Recently, Chief Financial Officer Ed Jordan was interviewed by Forbes to discuss the changing role of CFOs as technological advancements continue to shape our business and corporate worlds. Technology allows CFOs to streamline payment cycles and be more efficient in moving finances throughout the company. Ed Jordan has over thirty years of experience working as a Chief Financial Officer for both public and private companies. He currently leads the Finance and Administration functions for the company Billtrust, which provides billing solutions for other businesses.
CFOs must be ahead of the curve when adapting to new technologies. Their position demands that they search for better, more efficient ways of moving cash into the company and sending customer invoices. For example, many CFOs have been switching to digitized payments, but some still resist. Ed Jordan argues that the benefits of digitizing payments far out way the costs. Digitized payments minimize costs, add more accuracy, and have a faster turn around.
Ed Jordan predicts that future CFOs will be very tech-savvy. In fact, with increasing automation, he says, CFOs will become technologists. This does not mean that current CFOs are all equally prepared for an increasingly digital world. Many CFOs in the business world are at a disadvantage because they have grown accustomed to the current methods for financial planning and management, creating a significant skills gap in the finance world. The technology available is under-utilized simply because CFOs do not understand it.
The next generation’s CFOs, however, have grown up with technology and have been educated and trained in a corporate world that centers on innovation. These CFOs will be able to think creatively about how to use existing resources to maximize efficiency and improve company finances. Since new CFOs will be familiar with cutting-edge technology, they will be able to adapt the profession to better use those tools.
This does not mean that existing CFOs cannot adapt to a digital finance framework, but it will take some work. Seeking education about recent technological developments that can aid in managing their company’s finances will keep CFOs relevant. Luckily, the internet has plenty of resources to help current and future CFOs learn the skills they need to become the next technologists.