Drew Hofler, Director of Solutions Marketing at Ariba, shared his thoughts on the "networked economy" during his presentation at the 2014 Chief Financial Officer Leadership Forum in New York on May 13. Hofler noted his company considers networks in its everyday operations, and as a result, has been able to make better business decisions.
According to Hofler, connecting the right information to the right people within the financial organization can have far-flung results. Hofler said networks connect people across processes, which make them valuable to organizations of all sizes: "We talk about turning data into information. The idea that opportunity plus visibility plus capability equals what I like to call collaborative commerce. This is something that can impact treasury on your side."
In addition, Hofler noted the networked economy requires an organization to look beyond its doors so it can extend its reach. Hofler stated an organization should look for growth opportunities consistently, and by doing so, can make the most of its interactions with both employees and customers: "I just want to challenge you and share and encourage you to think about how can finance benefit from connecting outside of the finance silo, for being a part of a business network where the piece of the process that you hold in reality is linked in a value chain back to other parts of the organization, although, they might not be linked from a technical or automated standpoint."