CFOs and finance teams really want to get involved in tech innovation
Automation among the tools designed to save finance teams time
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
AMicrosoftstudy has emphasized the new pressure facing CFOs and their teams as they struggle to balance strategic innovation with their company’s financial goals and long-term financial health.
The report explores the effects of the pandemic which changed the role of CFOs, who went from fiscal planning to driving innovation amid global economic uncertainty, to the point that 79% of finance leaders believe they must play a significant role in business innovation to meet future needs.
Key to success is the successful deployment of technology, which Microsoft explored in a complementaryblog post.
CFO job role expanding
More than eight in 10 (82%) of finance leaders recognize the importance of artificial intelligence and other automation technology to support their organization’s goals, which can help decrease human workload and free up time to focus on things that require specific skills and concentration.
Data, for example, can be an expansive environment that needs to be boiled down to presentable information in order to recognize trends, predict future performance, and refine other areas of business. Despite this, Microsoft reckons that 8%% of financial leaders feel overwhelmed by their organization’s data.
These are the best online collaboration tools>Apple’s new financial services have hit more delays>Many workers think their employers aren’t investing in technology properly
Alongside exploring AI tools to support data management, Microsoft is keen to push its newDynamics 365 Finance business performance analyticsfeature that’s designed to centralize data from more than one business workstream into an easy-to-use interface.
As we look toward the future, Microsoft wants to take even more of the workload off finance teams, seeking to replace it with low-code solutions that has saved it 977 annual hours of manual labor and $25 million.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
Of course, you don’t have to limit yourself to Microsoft’s offerings, and there are plenty of other options out there including thebest accounting software for small businesses.
With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!
7 myths about email security everyone should stop believing
Best Usenet client of 2024
VIPRE Security Group says its new endpoint protection tools can stamp out even the latest cybersecurity threats
