In a post-pandemic world, the business landscape is full of challenge and opportunity. CFOs are turning their attention to coordinating major strategic and digital transformation. In their wake, financial controllers are being asked to step up and start providing value in areas that were traditionally the CFO’s domain.
Previously, controllers have been operations-based, focusing on duties with clear monthly or quarterly timelines like compliance, managing risk, and reporting accurate financial statements and disclosures.
Now, businesses are adopting a more agile approach to finance and capital allocation, driven by a necessity to keep pace with market changes. Controllers need to provide timely information and deeper insights on far shorter deadlines to support this decision-making.
Thankfully, controllers are not alone in this journey. Corporate performance management (CPM) technology, like CALUMO, can be your ally as you strive to provide more value to your business.
The market is in a state of constant upheaval and stakeholders are clamouring for information to boost their confidence. Controllers must be ready to break the shackles of monthly or quarterly deadlines and move into the new age of as-it-happens reporting.
By providing their ELT, board, and business partners with updated information, controllers can lighten the burden on their CFOs and become the new “go-to person” for accurate and reliable information to support business decision-making.
CALUMO integrates and aggregates all historical and current data sources, making near-real-time reporting easy. You can slice and dice your data by any metric you choose, which is becoming increasingly important as organisations turn to less traditional criteria for evaluating business success.
For example, features like Start Pages allow you to drop stakeholders straight into the CALUMO report or App most useful for their role. CALUMO reports allow users to access the information they need when they need it.
As the market shifts, senior finance staff are working hard to ensure that the budget is flexible and allocated to where it is needed or will generate the most value. Once upon a time these decisions were made yearly, and teams would go into execution mode with the budget they had in hand. Unfortunately, this attitude is still common, and too few companies are critically evaluating whether capital needs to be re-distributed throughout the business outside the yearly budget cycle.
As independent observers, controllers are perfectly positioned to provide capital allocation feedback. CPM technology is vital to this process. Not only do controllers need access to timely data to evaluate performance, they also need to look to the future and analyse “what if” scenarios to better understand opportunities that lie ahead.
By building regular performance evaluation into the capital allocation process, and using cutting-edge CPM solutions to automate the process, controllers can ensure the money goes where it is most needed.
The pandemic has made it abundantly clear that organisations must be ready to rapidly change direction and respond to challenges. Maintaining robust financial data and resilience in the surrounding processes is an important way for controllers to prepare their organisation for change. In the same vein, to reduce risk of leaks or cyber-attacks, controllers must work with technology departments and vendors to ensure data is protected and only shared through secure methods.
By housing your data in a secure, adaptable platform like CALUMO, you can enable your business to be ready whatever the challenge. Strict permissions placed around data cubes mean you’re not distributing confidential information via email or shared drives.
As the CFO’s role expands in a changing business landscape, there are opportunities for the driven and enterprising controller. Controllers must start to pull their eyes away from the spreadsheets and consistent deadlines of yesteryear, and start to see the bigger picture to support business strategy and provide more valuable financial insights.