As business becomes more global and governments struggle to agree uniform accounting standards, it is more difficult than ever for CFOs to overcome these new challenges in order to improve efficiency.
Talent acquisition and retention
Finding people with the right skills to staff their departments is a critical challenge for CFOs.
CFOs now need to prioritize technological literacy when evaluating new hires because of the growing role technology plays in finance. The additional costs of hiring workers with technical ability makes it critical to focus on retaining employees with these skills.
Good communication skills are also increasingly important for CFOs and their staff. The need to communicate across multiple media — email, text, in person and virtually — permeates the entire finance department.
A lack of data-driven decision making
Disparate systems, lack of talent, and the incessant need to do more make it difficult to report numbers in real-time.
The ability to focus on data-driven decision making and report historical results is often difficult for teams that are already struggling each month to close the books.
Real-time data is becoming critical for the survival of a business. Real-time reporting equips your teams with the necessary data to better handle uncertainty and make more informed decisions.
Disparate systems and unused technology
Many companies, particularly those that have grown through multiple acquisitions, are running numerous ERPs and technology platforms.
These disconnected systems often require data to be manually recopied between them which delays the creation of reports – many of which may be useless or incomprehensible as a result of the disparities.
Additionally, these disconnected systems have limited capacity or ability to track business metrics and perform root-cause analysis.
Even companies that have one streamlined and implemented ERP often do not have the team they need to effectively use the software.
Rapid advancement of technology
Further technology implementations to drive automation are a key challenge for CFOs in 2023 and beyond.
Technology providers are investing heavily in automation, analytics and cognitive capabilities.
Many CFOs have already made the decision to outsource and are taking advantage of the benefits these technologies can deliver.
Find out how the Comply platform allows you to leverage the newest technology resources to manage your business, your time, and your team.
