In case you missed the Kruggel, Lawton, & Company CFO Summit, here are some key points from the presentation:
- You can have all the cool technology you want, but without some core foundations in place, it wont do you much good
- Someone needs to drive the KPIs (Key Performance Indicators) in your organization- who owns it? The expectations on the CFO are much heavier now with demands to know current and future information that business managers can act on looking at a P & L from last month isnt enough.
- Do you have a technology plan in place for 2011? If not, you should.
- What is our organizations Technology Score? (Overall 100 point score on capabilities of our team, current technology in place, documented processes, leadership, and more) If we dont know, we should understand it and have a plan to improve it.
- A key component of our plan should be to decrease the overall day-to-day maintenance cost of our technology and shift that spend into strategic projects with real ROI. (Return on Investment)
- Data is key. Work to have all your data in no more than three systems if possible. When thats in place, those systems should be able to integrate and share the data back and forth to best leverage time in your organization and drive relevant Business Intelligence. (Your ERP/Accounting system is typically one, a Customer Relationship Management System is often another)
- What are the key 5-10 pieces of information your key decision makers need on a regular basis to best do their jobs? If you dont know, find out.
- For someone with a $20 per hour loaded labor rate, a 10 minute savings in time during every workday represents a savings of $832.50!
- An electronic invoice sent by email vs. mail can save $1.25 per invoice! See a blog post written here for more details.