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On this episode of The CFO Playbook, we share some of the best advice on technology and automation that we’ve received from recent guests.
Lessons we cover in this episode:
It’s key to build a structural foundation for finance upon automation and technology:
- Hyper growth companies view technology as the ‘engine room’ of growth and a critical foundation for scale.
- The days of thinking that automation is a “nice to have” are over.
- Building automation can be far more rewarding for teams than following a well-trodden playbook.
Once you’ve laid the groundwork, with the right technology for your company:
- Be deliberate in determining which technology tools to invest in and why. Start by identifying your pain points.
- Automation increases efficiency and creates more time to harness strategic thinking.
- If done well, technology beats throwing headcount at a problem.
Hiring and managing for automation is vital:
- Automation can be great for employee retention, but you have to hire the right employees to leverage the technology.
- Great managers should take advantage of the extra time automation allows to challenge and engage their finance team with creative, mission-critical problems.
- Over time, the skills and requirements of a finance team are shifting to meet the demands of technology-enabled businesses.
The need for and benefits of automation aren’t going away anytime soon:
- Automation can help CFOs directly. Sharper forecasting, real-time cost controls, and fewer processes can create space for CFOs to focus on company strategy.
- With the CFO’s responsibilities increasing rapidly over time, automation allows for far more effective partnering with the CEO and the rest of the executive team.
Tune into the full episode to get all the best insights on leveraging technology and automation in finance.
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