Technology Investments: A View from the CFO Suite
CFOs hold responsibility for ensuring reliable, consistent processes within the finance operation, and reliable, consistent financial processes throughout the organization. This means freeing up bottlenecks and directing resources where needed, while ensuring agility to adapt to ongoing changes in the workplace and marketplace.
How best to evaluate technology investments? Hal Gregersen, Executive Director, MIT Leadership Center and John Murphy, Executive Vice President and Chief Financial Officer, Adobe, shared their thoughts at the 2019 MIT CFO Summit. (See video below “Bold Font: Fireside Chat with John Murphy)
One strategy is to convene an internal council comprised of members of the finance and technology teams. Ask them three questions:
- If you had unlimited resources, what would you do differently in terms of processes we use and data we track?
- What would you do with your newfound time and newly acquired information?
- Where would you prioritize this revisualization given internal and external environment.
From this review, as CFO you will have an important line of sight into where there are opportunities for improvement, a 360-degree view of the impact of making a given investment and the next best steps to move forward.