As the world navigates the remote work and economic uncertainty caused by the pandemic, CFOs face a daunting task of persuading the C-Suite of the importance of financial innovation. Focusing on the ROI in finance automation is one key to achieving success, as it illustrates how new technology can boost profitability, efficiency, and customer relations, creating a compelling case for continued investment.

Key Takeaways:

• Value data-driven truth over instincts to Overcome skepticism and resistance.
• Address the most impactful problem first and Set up teams for success and scaling.
• Showcase the ROI of finance automation.

Making a business case for investing in new technology can be difficult with companies cutting back and conserving cash. However, given the rapidly changing business landscape, finance leaders may need to be more persuasive in order to drive the adoption of new tools and processes. By providing hard data to back up their claims, finance leaders can overcome the scepticism of colleagues who are more likely to rely on gut feel.

Persuading executives to invest in financial innovation can be difficult, especially if the company considers IT to be a cost centre. To overcome this barrier, CFOs must articulate how new technology will provide a competitive advantage and deeper business insights to solve specific business problems. CFOs should also be prepared to provide comparison charts that demonstrate the advantages of a new system, such as lesser time to close the books, cost savings or alignment to future strategic goals.

Ready to take your business to new heights?

Here are 5 easy steps to get you started!

• Gather insights from your team, stakeholders and vendors to get to the heart of the problem. Be organised with your requirements and seek support from IT leaders if necessary.
• Talk to peers at other companies who have invested in similar technology and seek best practices based on their experiences.
• Evidence based decision making: Provide hard data to support your arguments instead of relying on gut instincts.
• Apply the 80:20 rule: Address the most impactful problem first and aim to perfect the process overtime. Showcase the benefits of a new system.
• Focus on the ROI of finance automation, highlighting how it can improve profitability, efficiency and customer service.

Ultimately, Investing in financial innovation can provide significant advantages, ranging from increased productivity to improved customer service. By continuing to invest in growth, companies will be able to outpace their competitors and be well-positioned for success in the future.

Don’t let your fear of change hinder you from scaling your business to new heights.

So why wait? Take the first step right now!

Need a hand to get started?

Let us help you get started on your financial innovation journey. Start small and scale up as you become more familiar with the technology and its capabilities.

Contact us today to learn more.