By Mark Richards (mark.richards01@sap.com) & Stephen Shaffer - Practical Finance - Blog posts from Finance for Finance
As finance professionals, we all agree the expectations for our roles are changing—in fact a recent Google search on “The Changing Role of the Finance” delivers 81 million results. Thack Brown (COO & CFO of SAP LATAM & Caribbean) in his presentation “A New Tomorrow for the CFO in Driving Growth and Managing Risk” outlined these key areas of change, the “What” of change:
Each item on Thack’s list requires Finance to correlate and analyze multiple streams of data then publish relevant business information, all the while collaborating with the business to understand what is behind the results being published.
Accepting that change is already happening, perhaps the bigger question is instead “So What”, how this change shapes three critical areas:
We start with technology, because even in the midst of change Finance’s own operating budget usually remains the same. Therefore, you are required to find efficiency within your team and tools to address new duties-- and technology becomes the key enabler.
Most of us have seen a dip in efficiency and rise in costs as we’ve rushed to meet SOX or governance requirements. The rise of the Cloud-based financials comes at a great time to help us improve efficiency and deliver more to the business. Cloud technology is a significant topic; we begin with our view on the Cloud and how to think about its benefits, having worked with both on-premise and cloud-based financials.
The decision to invest in the Cloud starts with determining where your company will benefit - below are initial questions to both identify Cloud technology fit and benefits for use in building a business case.
As fellow finance professionals, the goal for our posts is to provide a very practical and sometimes tactical approach to enhancing the Finance organization - theory is interesting, but it's decisions we make around our team and technology that make us relevant to the business. When it comes to Finance, the streets and sewers matter.
We invite you to share your insights. Our next post will focus on "Team" and positive impact of both learning and unlearning certain behaviors.
Best regards,
Steve & Mark
STARTER QUESTIONS FOR LOOKING AT CLOUD-FINANCIALS
Using the initial thoughts shared above on Cloud technology, answering these questions will help begin your business case for how and where Cloud technology will work within your organization.
Location of team
Efficiency of team
Access to information
Analyzing data
Sharing of information
Related Blog Posts:
The Pragmatic CFO: How to Respond to Our Changing Landscape – Relevance of Team
The Pragmatic CFO: How to Respond to Our Changing Landscape – Culture
Mark short Bio:
Mark’s background includes VP and CFO for both large global and start-up firms. His finance roles have taken him to 120 cities in 12 countries which have provided a firsthand view of finance's role from initial sale until the cash is collected. Mark became part of the SAP family through the acquisition of Jobs2Web by SuccessFactors.
Mark works in SAP Financials OnDemand to bring a finance perspective to work with our customers, sales, channel partners, and development team.
Mark is on the Advisory Board of Proformative.com (on-line finance community with 600,000+ members). He has been a local chair/board member of two U.S. financial professional networking groups, during which he created 'CFO Versus Controller – Comparison of Duties' to help companies decide what they needed when hiring a senior finance leader.
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