes less than ten minutes and five of that is getting coffee!”
- Controller, Peace Hills Insurance
“Performance Reporting as I see it, has helped to increase the benefits of the consolidation system. Now we can quickly obtain such results as budget and forecast deviations at different levels down to each individual property."”
- Group Controller, AB Sagax
“We are confident that powerful, flexible and robust Unit4 Financials in the cloud will help us manage changes we will be faced with in the coming years.”
- Vice President of Finance, Jordan’s Furniture
No CFO succeeds in isolation. It takes collaboration within the finance department and across the company. If you had purpose-built tools to collaborate with colleagues in a central location, integrated with the financial data essential to your role, you could prioritize tasks and make sure everyone focuses on the most important, time-sensitive projects. Get away from email chains and instead show others exactly what you need them to work on with screen-sharing tools – even drag-and-drop tasks for colleagues to complete. Collaboration and communication have never been more important for business and financial success, so make sure you have the tools to break down silos and engage everyone at your organization.
Unit4 solutions for the Office of the CFO
Unit4 delivers innovative financial management solutions designed to meet the core needs of people- and services-focused organizations around the world. We also offer dedicated solutions that address the specific additional requirements of individual roles, business processes or localities.
Global core solutions for fast-changing organizations
Unit4 offers customers two different approaches for achieving world-class financial management to suit their particular business and IT strategies. Each of these solutions is distinguished by delivering continued agility and flexibility to embrace change – long after initial implementation:
- Unit4 Financials Business On! World Edition – integrated financial management at the heart of your ERP.
Unit4 Business World On! delivers financial management support as part of a suite of integrated and role-focused, agile applications, designed to help users easily adapt the system, in line with ongoing business or operational change.
- Unit4 Financials – best-in-class accounting with unrivaled interoperability.
Unit4 Financials easily and cost-effectively integrates with customers' chosen industry- or role-specific applications – without affecting them or being affected when those applications need to be changed or replaced.
Dedicated solutions for specific processes
- prevero - financial and strategic Corporate Performance Management (CPM) from Unit4
- Unit4 Consolidation – streamlined, smarter group financial performance reporting.
Dedicated solutions for specific industries
We also offer dedicated solutions that address the specific additional requirements of individual industries.