In 2017, The battle of the c-suite continues in the arena of technology spend. According to Gartner, 2017 marks the year that CMOs will outspend CIOs on technology. What it doesn’t say is that this year it may no longer be a two-horse race.
CFOs have been slower to adopt new technologies for their own departments. This year, however, trends show they will be increasing their investments in financial technology.
Expense reporting and time management mark two of the last manual functions inside organizations. Automating these processes has a large impact on a company. It is critical that finance teams choose the right provider.
Expense management solutions that will win CFO trust will meet the following expectations:
Provide Significant Visibility
Expense management vendors need to arm their CFO buyers with insights for strategic corporate decision making. A recent survey by Accenture showed that 75% of CFOs are now actively involved in “challenging and supporting strategic decision making” and that CFOs are “getting in the driving seat” when it comes to technology investment decision making.
Added pressure will be placed on the CFO to create organizational efficiencies. They will be looking to improve manual processes that are causing errors, threatening company security and adding unnecessary costs.
Focus on the Future
As they say, you cannot drive forward if you are only looking in the rear-view mirror. In 2017, CFO’s will be placing a high value on what is and what will be happening in their businesses.Many platforms provide rich historical data, without the option to assist CFOs in forecasting and looking to the future.
Easy Reporting (Emphasis on Easy)
CFOs will be looking to the software they invest in to provide easy to access, actionable insights. Often, it can be a frustrating experience for finance teams to purchase software with the promise of added visibility, only to spend hours digging through data.
Subject Matter Expertise
- Network effect
- Industry Best practices
- It’s no longer enough to know what we “could” be doing, CFO’s need to understand exactly what they should be doing to improve efficiencies in their business
- Supplement their team, help accountants be better accountants
- Be both finance and technology experts, not good enough to be one or other