There’s been a lot of talk about what the Next Gen. CFO and his/her organization will look like. What role will CFO’s take on? What tools will they use and/or what processes will they employ? You can find hundreds of articles espousing the qualities and capabilities Next Gen. CFO’s, and their direct reports, are expected to bring to the CEO and the rest of the organization. However, nearly all of them aggregate the on-coming role of the CFO to one of three roles (often played simultaneously):
- Business Partner
- Strategic Thinker
These roles, especially that of strategic thinker, cannot be assumed without a strong supporting cast of resources and tools. An application like Host Analytics, is one of those supporting cast members. Host Analytics, a world class Enterprise Performance Management (EPM) software established to bring the budgeting and planning process into the 21st century, has the potential to bolster each of the three roles. Here’s how:
- As a business partner Host supports organization-wide Collaboration through its shared budget entity security. This allows you to share any budget template with any budget user anywhere that budget user resides but has an internet connection. These budget templates will maintain their data securely promoting both that Loyalty and Trust that CFO’s as business partners are supposed to exhibit. The OLAP (cubical) database that Host lives on supports a multi-dimensional reporting suite facilitating the drill-down analysis necessary to keep CFO’s and their staff Data-Driven.
- As a strategic thinker Host supports business and capability modeling turning visions into tasks with measurable numbers that can be tweaked in endless what-if scenarios. These visions, often qualified as one-off projects or ventures, still remain part of the larger strategic vision of the organization because they stay in one (1) database, not thirty-five (35) different spreadsheets. While CFO’s and their staff brainstorm with other senior corporate leaders, Host enables, through seven different modes of reporting, the measurement of what emerges from those brainstorming sessions. As we all know, “everything monitored and measured improves.”
- As a disruptor Host supports distributed accountability by setting up specific users with specific responsibilities for inputting and updating budget template data. This is a far cry from what has historically been a “dump on finance” budget cycle. Host forgoes those 30-300 spreadsheets collected by some poor budget analyst spending two weeks trying to fix broken links and unprotected cells with circular references. Instead, Next Gen. CFOs use Host to collect those three hundred budgeting concerns (known as budget entities) as one database responsible to everyone associated with the budget and not just one or two budget analysts.
For more check out what Host can do for your organization at brittenford.com. Need more support? Contact Brittenford using this form, and learn more through the following resources: