If you don’t stay on top of disruptive technologies, there is a good chance your company will experience lost profits and possibly even complete failure. For those reasons, CFOs list technology as the most stressful and high-pressure part of their jobs.
A recent Robert Half Management Resources survey found that 41% of chief financial officers believe staying current with changing technology is the greatest pressure their accounting and finance teams face.
Technology changes were considered more important than regulatory compliance (24%), harnessing/managing big data (17%), and finding and keeping skilled staff (16%).
The Robert Half survey used an independent research firm to conduct telephone interviews with more than 2,200 CFOs at companies in more than 20 of the largest US markets. CFOs were asked, “In general, what would you say is the single greatest pressure facing your accounting and finance function?”
CFOs revealed that it was hard for them to keep pace with current technology and the opportunities and risks associated with technology.
“Although updating technology requires an initial investment of time and resources, it can pay off in terms of improved financial reporting, enhanced security, and the ability to make better decisions,” says Paul McDonald, senior executive director for Robert Half. “It also helps companies strengthen their internal controls and remain compliant with regulatory mandates.”
How do CFOs cope with constant technology shifts? McDonald says, “Companies need accounting and finance staff who are proficient with enterprise resource planning systems, are able to automate financial processes, and can tap business intelligence tools to mine data they can turn into strategic guidance.”