Managing constant change in finance – the crucial skills
If anyone knows how fast things change, it’s finance.
By Neil Krefsky, Head of SAP Finance and Risk Product Marketing
You know change is constant. You know everything is always evolving in business. But the thing about change that’s changing fastest is the fact that finance is now charged with driving it.
CFOs have always had their hands on the wheel, helping drive stability across their respective companies. Status quo, after all, offers a sense of security, and that’s worth something. Change, on the other hand, costs money, and unexpected expenses are the sorts of things that keep finance leaders like you up at night.
Now, after having lost enough sleep, your peers are discovering tools and techniques that actually help them embrace change – because, as we all now know, flexibility is the only way to move forward.
Simply put, the way to transform your company is to continuously transform finance. So modern finance must always be looking ahead. It must always be improving and always innovating. And as your business grows, finance must scale to tackle new problems and adapt to new markets at a moment’s notice. For your business to move forward, in other words, finance must always be on the move.
How are your peers getting to this state of constant-yet-confident flux? They’re moving toward Intelligent ERP.
This is brilliant.
What does Intelligent ERP do for you, and is it really smarter than regular ERP? Yes. And here’s why.
With real real-time information, intelligent ERP allows finance to shift from periodic processes and workflows to an always-on mode that fits the reality of modern business.
- So instead of closing out at the end of the month, you have continuous accounting.
- And instead of waiting for the next cyber threat or process failure, your ERP has controls and risk management built right in.
With a modern, versatile technology infrastructure, you can take on all the challenges that come with growth.
- You can reinvent business and billing models in an instant, so no matter where you take your business, it’s ready to go.
- You can adapt to unique language and regulatory requirements in any country, so you can add people, offices, and customers in new markets without adding complexity.
And by bringing critical financial functions together in one solution, you can close the data and workflow gaps that slow you down.
- You can efficiently direct liquidity and working-capital management in real time, in one place.
- You can connect finance to the rest of the company, so you can eliminate inefficiencies and disjointed views of the data.
All of this makes it easier to drive innovation faster, and that, without question, is quite brilliant.
The role of resiliency.
As just one example of how finance is embracing its changing nature, a recent IDC Analyst Connection outlines in a series of questions and answers how finance is the real driver behind digital resiliency. Today’s CFOs, it goes on to say, “want ownership of the tools that enable them to do their jobs without being dependent on IT for access and enablement.”
Finance and IT have always worked hand in hand, but as data becomes more valuable, finance needs more and quicker control. That drives the demand for more and easier tools – like intelligent ERP.
Because when you, as a finance leader, can access more information and make more-informed decisions – with simple tools and without the aid of IT – you can do more, faster. You can actually drive change instead of merely reacting to it.
If you have time for a few quick questions about change and resiliency in the finance department, check out this 5-part Q&A with Chandana Gopal, Research Director, Future of Intelligence, IDC.
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