New business priorities for CFOs

With economic and political uncertainty still dominating the business headlines, companies are being forced to focus on a new set of priorities.

The competition is already fierce as business leaders start to work their way through the digital transformation agenda but according to the latest Key Issues Study from The Hackett Group, the twin goals companies are prioritising right now are cost reductions and improved customer experience.

“To thrive in an environment of relentless change, organisations must hone their competitive edge by tightening their belts and finding innovative ways to attract and retain customers.”*

*(2019 CFO Agenda: Building Next-Generation Capabilities – The Hackett Group)

To realise these ambitious goals, finance organisations have identified five imperatives:

  1. Reduce operating cost.
  2. Modernise application platforms and take advantage of new technologies.
  3. Improve analytics capabilities.
  4. Redeploy capacity to value-creating activities.
  5. Align skills with business needs

With these imperatives in mind, CFOs are turning to technology to guide their financial approach.

The good news is that the digital technology to streamline finance departments is now becoming available – providing the opportunity to automate time-consuming processes while simultaneously introducing the analytic capabilities they are crying out for.

Software-as-a-service financial suites are capable of automating many routine finance tasks, which in turn slashes reporting time. This gives finance a chance to expand its more valuable role as a provider of business insights, analytics and forecasting – all key objectives for CFOs according to Hackett Group research over the past two years.

But still CFOs are nervous about making major investments at a time when trimming costs has been identified as a priority – they also cite business disruption and time to deployment as a reason for holding back.

This is why SAP partner InCloud Solutions has developed a new kind of solution called InCloud Express Financials which is available for rapid deployment in as little as a month. Benefits include Improved productivity and faster financial close while staying compliant, plus embedded real time analytics all for as little as £140 a day.

InCloud Express Financials Includes: Financial Management Accounting, Cash & Liquidity Management, Procurement, Built-in Analytics, Compliance, Customer Invoicing

The speed and value of InCloud Express is possible because what is being offered is pre-packaged, standard functionality designed to simplify the project and minimise risk.

InCloud Express Financials is just the first in a series of fixed scope value products to be rolled out – next in the product family will be Express Financials & Projects which is designed to appeal to organsiations offering Professional Services.

The package has been developed in conjunction with SAP – known for its proven track-record of ongoing investment, innovation and delivery in the cloud and whose mid-market solution SAP Business ByDesign provides the core system behind the new product.