Changing Technology and Financial Pressure
Rapid change in technology has put a lot of pressure on finance and accounting teams. CFOs have increased responsibilities and their role is evolving. As a result, boardroom-level strategy is now as much of a focus as the balance sheet. Robert Half Management Resources recently released a survey with over 2,200 US companies of all sizes where they asked CFOs the following question:
“In general, what would you say is the single greatest pressure facing your accounting and finance function?”
Their responses were:
- Keeping pace with changing technology
- Meeting regulatory compliance mandates
- Harnessing and managing big data
- Finding and keeping skilled staff
Thus, based on the survey conducted by Robert Half, it seems that the greatest pressure CFOs are currently facing is changing technology. Leading financial managers should be able to look at a problem from many points of view and find a solution among disparate notions as a result. Therefore, gaining visibility into data and turning it into information is key. If data isn’t accurate, information and perceived solutions are flawed, or even worse, your solution only leads to further problems and you lose credibility.
7 Ways for CFOs To Keep Up with Technology
Paul McDonald (senior executive director for Robert Half), James C. Bourke (CPA/CITP/CFF, a partner in a large CPA firm) and Jeff Drew (Senior Editor at CGMA Magazine) have come up with seven tips that are especially relevant for CFOs to keep up with changes in technology.
- Hire financial staff with strong technology knowledge.
- Interact with in-house IT staff and outside consultants who are trusted technology experts.
- Attend conferences featuring sessions on current and emerging technologies.
- Set up RSS feeds with specific technologies as keywords.
- Join and become active in technology user groups.
- Collaborate with other CFOs at companies that use the same technologies.
- Meet with fellow CFOs or outsourced CFO firms to discuss technology issues.
How do you keep up with the pace of change in technology at your business? Do you employ any of the methods listed above?