The CFO, a Real Strategic Partner for the Company

It is a fact that the finance function has to change. For the sake of the sustainability of a company, it is clearly vital that its Chief Financial Officer become a real support for business, well equipped to anticipate change.

Faced with a tough economic climate, companies have to react faster. To face the competition, decisions have to be made and can no longer be left hanging. Financial management must therefore become more agile.

Reverse the flow and become 360° agile

In general, the finance function operates using a fairly bottom-up approach to retrieve information from the company's business lines. All teams spend a huge amount of time working on Excel files, so that business lines can report their data to the management control department for consolidation.
However, because it is error-prone, this process of manually collecting financial information has become too time-consuming, disjointed and expensive. It is therefore a risk that generates significant additional stress, since the CFO is considered the "guardian of the temple."

It is therefore obvious that the finance function must be transformed. We must be able to reverse the flow and become 360° agile. In other words, through a comprehensive, unified solution, we must enable financial management teams to send clear dashboards which are easily understood by business lines, so they can be more responsive. By automating this process, the company simplifies and optimises it, thereby creating favourable conditions for increased collaboration, workflow, compliance and control of the entire release cycle.

 

The CFO, a real strategic partner for the company 

Reliable financial information available to all

However, all automation solutions are not created equal. Today, most companies use information systems that have grown in stages, like jigsaw puzzles, and which are consequently highly complex. As a result, CFOs spend a lot of time finding their way, wondering where they can find the real version of the truth. Yet everyone needs quick access to reliable information.

This is why it is preferable to favour a comprehensive, unified solution that will enable all finance processes to be dealt with, from statutory consolidation to budget preparation, from cost allocation to profitability, in a virtuous circle. In this way, CFOs have permanent access to a single version of the truth that becomes dynamic, reconciled and aggregated, enabling them to disseminate this information calmly and collaboratively to analysts, executives, the Executive Committee, finance teams, business lines, and so on.

Thus, the trend is towards digitally transforming companies by moving to the Cloud. This choice will enable the CFO to have economies of scale, reduce costs, become agile and evolve in terms of change.

Be ready for change

The adoption of a comprehensive, unified solution and the choice to move to the Cloud will allow the CFO to be seen more as a strategic partner within the company. Risks will be reduced, and the finance function will also be able to better support the vision of the Executive Committee and the CEO and the decisions made by business lines, and to deploy the strategic plan throughout the organisation.

Another benefit is being ready for change. The CFO must be able to easily adapt to changes in scope or to immediately respond to a need for simulation. If we were to buy this company, what impact would this have on our P & L? Would it be profitable if we were to abandon such and such a product line? And so on and so forth. However, this cannot be done in one click without a reliable software solution.

To each his own business, and the business of an editor like Tagetik is precisely to provide CFOs with the means of becoming more efficient in their business, serving the competitiveness and profitability of their company.

 

The Cloud for Finance

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