No one can predict what will happen to the economy until we beat the latest wave of coronavirus infections. The only certainty in today’s chaotic world is change. Business operations could cease and restart at any time, especially in industries such as travel and hospitality. Today’s hybrid workforce requires people to be productive from anywhere. Supply chain delays and other mini-crises run the gamut from illnesses and quarantines to fluctuating demand for goods and services. CFOs face more challenges than ever to keep their companies profitable.
Amidst this turmoil, the role of the financial controller also continues to evolve. Today’s CFOs are taking strategic roles in technology selection and management, risk, human capital resource management, and supply chain management. More than three-quarters (78%) of controllers saw their responsibilities increase; 73% of CFOs also faced the challenge of increasing responsibilities, according to the Controllers Council’s benchmark study, The Contemporary Controller – Changing Roles & Responsibilities.
Cloud-based companywide financial analysis, budgeting and forecasting tools can help CFOs, controllers, and their teams gain some certainty to retain business continuity. While business disruption is not easy to manage, companies who embrace fit for purpose software and digitization may find themselves ahead of competitors.
Digitization gives finance teams to-the-minute data
Knowledge is power. Financial tools that integrate with your Enterprise Resource Planning (ERP) software help finance teams and everyone from sales to operations. Dynamic reporting features in cloud-based finance software help teams customize content and layout to produce and automate reports to give teams the big picture. By informing financial plans with operational data (and vice versa), the financial impact on business strategy is better understood and plans are more agile and dynamic.
Work from anywhere
Even as offices re-open, workers have grown accustomed to the freedom and flexibility of remote work. Many working parents still grapple with childcare concerns after working from home for more than a year. Some employees have even relocated during the pandemic.
Cloud-based SaaS solutions for data analytics make it possible for a company’s team to work from virtually anywhere and remain productive. CFOs can manage cash flow daily, drill down into transactions, and complete regular financial forecasting to try to get a handle on what the future may bring in an uncertain economy.
Managing cash flow can help mitigate rapid changes in demand for products and supply chain woes to maintain business continuity regardless of operational changes vendors might make.
Financial planning and analysis provide companywide accountability
Even though the duties of CFOs and controllers have increased in today’s ever-changing business climate, they have shifted some responsibilities to other departments. Modern financial planning and analytics (FP&A) software make it easy to share data between departments while protecting the integrity of legacy data. It breaks down interdepartmental silos by providing not just raw data but data analysis that can get teams talking and brainstorming.
CFOs managing teams working from different locations know that everyone has access to the same real-time data. Together, departments can quickly analyze and predict the businesswide financial, supply chain and talent implications of sudden changes to assumptions.
Ultimately, the vast benefits of FP&A software enable finance departments to stretch their budgets and do more with less.
Embrace business continuity amidst disruption
Empowering workers with data, CFOs, controllers, and managers can encourage employees to take more responsibility for their roles and departments. Employees can view analytics and make changes that can increase efficiencies, manage crises, and benefit the company’s bottom line.
By taking steps now to prepare for what’s to come, you can ensure business continuity amidst constant change. To find out more about how data analytics plus Financial Planning and Analysis can help, download our eBook, Modern financial planning and analysis.