When it comes to automation, building value is crucial to driving value. Chief Financial Officers (CFOs) must determine where they have the opportunity to enhance work-life value and then prioritize it.
The global economy is unpredictable and dynamic, often upending the best-laid plans of businesses. On both a strategic and tactical level, these plans must change more quickly and frequently than ever before.
By providing employees with tools that automate low-value, mundane work, the CFO can unlock the investment they have made in their workforce. The cost of acquiring and retaining talent has increased due to inflation, and it is something CFOs are fully aware of. In a highly manual activity like creating financial plans and models and collecting invoices, they must create an atmosphere where things are not hard to do.
CFOs must create a work environment conducive to collaboration, automation, easily shared data, and technologies to reduce the cost of hiring people and the manual nature of many activities.
CFOs can begin to free up employee time by introducing purpose-built systems that can centralize a company’s data, enabling the easy gathering, assessment, and reporting of financial data. As a result, employees no longer have to create and maintain numerous complex and unrelated Excel worksheets because they now have access to tools for flexible data analysis and visual dashboards. A web browser can readily access all of this, simplifying deployment and lessening the burden on IT.
Build a Game Plan for Cross-Functional Automation
Before investing in an automation solution, it is crucial to determine how this kind of strategy can address problems in business areas other than the finance office. A comprehensive understanding of how business issues from different functional areas, such as logistics, marketing, IT, and HR, may be resolved can help hasten the adoption of automation.
CFOs need to list the activities that take up most of their team’s attention and time and rank them according to importance and value. Priorities that are stacked up give insight into what will produce the most value. It’s crucial to understand that everyone’s maturity curve will be different.
Understanding the process and its consequences are essential. It involves preparing people for the new approach, keeping an eye on it to ensure it is functioning as intended, and carrying out the change enablement process downstream.
Boosting Efficiency While Cutting Costs
Automation is a smart move at any time, but it’s especially wise when cost structures are under pressure, and it’s important to maintain liquidity, capital, and profitability levels. Intelligent technologies such as process mining, AI, and robots are revolutionizing industries. The operational and strategic importance of these technologies is enormous.
Operational value results from process optimization and cost-cutting measures like work simplification and automation. Data, strategic insights, and predictive modeling that help a CFO and other senior executives better connect the front, and back-office systems are what provide strategic value. Seamless integration of essential technical and business processes and systems and increased profitability are made possible by automating and streamlining operational environments.
Setting Clear Goals
While automation can benefit most businesses, achieving those benefits requires defined objectives and effective project management. This means that CFOs should try to create global cross-functional teams that include development, security, network, and platform teams, in addition to strong leaders and requirement SMEs from IT and business units. These are essential for developing strategies and implementing them quickly. Any significant effort needs the support of C-Level executives.
The implementation of an automation plan cannot be hurried. CFOs may want to review their existing situation, and it’s crucial to evaluate the company’s current initiatives. This will allow them the opportunity to utilize other technologies that haven’t been used to their full potential or a method or process that can produce value but hasn’t been wholly ramped out to the larger organization. Automation truly begins to take off at that point when one is sure of their goals.