CFOs are under increasing pressure to rethink how they serve their organisations both strategically and operationally. This is according to Sage Platinum Business Partner, ALNET Technologies.
“Forward-thinking C-suite executives are aware of the gap that is emerging between tech-savvy and tech-laggard CFOs,” says Netesh Maharajh, director, ALNET Technologies. He adds the digital economy is driving the need for CFOs to develop a game plan to modernise finance and achieve the right level of readiness that meets today’s business needs. “As CFOs prepare to learn more and address this challenge head-on, it quickly becomes apparent that smart solutions to support thoughtful ideas, collaboration, and innovation are the new currency,” he says.
This is supported by Gartner in its 2025 leadership vision for CFOs report, sourced from the research guru’s interactions with nearly 5,000 CFOs and other finance leaders, pinpoints their top priorities: forging stronger finance-business partnerships, refining data and analytics strategies, proving AI’s ROI, managing their expanding remit, and upskilling teams for a digital future. By tackling these CFO challenges head-on, they say CFOs will not only safeguard the enterprise’s financial health but also cement their role as a strategic power player in an unpredictable economy.
Maharajh notes CFOs today are dealing with new rules and new tools. “Today’s CFO needs to be part analyst, part strategist and part futurist – you are expected to be the leader who can modernise and transform business systems and operations to improve productivity. You must be capable of adapting to the changes being wrought by the digital economy if they are to keep the company ahead of the competition.”
He emphasises CFOs need to adopt a complete rethink of financial and technology infrastructure, because shifting business strategies are rewriting the ways companies in which execute their financial processes and operations. “In this new world it’s necessary to analyse exponentially greater volumes of data, embrace the power of social media, mobile users, and cloud computing while tapping into unlimited and ubiquitous connectivity. To achieve all this CFOs must capitalise on sophisticated databases and analytics plus adopt new metrics for operations and valuations. In short – you need to be a tech-savvy CFO.”
Maharajh confirms few CFOs possess in-depth tech fluency. “This is understandable, it’s not your area of expertise or field of specialty, but it is essential to have some knowledge about how technology can positively impact your business and how it can provide competitive differentiation, improve finance’s productivity, open up strategic opportunities, and ensure a healthier bottom line.”
What does the tech savvy CFO look like?
Maharajh says: “Look at the following and ask yourself if you meet the profile of a tech savvy CFO. Are you:
- Agile – it’s your job to think long-term, even when technology keeps changing in the short term. The watchwords are agility and future-proofing because you must make the right decisions that set the company up for success.
- Embracing automation? It’s one of the CFOs biggest allies as it streamlines mundane tasks and allows you to devote time and resources to higher value, strategic activities.
- Using technology to enable you to make informed decisions that drive profit creation?
- Adapting to significant changes in technology and market dynamics, moving beyond traditional finance practices?
- Fostering collaboration across the organisation to drive results and eliminate silos?
- Prioritising visibility over mere reporting, using technology to gain insights into business performance and identify opportunities?”
Moreover, Maharajh adds the tech savvy CFO must understand the risks and benefits of cloud solutions. “This is vital for informed decision-making.”
The 2025 CFO – Superhero?
Maharajh concludes that at this point CFOs may think this is where they will next be expected to don a Superman costume if they are to achieve these goals. “It is much simpler than that – all CFOs need to do is to contact ALNET Technologies for an introduction to financial super-power, Sage Intacct. The solution includes accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting applications, all delivered through the cloud. Sage Intacct is the innovation and customer satisfaction leader in cloud accounting and ERP. Bringing cloud computing to finance and accounting, Sage Intacct is the preferred financial application for CFOs wishing to achieve tech savvy status,” he concludes.