Is your CFO a chief value extractor or a number cruncher?
The role of the CFO is changing, according to Deloitte. Their report, published in November 2019, states that companies now expect CFOs to be leaders that drive technological change, good governance and investment returns – a far cry from the stereotypical accountant, or, as Andy Halls from Deloitte phrases it, “a backwards-looking number cruncher.” CFOs today, Halls explains, are expected to be chief value extractors that look across all departments and use data and insight to support decision making.
A Common Problem
The problem, for many businesses, lies in sourcing that data. In a recent online workshop, we co-hosted with the CICM, Sue Chapple, the institute’s CEO stated that many finance departments have a wealth of data but a paucity of information. Collating the data for modelling and analysis is the biggest challenge, as much of it lies in different IT systems, on spreadsheets and on paper. If the data were easier to access, the insights derived from it could be used for evidence-based decision making.
If you missed the workshop you can view it here.
The Deloitte report showed that management information is an increasingly high priority. Our customers tell us that without Corrivo they struggled to obtain granular data on customer behaviour, payment trends, key performance metrics for teams. With it, they were equipped with the data on which to base recommendations that have delivered commercial benefits far beyond the efficiency they quickly enjoyed by using Corrivo.
If you would like to find out more about how our customers used their data, please book a Corrivo Demo to see the precise tools our customers use to gain the value their CFOs seek.