Finance management: what technological tools can CFOs use?

The new technologies of digitalization of the company and their innovative solutions have upset the habits and replaced the traditional management tools. Administrative and financial directors (CFOs) are obviously concerned. Now, they need to collaborate with all departments to ensure they have all the data they need to make strategic decisions. So what are technological tools for CFOs ? You can count the ERP software, but it’s not the only one.

Business intelligence

Although the use of business intelligence (and more specifically the implementation of reliable and relevant indicators) has always been part of the responsibilities of a financial director and his teams, it has been largely modernized in recent years. The goal now is to automate dashboard production.

This will allow the publication of information in real time, reducing (and even cancelling) the production phase of the indicators. This will make it easier to refine the company’s strategy, while reducing the risk of human error. This solution also has the advantage of freeing up the time of the finance staff.

Big data and artificial intelligence

Big data andartificial intelligence, when combined, will allow CFOs to obtain a predictive analysis of the company’s financial data. It will thus become possible to study all the possible accounting and operational actions, but also to improve the follow-up of the treasury, crucial element for the good management of a company. This will improve decision-making, not to mention save time.

This mode of operation necessarily implies a stronger collaboration with the IT departments. This relationship will then facilitate the extraction of the most relevant data from the immense quantity that Big Data can manage. This is a much more efficient way to work without having to deal with multiple Excel tables!

Collaborative work tools and blockchain

The finance function can also benefit from the contributions of collaborative work methods. This will allow the company to set up a cloud platform that is also accessible outside the company. From the CFO’s point of view, this tool makes it possible to simultaneously monitor (e.g. expense management), analyze, forecast and plan via a virtual assistant.

While the technology is not yet well established in the enterprise, many CFOs are keeping a close eye on the rise of blockchains. They could be used not only to generate “bitcoins”, but also for bank reconciliation operations and for updating registers. It is also possible to manage transactions specific to the movement of funds, goods, assets and even various secure data.

To develop this activity, many companies are currently looking to recruit specialists with these skills, to bolster their teams.

For more information, please contact our consultants who can assist you in evaluating the costs and opportunities related to your situation.

We will engage in understanding your strategy and assist you in defining an alignment plan prior to your technology decisions.

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