CFOs and finance teams really want to get involved in tech innovation

Date:
Wed, 01 Mar 2023 11:28:23 +0000

Description:
Finance teams can be more clever with their own finances by getting help from automation technologies, Microsoft says.

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A Microsoft study has emphasized the new pressure facing CFOs and their teams as they struggle to balance strategic innovation with their companys
financial goals and long-term financial health.

The report explores the effects of the pandemic which changed the role of CFOs, who went from fiscal planning to driving innovation amid global
economic uncertainty, to the point that 79% of finance leaders believe they must play a significant role in business innovation to meet future needs.

Key to success is the successful deployment of technology, which Microsoft explored in a complementary blog post . CFO job role expanding

More than eight in 10 (82%) of finance leaders recognize the importance of artificial intelligence and other automation technology to support their organizations goals, which can help decrease human workload and free up time to focus on things that require specific skills and concentration.

Data, for example, can be an expansive environment that needs to be boiled down to presentable information in order to recognize trends, predict future performance, and refine other areas of business. Despite this, Microsoft reckons that 8%% of financial leaders feel overwhelmed by their organizations data. Read more

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Alongside exploring AI tools to support data management, Microsoft is keen to push its new Dynamics 365 Finance business performance analytics feature
thats designed to centralize data from more than one business workstream into an easy-to-use interface.

As we look toward the future, Microsoft wants to take even more of the workload off finance teams, seeking to replace it with low-code solutions
that has saved it 977 annual hours of manual labor and $25 million.

Of course, you dont have to limit yourself to Microsofts offerings, and there are plenty of other options out there including the best accounting software for small businesses . Heres all the best hybrid working tech you need for your company



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Link to news story: https://www.techradar.com/news/cfos-and-finance-teams-really-want-to-get-invol ved-in-tech-innovation


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