4 ways finance leaders in financial services firms can drive sustainable growth with data

Article credit: Sage 

With the evolution of technology comes the evolution of the chief financial officer.

When it comes to the world of finance, the term “digital transformation” has become a part of the everyday conversation surrounding success in the industry.

More than two thirds of CFOs (70%) said they had full responsibility for digital transformation in their organisation – CFO 3.0: Digital transformation beyond financial management

As companies clamour to boost efficiency while cutting costs, the role of CFO is increasingly data-driven and focused on analytics, moving beyond financial management to be a technology futurist.

This is Financial Leadership 3.0.

Read on to find out how you can save time and use valuable data to add even more value to your business in 2021 and beyond.

Here’s what we cover:

1. Embrace automation

2. Revel in real-time reporting

3. Tap into improved analytics

4. Dig into role-based dashboards

1. Embrace automation

Artificial intelligence (AI) and automation present opportunities when budgets are tight.

Repetitive tasks – from chasing invoices to handling payroll and expenses management – can be automated, freeing up your finance team to work on strategy rather than tedious admin and data entry.

A significant amount of time and resources can be saved through automation, which eliminates manual data entry and spreadsheets to close the books faster.

Key tasks your finance team can automate

1. Job costings
2. Data collection
3. Invoicing
4. Payment collection
5. Credit control
6. Reconciliation

2. Revel in real-time reporting

Did you know 51% of CFOs say thinking of new ways to help their business financially is the most challenging aspect of their job?

Few industries move faster than finance.

Decisions need to be made and ideas need to be generated to keep costs down and efficiency up.

Real-time reporting makes it possible for CFOs to respond to ever-changing conditions proactively and with more precision than ever before. It also impacts your accounting teams and wider management, who need a high-level view of financial health to make better decisions, faster.

Benefits of real-time reporting

• Granular view of how the organisation is doing
• Quicker detection of fraud and human error
• Increased accuracy of predictions and forecasts
• Better-informed business decisions

3. Tap into improved analytics

While trusting your instincts remains a vital part of any finance role, data has completely transformed the way we make business-critical decisions.

Through AI and automation, you help your organisation strengthen connections with customers, build better relationships with their teams, and plot a course for a successful future for their business.

Data and analytics are the key accelerant of an organization’s digitisation and transformation efforts.” – Gartner

Predictive analytics can help you understand data more effectively.

Predictive analytics use machine learning together with data mining techniques and modelling to make more accurate predictions based on historical information.

By tapping into cloud technology, you can collect and collate this data from different areas of the business into one clear view.

4. Dig into role-based dashboards

A successful business isn’t built on rapid growth, but sustainable growth.

To do that, you need decisions backed by data. That’s where business intelligence comes in, empowering CFOs to identify fresh opportunities for growth and innovation.

When it comes to business intelligence, you need quick access to dashboards and reports tailored to your role.

These can be auto-generated using cloud technology, providing role-specific visibility on figures as and when they’re needed across the company.