Role of Managed IT Services in CFO’s Evolution
In this fluid and tech-driven world, everyone in every job is striving to evolve so that they can keep pace with the times or risk obsolescence, and Chief Financial Officers (CFOs) are no exception. Instead of miserly number crunchers, as they are viewed for a long time, the most skilled CFOs are considered to play an integral role in almost every aspect of the business served by them.
However, it is not easy to evolve. According to experts, being a CFO in the 21st century requires a candidate to be smarter about emotional intelligence, reframe what value implies for the company, and also make bold and innovative choices to reframe finance for a better future.
These bold and innovative choices majorly include all things technological and digital. As per reports, the number of CFOs that have employed robotics and AL (Augmented Learning) with advanced IT infrastructure has doubled in the last few years. Additionally, out of ten, six have reported either positive or very positive ROI from tech investments.
Though technology majorly contributes to the role of the CFO, its effectiveness depends on the accuracy, availability, and consistency of data and robust and integrated technological infrastructure. Managed IT services are crucial for CFOs to succeed. It is a must for CFOs to adopt modern technology with ERP implementations and cloud-based solutions.
This article discusses some features of cloud-based solutions that might appeal to your CFO and help him/ her evolve in the advanced technological world.
#1. The financial side:
The first thing that every qualified CFO will notice when implementing cloud-based solutions is whether they have the potential to reduce business costs. Almost every CFO is sick of the constant costs of licenses, annual repairs and maintenance, and also upgrades. It is when CGOs (Computer-Generated Ordering) move to IT infrastructure solutions, like the pay-as-you-go model that their businesses can turn huge upfront CapEx into affordable OpEx.
This helps companies preserve their budget while allowing them to get what they need and when they need it. With the implementation of advanced technology, a business can automatically receive upgrades and avoid the fuss of maintenance and management.
This is the type of change that the CFO needs to be aware of. He or she should think long-term when planning to migrate a cloud-based solution and determine the best approach for it. It is with metered costs that the CFO can experience increased budget flexibility and collaborate with CIO (Chief Information Officer) to make sure that migration is carried out successfully.
#2. Security and safety:
In this digital era, now that all information is available online, cyber security is a huge concern to CFOs. It is frightening to trust your important business data to some cloud service provider. But think about it this way, a reputable cloud service provider relies on the ability to offer more cloud security than a company can provide itself.
If access to such security solutions was remotely possible then the popularity of the cloud wouldn’t be growing significantly. Since stakes are high, businesses are demanding cloud providers demonstrate transparency in terms of data protection and security, and these providers are stepping up to the challenge.
#3. A competitive advantage:
Cloud computing is a great way for businesses to achieve a competitive advantage in the industry. The CFOs must realize that cloud solutions are here to stay and it’s becoming a new and optimal norm in the corporate world. As per a survey, around 80% of respondents reported that they are either using or experimenting with cloud technology. Organizations not thinking of implementing cloud-based solutions could soon fall behind.
These days, almost every CFO is leveraging the cloud and cloud software for improving the day-to-day operations of their companies. This further creates a more efficient and flexible work environment allowing the company to focus its effort on sales, expansion, and innovation.
#4. Time to Market:
It is because of the scalability and efficiency of cloud solutions that many top IT infrastructure companies are experiencing shorter development cycles. Your employees will have the required resources at their fingertips all the time.
Whether you are working on proof-of-concept or developing a new product, it is simpler to move forward. Efficient cloud-based solutions allow CFOs to focus on innovation and determine what will be the next step, instead of just remaining at a standstill due to complicated computing resources.
#5. Changing business demands:
In this constantly changing business world, many companies experience changes in demand throughout the year, from the booming phase to the recession phase. It is just the natural cycle of business. Now that cloud offers scalability, it can help businesses deal with these changes.
It is now possible for the CFO to expand or add resources to the business solution as and when needed, and also reduce the usage of available resources as demand even out. This makes it possible for the CFO and employees to remain in sync with every business cycle.
The incorporation of these scalable cloud-based solutions further leads to many other benefits. These benefits include the possibility of reaching customers across the world and quickly bringing them online, and also reducing the consumption of energy and usage of excessive equipment.
It is by working with a professional IT consulting service provider that you can pass off a lot of your business costs. Such consultants help the companies know the best cloud-based solution for their business that could streamline operations and boost productivity. Since the cloud has a huge potential of saving money, time, and stress, an evolved CFO can contribute a lot to the success of an organization. These days, many cloud providers working with the CFOs are putting more time, effort, and money into security than the companies themselves.
Also, partnering with trustworthy managed IT services providers like Citrus Consulting can help CFOs efficiently manage their day-to-day and IT operations. Such experts help ensure that the technology incorporated in the business is running optimally, regularly performing updates, and protecting the company against cyber threats and downtime. With the right cloud solution provider, CFOs can access a breadth of technology expertise, reduce costs, and minimize risk.