The Association of Chartered Certified Accountants (ACCA) recently released a report urging CFOs to develop technology roadmaps for their organizations to stay competitive in the global market.
Technological advances can bring great benefits to accountants and finance functions if they are willing to embrace them. CFOs who embrace new tools and technologies have a huge opportunity to put finance at the center of the enterprise for value creation. Failure to do so will risk the future value that finance can generate.
The report is drawn on the experiences of over 50 finance and industry experts. In building the business case for technology investments, the survey found that 70 percent of respondents cited improved productivity, while 53 percent said technology in the finance function can create new value in the business.
The report recommends CFOs develop a better understanding of how their organizations can use technology to achieve their company’s wider goals and ambitions and outlines the following six guidelines for technology deployment:
- Align the strategy
- Build the business case
- Appreciate the value of data
- Manage the organizational impact of technological change
- Focus on talent and skills
- Assess the impact of technology on governance and risk management
Per the ACCA, CFOs should also consider the impact of technologies such as robotic process automation, cloud computing, analytics, social media, cybersecurity and artificial intelligence, along with the opportunities they present.
Ironically, while finance is kicking the new and emerging technology tires, many continue to be challenged in achieving the promised return on investment of invoice automation. Looking for a tech roadmap that can lead your organization to triple the cost savings of traditional invoice automation solutions and millions gained in early-pay discounts? See how Inspyrus is reinventing invoice automation.
Sources: https://www.accountingtoday.com/news/acca-urges-cfos-to-develop-technology-roadmaps http://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/the-race-for-relevance/pi-race-for-relevance.pdf