The final stage of the model is where you bring it all together. CFOs are becoming increasingly involved in general business strategy, and need to display a full understanding of the company’s operations.
Maximizing business information performance and driving reliable information are big parts of this function, along with leveraging data to stay ahead in an increasingly competitive business landscape. At this level, CFOs learn how to utilize the data and insights provided by the previous stages to make more knowledgeable business decisions and increase the bottom line.
The focus at this level is applying business intelligence to drive overall business growth. This centers around forming a clear data strategy and specific protocols for increasing the performance of your finance information system. In turn, it also involves increasing opportunities and expansion. You must be able to leverage financial data technology to make crucial information available to the people who need it as soon as they want it. The main goal should be putting an accessible, intuitive and automated self-service system in place to provide the necessary functionality. Continue reading