How CFOs can use digitally transformative strategies to streamline costs.
At RSAWEB, we believe that the name of the current state of affairs over the last few months has been transformation, adaptation, and fearlessness. It is our impression that, if businesses are indeed to prosper and succeed in today’s modern world and environment, it falls upon the capable shoulders of CFOs to act strategically and realise that their digitally transformative efforts can help their businesses streamline costs.
In light of the current climate, many businesses have been forced to completely pivot their product or service offerings in order to stay competitive and cater to the new-found need-states of consumers dominating the market. With this said, the job has inevitably fallen on the shoulders of CFOs to become more than just money-savvy spend managers in order to lead their businesses down new, uncharted paths. CFOs need to look to a different approach if they’re planning on truly doing something that matters, and better yet makes sense – and that approach hinges on the progressive and revolutionary application of technology into their new strategies.
When looking to tech, CFOs need to adopt a strategy that might see spend rise initially, but it is done with purpose and under keen observation – as a fail-safe to avoid unexpected expenditures in the future. Essentially, they need to start investing in the futures of their businesses and adopt a ‘spend now to save in the future’ approach while they’re at it.
For example, At RSAWEB we had to create and adopt a work-from-home Blueprint in April that saw our entire staff contingent working from home, safely and efficiently overnight. Thanks to the knowledge of our team, some collaborative efforts all round, and some strategic thinking from our CFO – we managed to pull this change off smoothly by purchasing certain apps and solutions that were imperative for our business to continue providing the excellent service we’re so well known for.
With this said, here are 4 technology solutions that your CFO can look to in the hopes of cutting spend in the long term for your business:
1) Workforce mobility & online collaboration
Cut rental costs by enabling your teams to work remotely. With a range of connectivity options like Fixed LTE connectivity, mobile connectivity, and Fibre To The Home (FTTH), getting your staff online is hassle-free. As is keeping the various teams within the organisation connected through virtual collaboration programs like 3CX (call-routing software), and other conferencing and communication tools like Zoom and Microsoft Teams – all tools to help organisations with productivity and accountability.
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2) Cloud and SaaS
Making sure that collaboration and synchronisation are functioning at 100% relies upon a strategy that’s inclusive of Cloud and Saas technologies. Streamlining procedures and ensuring all business documentation is online and accessible at all times allows for faster decision making to take place. No longer should important documents be stored on private drives, but rather shared spaces where your teams can access whatever they need, whenever they need to. This is a time-saving piece of technology that will increase productivity and optimise employee velocity in or out of the office so business can be done efficiently and from anywhere. This function is a must-have for CFOs to consider as part of their new strategies.
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3) Cybersecurity
Businesses are constantly at risk of being attacked. Mitigating the risks associated with attacks is a crucial step in any CFOs digital strategy, and cybersecurity technology has become a crucial part of any risk management strategy as a result. No company wants to be held for ransom, or should have to explain to customers that they have had a breach. Fortinet provides protection from sophisticated threats and provides network security solutions that businesses and CFOs can rely on. Forging a strong relationship with security solutions like Fortinet is a step in the right direction.
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4) Data Backup
Losing important data can be make or break for a lot of businesses. Data loss prevention is a massive time saver for companies as it cancels out the need for repetition and having to recreate work. This allows for billable man-hours to be allocated towards pipeline work. Data backup also helps in saving time when creating annual reports for shareholders or investors. With saved information, informed decisions can be about the organisation, where It’s headed, and where it should end up.
Click to read about our Backup and Disaster Recovery Solutions
In Conclusion:
In 2020 and beyond, it’s imperative that CFOs invest in digital infrastructure that ensures their business is future-forward and ready for any challenge lying ahead. In essence, they need to prepare for mitigation in the hopes of transformation.
If anything, 2020 has shown all of us at RSAWEB that a little preparation, a pivot, and a CFO that understands the importance of a crisis-ready and digitally transformative strategy is all businesses need to create the foundations for success.
We have seen that organisations can work differently but still successfully during the COVID period. CFOs will have to make some big decisions in the short term to still be competitive in the long-term, and Covid has shown us that we do not need everyone in the office to be productive. Companies need to get on this wave of change fast or run the risk of not being competitive with future peers.
If you are a CFO looking to implement a digital transformation strategy of your own to aid your business in the upcoming months, give us a call so we can discuss how best to safeguard your business from the looming threats inevitably lying ahead.
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