Embrace Technology To Its Full Potential
At its most basic level of potential, IT is a tool to support and automate routine and manually intensive tasks. Look further and IT is an enabler. It enables us to conduct business transactions faster and provides access to a global marketplace. It enables us to analyze larger and more complex data sets within seconds rather than days. It enables the CFO to be less of a “number cruncher”, and focus more on business processes and true financial management of an organization.
Business Process Focus is Key
A prime example of this refocusing of the CFO’s role is in the implementation of a structure for Sarbanes-Oakley compliance. In order to effectively manage the volume, speed, and complexity of today’s IT-enabled business processes, the CFO must embrace technologies such as business activity monitoring (BAM), data warehousing, business intelligence (BI), data mining, and business performance management (BPM).