Kieran McGrath, Chief Financial Officer of IBM Software at IBM, discussed how organizations can leverage technology to become more efficient during his presentation at the 2014 Chief Financial Officer Leadership Think Tank in Chicago on June 10. In his presentation, McGrath pointed out CFOs can better serve their organizations if they find ways to incorporate technology into their work.
According to McGrath, technology creates new opportunities for CFOs because it allows them to streamline everyday tasks. McGrath noted a CFO should understand how technology works so he or she can incorporate it into an organization’s operations: “I think CFOs by and large would probably look at technology as way to optimize our performance to drive more efficiency and drive top-line growth by leveraging technology. What you find is that the CEOs in the survey are actually concluding that technology is not only a way to improve the performance of their business, but that it can actually become a key part of their business model.”
In addition, McGrath said analytics are important for organizations. Data is readily available to CFOs, McGrath said, but these officials need to know where it is located and how to access it. McGrath pointed out technology, however, levels the playing field and gives CFOs the ability to make better business decisions: “Analytics and data [are] a huge opportunity for CFOs in this space … Lead through business modeling, lead through a business model innovation to making strategic business decisions and be in the absolute leadership portion of [the CFO role].”