Six Questions Finance Teams Should Be Asking Themselves

Your finance team is the backbone of your business; managing financials, forecasting, and utilizing innovative techniques are all part of the day-to-day duties. Your finance professionals should constantly be seeking out improvement opportunities to the operational and financial functions of the business. 

If you want your finance team to be thinking about continuously improving and advancing the business, the process involves self-evaluation and questioning the status quo. Take a look at some key questions these teams should be asking themselves: 

Do we have a clear vision? 

Every finance department should have its own vision. Developing a clear vision can help the organization make better decisions in the present, and also work towards building a successful future. 

A clear vision is one that is aligned with the overall goals and mission of the organization. It’s also imperative that this vision works with the business’ overall strategy.  

As these teams are assessing the present and looking towards the future, there must be a strong focus on technology. Executive finance teams must place technology at the forefront of their strategy and focus on finding innovative, sophisticated digital tools to provide the most value for the business. 

How can we better utilize technology? 

As advanced technology is constantly being built for many areas of finance, there are tools just waiting to be utilized. However, this must be a conscious effort. 

As your team continues to work on short-term deliverables and daily tasks, it’s easy to get caught up in the minutiae. While technology is constantly advancing, your finance team must stay ahead of the competition and take time to think strategically.

Read blogs, sign up for email updates, and do thorough research on what tools and processes can help move your organization forward. This will take a data-centric approach. As we have more data at our fingertips than ever before, harnessing valuable data insights can power your financial decisions for both the present and future. 

The time is now. If you haven’t made an effort to find modern tools and innovative technologies, you’re already steps behind the competition.  

As 75% of time in top finance functions is devoted to data analysis and insights, investing in the right tools can provide a more successful future for the organization. 

Are we invested in people? 

While technological breakthroughs have brought many advantages for finance teams everywhere, there has been less focus on people. This has disrupted many business strategies and changed how finance teams collaborate and work together. 

While a CFO or executive finance leader may primarily be focused on innovative processes and digital tools, building the right team is still highly important. As the world of finance is constantly changing, building the right team with the right skill sets is vital. 

Whether you’re assessing your current team or hiring a new one, ensure they have the following skills: 

  • Knowledge and experience in IT, including data and analytics. This is the most important expertise to keep in mind.  
  • Relationship development skills. These can be crucial when forming relationships with stakeholders. 

While technology helps businesses make lasting improvements, you need the right people to power those tools and make the right decisions based on data. If you’re able to build a team that understands data technology as well as how to form lasting relationships, success is sure to follow. 

How successful is our remote working strategy? 

The COVID-19 pandemic has brought a whole new meaning to the term “remote work.” While working from home used to be less common, it is far more prevalent today. As 55% of businesses around the world offer some capacity for remote work, you may be one of those organizations. That said, it’s a smart idea to determine the success of your remote work strategy. 

To do this effectively, you want to think about your employees and how they’ve adapted to the changing times. Look for evidence of an understanding workforce; one that is accustomed to a flexible culture and adapts to this unprecedented situation. 

The success of your strategy can be measured by your team having the tools they need to work effectively. It can also be measured on how they provide solutions for clients in a fast manner, no matter where the employee is located. 

The ultimate goal of measuring this success is to get your team to function as effectively, or even more effectively than it didn’t before the pandemic began. 

What will happen after the pandemic ends? 

While finance teams are used to forecasting methods and looking towards the future, they should be asking themselves what happens after the pandemic ends. As COVID-19 has had massive implications on businesses everywhere, your organization’s financial outlook after the pandemic is vital. 

Bringing teams back into the office, regaining clients, and obtaining new clients are all factors you must consider. But how you leverage technology moving forward is also very important.  

While the future still holds much uncertainty, executive finance teams must have a clear vision of their plans for when the pandemic is over. 

Are we using data to make better decisions? 

73% of CFOs agree or strongly agree that their business is utilizing digital tools to help streamline and automate operations. If you don’t fall into this category, you’re already way behind the competition. 

With the abundance of data we have available, including the many data management tools and platforms on the market today, utilizing this sophisticated technology should be a top priority.  

One leading goal of your team should be to align their work with the priorities of the business. You should also be effectively communicating with upper management to help them understand the implications of the data you’ve gathered. 

Multiview ERP Can Help Power Your Data Insights 

The success of your finance team is based on the technology you utilize. Here at Multiview, we offer a sophisticated ERP platform that delivers real-time insights to your business.  

Multiview ERP offers back office and finance management software that will help your company meet and exceed its goals, all while streamlining your processes with a highly flexible, completely customizable management system. 

If you would like to learn how our software suite can empower your finance team, request a demo from Multiview today!