Chief Financial Officers (CFOs) play a key role in their respective companies and departments. In the past, this knowledge focused on finance, accounting, and management; in this new century, however, a CFO’s knowledge base must also include a deep understanding of key technologies that impact their company.
Here are three technological movements all CFOs need to know:
1. Big Data
“Big data” refers to the ever-growing amount of digital data on which companies rely to make a vast array of decisions, including financial ones. Large companies may deal with terabytes or even petabytes of data on customers, market trends, financial forecasts, and more.
Organizing and securing the data is the core concern of big data management professionals. While more information can grant an edge in any industry, information is only as useful as a company’s ability to access it when needed, and it is only as safe as the weakest link in the data security chain.
Although CFOs can often leave the details of big data management to IT professionals, a working knowledge of big data’s concerns and methods is a must-have for CFOs looking to maximize efficiency, protect sensitive information, and meet financial targets. Given that smaller companies’ IT departments often report into the CFO, this knowledge becomes all the more important.
2. Cloud Computing
“The cloud” has become the next big technological buzzword. Cloud computing makes data easier to access from any location with an internet connection, but it also poses concerns that CFOs must balance against the appeal of getting more work done in more places. Security is a top concern in cloud computing, as is the permanence of data in an ever-shifting environment.
3. User Mobile Capabilities
Cloud computing and the explosion of mobile devices makes mobile computing simpler than ever. On one hand, mobile capabilities free up professionals from being stuck behind a particular computer at a particular desk. Now, CFOs and other professionals can sign documents, edit spreadsheets, and do more on the go. On the down side, mobile computing poses another security risk – what happens if one of those devices goes missing or winds up in the wrong hands? – and may increase the separation of individual workers from their workplace culture. CFOs that are aware of the mobile options available and their risks and benefits will be better-equipped to find a mobile strategy that works for their organization.
At Conexus Recruiting, our experienced recruiters partner with financial firms throughout the Los Angeles area to place top talent in key positions. If you are looking for Los Angeles employment agencies, contact Conexus today.