3 Tools CFOs Need To Know For HR To Succeed In 2018
Budgeting. Projections. Fluctuation analysis.
These are all responsibilities that CFOs have on their plate and are able to execute them because of the tools they use.
CFOs are well-versed in the financial space and have the experience and understanding of what’s needed and when. That’s how they rose to such a position in the organization in the first place.
A blind spot for most CFOs today is HR. Because it’s not a major part of their career experience yet. But now they are overseeing an entire function that is critical to the business.
Sometimes, CFOs inherit tools and a way of doing things that seem to be working fine and they don’t want to rock the boat.
Other times it’s just a matter of an organization having grown comfortable in the way they are working and don’t realize that they are using obsolete, or worse, detrimental tools to get their job done.
If you’re a CFO or in charge of HR, make sure that you have a handle on these tools that can make a huge difference in your company’s performance.
Real-Time, One Page View Reporting
You know the old saying, “If you can’t measure it, you can’t manage it”?
Great advice. But you know the problem with it?
It’s an old saying.
So old in fact, I think it’s time for an update…
How about this? “If you can’t measure it and easily understand what the measurements mean, you can’t manage it.”
Technology has allowed for the measurement of a lot more tasks, outcomes, and processes. Something as simple as a spreadsheet to log hours and then creating outputs with formulas was a giant step forward at one point in time.
The problem is that the old reporting tools needed manual input from people. Copying and pasting from different tools.
And all you’re getting in your output is numbers, not analysis or insights.
This is a high stakes game that CFOs are playing with time and error stacked up on the table, and the loss is inevitable. And what’s the upside? Having numbers added up?
That’s a good start, but it’s not a complete job. You need more.
Today, it’s time to take your next step forward.
In 2018, you shouldn’t have employees logging time to manual compile data in order to create a report.
Your systems should all be connected and talking to each other in real-time.
This type of communication between your tools means you can log into a dashboard at any time on any day and see up-to-date numbers and performance in your organization.
And with the right reporting tool doing this, you’ll also get the insights on where and what to take action on in order to improve the company’s performance.
Collaboration > File Sharing
How great was it when file sharing became easy and convenient? Whether through your network drives or a third-party like Dropbox.
It was so exciting to be able to work on a document and then have a colleague open it up with your revisions and do the same.
No more emailing attachments. Or forgetting where you kept something on your computer and leaving the rest of your team behind the 8 ball.
But now file sharing has become just as confusing and temperamental. Easy to lose things. Too many versions and revisions.
And if you forget you have a document open in the background, now no one else can open it. Or worse, they can and their saves overwrite all of your hard work.
That’s why File Sharing is another area you need to upgrade.
It’s not about having a document in one place for everyone to access it.
It’s about more than just sharing.
Your team is now collaborating. In real-time.
Multiple people can be working on the same document at once. Seeing each other making changes, highlighting text, making suggestions. You can even comment and chat.
No more fear of overwriting someone else’s changes or locking the rest of the company out of an important file.
Remember those spreadsheets we talked about before? The ones that needed data manual input so they could run formulas?
Those formulas are great because they’re automatic.
The inputting, not so much.
Where else in your organization are there opportunities for automation?
Filtering and segmenting candidates.
Onboarding and training new employees.
The list goes on and on.
Wherever you have a repeatable process or information being transferred from one place to another, there is an opportunity to liberate your employee of the manual labor and set them free to more strategic and impactful work.
And the more connected your HR systems are, the more you can build an automated process.
Which means more time being saved. Better performance across the board. Happier employees. More successful company.
The CFO’s Guide To Strategic Human Capital Management
Being a CFO comes with many responsibilities. We’ve made a guide specifically for you to learn more about human capital management and how you can better your internal system.
Latest posts by Balance Point Team (see all)
- Cybersecurity and the CPA: Protecting Your Business, Advising Your Clients - November 13, 2018
- How a CFO Can Address Their Organization’s Top Value Drivers - November 6, 2018
- Removing the Fear from HCM Software Implementation - October 30, 2018