If you are a CFO (Chief Financial Officer), you may not be asking for change and disruption. However, you need to be prepared for technology to play a significant role in the growing expectations of the job. Surveys have indicated that executives feel better about finance when they can provide real – time data and consistently – updated predictions. Cloud, In – Memory Computing, Big Data, Mobile and other technologies can make life easier for CFOs. The Cloud ERP is a proven technology which is assisting big business to operate more successfully.
Technology Trends to Watch Out for in 2017
The Services Economy Will Be “The Economy” – In 2017 more than half of all businesses will be structured around services – connected revenues. CFOs will become more occupied with customer approval, retention and rekindling.
Approximately 90% of companies will acquire more than half their profits from services.
CFOs Get Hands – On with Customer Involvement – Businesses are moving from product and solitary transaction sales to service and subscription models. CFOs will be forced out of the back office and into ongoing customer – facing roles. Successful software companies must provide tools that:
- Merge billing sources.
- Sustain and automate new revenue models.
- Give end – to – end discernibility across the customer lifecycle.
Revenue Recognition Will Propel CFO Technology Implementation – CFOs will become more dependent on cloud technology to follow revenue recognition standards. The IFRS15 and ASC606 standards will motivate the next move of technology improvements and encourage more businesses to move to the cloud.
Clever Assistants Move Out of the Echo Chamber – Strong artificial intelligence and voice recognition enable developers to develop systems that:
- Test the position of project deliverables.
- Manage reports.
- Use simple voice commands to respond to business information.
Atlassian released a HipChat Alexa integration to allow developers to revert to code and tackle issues with websites using voice commands.
Evolution from Reactive to Proactive with the Cloud
Cloud ERP (Enterprise Resource Planning) assists companies to consume a computer source such as a virtual machine just like electricity. This negates the necessity of building and maintaining computing bases in – house.
The advantages of single based business platforms are:
- Affordable and quick to implement.
- Easy to manage and operate.
- Sales scales to sustain future growth.
- Adjustment to the firm needs
- Data – rich with inbuilt business intelligence.
- Provision of a united view for total visibility across the firm.
Cloud ERP provides a high return on investment. In a 2015 study, most companies reported an ROI of more than 150% after changing to the cloud which continues to mature.
Business in 2017 will go through significant changes, and CFOs who adapt will reap the rewards. In – Memory Technology combines real – time actuals with budgeting and analysis in one integrated system. Financial data is saved just once which makes almost every facet of commercial operations simpler, faster, more effective and cheaper. You will certainly experience the impact of technology trends which will make your job more enjoyable and improve the overall business prospects.
Primary Keyword – CFO
Secondary Keywords– Technology Trends, Cloud, Technology, In Memory Technology, Revenue Recognition, Businesses, Services Economy, Technology Implementation, Echo Chamber.