IT Works for You, Not the Other Way – June 2017

This post involves financial management. Technology, IT for short, has been vastly helpful to CFOs. It enables more efficiency, has tremendous computing power, allows for storage of huge amounts of data and information, and effectively handles many mundane tasks with lightning speed. That said we have all experienced the frustration of IT not functioning as expected. As a result, minutes, hours, or even days can be wasted – not to mention rising aggravation levels. In many firms, particularly small businesses, the CFO has the ultimate responsibility for IT.

Technology problems surface for many reasons. Among the most typical are poor installation and maintenance, viruses, malware, and inadequate training. Infrequent hardware and software updates can also be problematic. An effective CFO can help minimize these problems by ensuring the IT manager fosters a culture characterized by several features. These features include:
• Embrace technology, do not grudgingly accept it. This will help find ways to minimize inevitable disruptions.
• Focus on the firm’s business processes, fit the technology to the process, and avoid the business being driven by technology. The nature of the business should determine how technology is best deployed.
• Buy new equipment every few years.
• Keep matters simple, and focus on one suite of products, not a hodge-podge of the latest great idea (of which there will always be many). A major exception is to purchase high quality anti-virus and malware protection software.
• Be proactive, and anticipate issues. The IT sales rep can explain which important issues have surfaced with other customers.
• Train the staff with inside and/or outside experts.
• Hire at least one person exclusively dedicated to IT.
• Periodically reassess the firm’s technology needs with a focus on shoring up weaknesses. .

Technology, IT for short, has been vastly helpful to CFOs. It enables more efficiency, has tremendous computing power, allows for storage of huge amounts of data and information, and effectively handles many mundane tasks with lightning speed. That said we have all experienced the frustration of IT not functioning as expected. As a result, minutes, hours, or even days can be wasted – not to mention rising aggravation levels. In many firms, particularly small businesses, the CFO has the ultimate responsibility for IT. An effective CFO can help minimize these problems by ensuring the IT manager fosters a culture characterized by several positive features. Developing such as culture will make IT work for your company, not the other way around.
For more information, please see:
http://www.journalofaccountancy.com/issues/2016/jun/how-to-prevent-tech-troubles.html

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