3 things a CFO needs to prioritize

After living in uncertainty, priorities have changed across all businesses, and that includes the finance function. According to Deloitte's latest CFO survey from July 2021, there are a few things that a CFO needs to prioritize. In this article, we'll present the top 3 things a CFO should and needs to prioritize.

Growth

Last year CFOs prioritized cost reductions. But they are starting to realize that it's not all about surviving through cost saving. Now they are focusing on growth, according to Deloitte's CFO survey. Priorities for the next 12 months are new customer acquisition, expanding to new markets, and repositioning the workforce. CFOs have started to invest in new products and services to improve their focus, increase cash flow and manage cost reductions. Some CFOs are already seeing great results, and 41% admit that they have already recovered to pre-pandemic levels. Organizations that are already making investments in new products and services will be much more competitive in the future.

Picture from Deloitte UK CFO Survey Q2 2021

Risks

Another priority for CFOs is risk, they still believe that the effects of the COVID-19 pandemic will be a risk, even though the rate has fallen since last year. The big question is how CFOs can mitigate risks and still focus on growth?

Firstly, a CFO needs to be aware of the different risks that an organization might face. When the CFO is aware of the various risks, it's necessary to evaluate their possible impact on the business. With the help of processes created for periodic reporting, it's much easier to identify new risks or receive alerts for known risks.

Below you'll find a list of risks to businesses posed by different factors from Deloitte's latest CFO survey.

Picture from Deloitte UK CFO Survey Q2 2021

Digital transformation

Third but not least, another trend and priority has become digital transformation through investment in technology. By investing in digital solutions, CFOs will reduce their risks in the organization and increase focus on growth. There are many more great benefits through investment in software for the finance function, and it's  essential when you have a lot of data to analyze. With the help of a data analytic tool, such as Mercur Business Control, CFOs will make better decisions much faster, which can be helpful in an unpredictable world like ours. Creating a digital transformation program by investing in technology is a long-term investment, it's something every CFO should consider as the benefits are not just felt within the finance function but they resonates through all elements of the organization.

Solutions

Going from manual and laborious processes to investing in a solution for budgeting, forecasting, reporting, and planning is a ‘safe bet’. Consider transforming your organization through a solution that fits both your and your organization's needs.

Here are 3 tips to consider when investing in a product for finance processes:

 

  1. Make sure your solution provides strong cybersecurity as working from home is still evolving.

  2. Choose a flexible and easy-to-learn system. You want intuitive solutions that can roll out through the business quickly.

  3. Make sure the solution integrates with other sources of information for example, ERP, HRMS, CRM, PTP systems; it will make it easier to have all your information gathered in one place

Mercur Business Control

Mercur Business Control is one of the leading solutions for budgeting, forecasting, reporting, and planning. In our cloud-based application, you can connect multiple data sources, collaborate in your reports, 'capture forecasts and narrative,' and deliver financial and operational insight. By encouraging a data-driven organization, it's easier to make improved informed decisions and, at the same time, focus on your business growth. We've helped 1000s of Mercur Business Control users manage cost and grow profits for over 40 years. Read about Hellman and how they manage performance across 56 countries in real-time. 

Find out how Mercur Business Control can help you organisation grow!

 

Mercur Solutions (UK) Limited - UK office

Mercur Solutions Limited
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Mercur Solutions AB - head office in Sweden

Mercur Solutions AB
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Mercur Solutions

A Swedish company with over 40 years of experience, delivering solutions for performance management and business intelligence.

  

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