Today’s CFOs are more than just numbers nerds. Increasingly, CFOs are transforming their roles as their companies’ financial experts into go-to strategists who provide valuable insights and direction to the futures of their firms. Here are a few ways CFOs are innovating within their roles—and saving their companies money in the process.
CFOs are leveraging technology.
Technology is your greatest ally as you transform into your company’s go-to strategist. Automating your company’s processes, from employee time and task reporting to accounting and invoicing, can save your company money while making your team more productive.
Integrating technology into your company’s processes also reaps another benefit. It provides you with data so you can gain valuable insights into how you can improve operations to cut costs even more.
CFOs think strategically.
Cuts to specific departments and programs certainly save money in the short term. But piecemeal cuts that lack a broader vision don’t do much to curb costs long-term. Instead, take a 10,000-foot view of the cuts you’re considering making. Will they help you adapt to changes in the market or economy? How would they impact ROI or product value? Do they help you streamline your processes or complicate them?
CFOs uncover hidden costs.
Once you’ve invested in technologies to automate and streamline your operations, you’ll likely uncover hidden costs that have been draining profits without your knowledge. Some companies find their mobile and remote workforces are costing much more than they think. Others discover their investment in a company- or department-wide training didn’t pay dividends. By thinking strategically and making the investment in technology, you can save your company hidden costs.
Innovating within your role as CFO can help transform your company—and increase your value to the company as its go-to strategist as your insights help increase productivity and cut costs. If you’re the CFO of a company that sells products overseas, Total Export could help you cut costs in your export process. Call us today at 612-788-9777.