A company is only as successful as the value it brings to its customers. Part of that value centers on providing a quality product and exceptional services to the consumer. While so many companies are trying to keep pace with the technologically driven transformations they are experiencing, it’s importation to keep in mind that the “customer first” mentality should remain the primary focus. After all, this is what will determine if a company remains in operation.
New Role for CFOs
This puts CFOs in an interesting position. They are tasked with meeting their reporting requirements while simultaneously acting as a strategic partner that creates value with the bigger picture in mind. In order to accomplish this, CFOs must rely on other departments to assist them. For example, they can use the Marketing and Sales Department to better understand the characteristics of the top customers and ways in which the company can reduce financial risk by obtaining new customers.
How Will Data be Evaluated?
However, these types of questions generate a huge amount of data. How can CFOs actually convert this size of data to do anything useful with it? The solution may be a single-data model. This allows CFOs to evaluate both operational and financial data and create insights based on the findings.
Of course, this will require finance to protect the quality of data while IT will ensure that the data is provided quickly. By working together, this will ensure that not only is the appropriate data being evaluated, but that the information is readily available, so they are analyzing the most current and useful information. After a certain point, data simply is longer relevant so therefore not as useful.
Success in the Workplace
Of course, the processes used for value creation should be learned by staff. This is an ongoing conversation as people will need proper training in order to make the of it. This allows companies to utilize innovative technology while still keeping people at the center of their strategy, moving forward. This will allow companies to stay in tune with their “customer first” mission while adding value to the company overall.
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