News and insights to keep you up to date and on track: top advice for entrepreneurs, upskilling your workforce, innovating with FP&A, and more.
Daniel Butcher for Strategic Finance | @SFMagazineIMA
Seven CFOs discuss how their use of technology and data analytics has changed in the face of COVID-19, and how they have adapted to overcome the challenges presented by the shifting business landscape.
“Finance teams with a high degree of automation and defined methods were able to adapt to this sudden change over the last year and continue to execute their responsibilities in a timely manner.”
Center is one core digital transformation project you can start and finish in days, not weeks or months: Does Your Expense Automation Stop at the Back Office? It Doesn’t Have To.
Jenny Chang for FinancesOnline | @financesonline
Despite advances in technology, business travel trends indicate there’s really no substitute for face-to-face interactions. But travelers want more flexibility than ever before.
“Corporate travelers need a booking process that provides better availability and allows them to choose from more property and rate options. Combined with emerging preferences for unconventional accommodations, the need for more varied booking options pushes corporate travel policies to become more flexible.”
Go deeper on how finance can help organizations emerge from a crisis stronger than ever: Staying Nimble: Corporate Controller Q&A.
Louise Muhdi for strategy + business | @stratandbiz
Short-burst virtual collaboration modules can empower employees to solve disruptive problems quickly and creatively.
“Companies that stick to the old ways and focus on titles, reporting lines, and job descriptions will be unable to unleash a short burst of rapid adaptability. This is a time to be pragmatic and to pool whatever skills and experience may represent a piece of the puzzle.”
More on empowering teams to grow and be more strategic: How Finance Teams Use Their Time
Margaret M. Luciano for Harvard Business Review | @HarvardBiz
Managers need to think differently about when employees work together, who works together, and how to share information, all while staying abreast of changes.
“Priorities are likely to change over time, especially in dynamic environments. Frequently and clearly communicating priorities will help ensure that your employees’ time and efforts are well spent, no matter when or where they’re working.”
More tips from Center: How Finance Teams Have Adapted to New Realities.
Maura Webber Sadovi for CFO Dive| @CFODive
CFO David Meniane led his company in an unexpected direction—loading up on inventory. The impact? Revenue grew 33% year-over-year.
“In this environment [just-in-time] doesn’t work. The longer the lead time, the less reliable the supply chain, the more inventory you have to carry. Otherwise we lose the sale to whoever has inventory and is more aggressive.”
Dustin York for Fast Company | @fastcompany
Employees want transparency about anything that affects their work, but they also want communications to be frequent, regularly scheduled, and available in multiple formats.
“Just like transparency, feedback has always been an important part of organizational communication but it’s now more important than ever and needs to be given much more frequently.”
An important way to unify and energize your team: Fiscal Culture is Company Culture. What’s Yours?
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Photo credit: Tom Parkes