Technology is changing the role of the CFO. And with business resilience, financial risk management and cost control now more important than ever, CFOs can’t afford to ignore digital transformation if they want to stay relevant and pull away from the competition.
While traditional functions such as accounting, tax, compliance and financial management are still required, the CFOs’ scope has widened to include strategic IT, key performance indicators, digital analysis and risk management. Forward-looking CFOs are using predictive data and insight to support their decision making.
But how can the CFO embrace digital technology? A Business Spend Management system is certainly one of the answers to achieving more.
BSMs are digital platforms that support the source-to-pay lifecycle and offer enormous benefits to any organisation who recognises the need to adapt and evolve. They are focused on gathering all the information required to analyse and support decision making for your business spend function.
With a BSM, routine finance and accounting tasks are automated, dramatically reducing paper-based and manual activities and freeing up the finance function to focus on more strategic or sophisticated work. A BSM drives operational efficiency into your organisation and delivers savings, helping to fine tune processes and giving you the visibility and oversight of your business expenditure so you can make the right decisions.
Download our latest ebook, created in collaboration with our partner Coupa, which focuses on the 5 key procurement considerations for a CFO. Find out in more detail how an effective Business Spend Management system can help support your business, create further operational efficiencies and help you spend smarter: Solving your Source to Pay challenges: 5 considerations for the CFO.
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