Technology is moving at breakneck pace, with a significant impact on business and the world around us. It is imperative that CFOs have understanding of these rapid change in order to mitigate the risks and maximise the rewards. Here are five tips that can make this process easier, according to CGMA.
Hire financial staff with a passion for IT
You don't have to take it all on yourself. These days, tech-savvy employees can be found in all units of a business and having a few in the finance department will allow you to access their expertise without any disruption to routine financial work.
Interact with trusted technology experts
Build a strong relationship with your business's IT department and also look beyond the organisation and network with external consultants. CFOs must understand how technology affects the consumer and user, but also how it impacts the finance function and overall business. It is also important to have experts you can trust on hand to analyse risks.
Network and attend conferences
Network with other CFOs across a broad range of industries to share and gain exposure to different kinds of technologies and strategies. There are various tech conferences relevant to CFOs that can also provide insights into emerging technologies.
Harness the Internet
Technological developments occur every day, so it makes sense to set up tech-based RSS feeds and join relevant user groups to keep up with changes and discuss issues. Conduct daily and weekly trawls through to pick up new insights.
Collaborate with other CFOs
CFOs seeking answers to technology problems specific to their industry may find help with other CFOs in their industry. Other CFOs often can provide answers even when vendors cannot.
