Drew Hofler, Ariba’s Director of Solutions Marketing, shared his thoughts on the networked economy during a Thought Leadership Spotlight Presented by Ariba at the 2014 Chief Financial Officer Leadership Forum in Dallas on Sept. 10. In his presentation, “Implications of the Networked Economy for Finance,” Hofler explained how the networked economy can affect CFOs and their employers.
According to Hofler, business networks are valuable because they can help CFOs get accurate, real-time information. Businesses are searching for any competitive edge they can get, and Hofler pointed out participating in a networked economy ensures an organization can focus on its goals and work with other businesses to achieve them. In addition, a networked economy can help CFOs make better decisions and get the best results possible, Hofler said: “With the networked economy, I like to boil it down to really being about getting the right information to the right people at the right time within the right process so that they can make the right decisions and drive the right business results.”
Hofler noted a networked economy involves connecting across silos and leveraging all of the resources at an organization’s disposal. Understanding how a networked economy works can have far-flung effects on an organization, Hofler said, and can help it succeed for years to come: “You will sometimes see extraordinary results coming from unlikely places. Your back office now can actually drive savings, strategic savings, for you and you have the ability to share good payments information but protect yourself from critical payments data.”