Responsibility for back-office functions, such as HR and internal operations, has made CFOs qualified and uniquely positioned to influence IT decisions.The role of the CFO is no longer about financial management. Over the last few years, its responsibilities have shifted dramatically – from being primarily a finance and compliance expert to also serving as a risk and stakeholder manager and a strategic organizational decision-maker.
This perspective primarily focuses on high-gain advantages, inspiring a multifaceted approach to IT decision-making. For example, applications and systems are evaluated based on usability, impact on workforce recruitment and retention, adoption speed, and best practices. TechTarget reports that companies that use this approach are well-positioned to identify and select cloud ERP that best meets their needs. This extends to vital decisions on how and where to deploy cloud ERP and whether to focus on the investment as an operational or capital expenditure.When selecting a cloud ERP solution, CFOs wield a powerful tool for accelerating organizational growth: a longer-term view of the strategic outcomes of technology adoption.
Yet, for CFOs to wield maximum influence in technology decision-making, their involvement must be strategic and forward-thinking. Rather than getting lost in the minutiae of implementation and maintenance, CFOs should leverage their insights into the company’s trajectory and strategic objectives to guide technology decisions and foster collaboration between finance, HR, operations, and IT departments.