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Home In The News People & Business Why Finance is Critical for Your Company’s
Resilience Planning

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Versapay Acquires Fintech Company DadeSystems


WHY FINANCE IS CRITICAL FOR YOUR COMPANY’S RESILIENCE PLANNING

by Chen Amit

April 18, 2022

1:00 AM

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After two years of one unprecedented global event after another, the word at the
top of every C-suite’s strategic plan is “resilience.” The last few years have
taught business leaders one incredibly important lesson: They must implement
resilience at the core of their companies.

That resilience starts at finance. Before the pandemic, many finance departments
were undergoing serious transformations and re-evaluating processes for
inefficiencies and waste. Since March 2020, those transformation efforts have
not only been accelerated, but broadened such that the share of finance leaders
who report being responsible for their companies’ digital activities between
2016-2021 has more than tripled.

The most successful companies since the onset of the pandemic are fluent in
proactive functions, not reactive. Proactive finance teams can help companies
absorb the blows of “black swan” events like COVID, because they are always
evolving and learning. Elasticity in finance may sound counterintuitive, but it
is actually essential for companies to navigate complex times and adapt
effectively to situations as they unfold.


RESILIENCE IS A PRIORITY IN FINANCE

CFOs increasingly are responsible for implementing better solutions, improving
accessibility to financial resources and maximizing resilience up and down the
business.

CFOs in particular place a renewed priority on resilience. A 2022 study found
81% of CFOs are feeling optimistic, or highly optimistic, about the financial
prospects of their company, despite 95% having rated uncertainty levels as being
higher than normal.

Finance teams balance concerns of variable costs while emphasizing the
importance of agility amid potential decreases in revenue and tighter budgets
than normal. With the right tools, finance can utilize real-time data to improve
visibility across the organization.

Finding those tools doesn’t just mean finding and adopting the right software.
It also means a cultural and organizational shift to using those tools and
making sure they’re in the hands of the right people within the business. It is
up to finance to get that stakeholder buy-in and seed the appetite for data and
insights. Support from the rest of the business is essential in future-proofing
a company with resilience and agility baked in.




ACCELERATING THE ADOPTION OF NEW TECHNOLOGIES

Fast-growing companies are actively investing in scalable financial tech stacks
to both weather and overcome difficult situations. A best-in-class financial
tech stack eliminates tedious manual tasks and empowers employees to recognize
their value. Specifically through automation adoption, finance teams can focus
more on critical functions like planning, forecasting, accounting and
budgeting—all with more speed and insight.

This echelon of digital transformation is, largely, a response to remote work,
but also a realization that intuitive software solutions facilitate faster, more
accurate activities that save workers time—and stress. Digital adoption by
finance is more common among best-performing companies and their use of
automation has tripled in those finance departments since 2018.

> Finance is the foundation of resilient, competitive businesses. And in a world
> that feels like there is a new unprecedented crisis around every corner,
> resilience planning is worth its weight in gold. 

In resilience planning, tech adoption is an investment in making your workers’
jobs easier. That investment does more than save them from burnout, but it also
saves the company from high turnover rates or shock waves that come from
pandemic-level crises. This transformation can’t happen in a vacuum, which is
why finance plays such a critical role in accelerating the demand and, more
importantly, the adoption of new technologies.


FINANCE AS A STRATEGY LEADER

In today’s digital climate, organizations require data to stay flexible and
accessible. Integrating resilience across the organization requires the finance
team to guide strategic priorities, such revenue growth, capital, investments
and more. However, financial operations should also contribute to the expansion
and enhancement of the company’s overall goals and decision-making processes.

In fact, the most innovative leaders are not just sustaining, but growing their
businesses by empowering finance teams with resources and authority. These
leaders know the future of finance includes strategizing and predicting industry
trends and having complete visibility into the business.

While these teams still have to produce detailed financial roadmaps and oversee
payables, they are also a key partner in establishing company goals that drive
long-term prosperity.

Rising to the challenge, finance departments continue to implement company-wide
changes like technology adoption and strategic, future-oriented mindsets. Amid
balancing their core responsibilities, responding to crises, and protecting
employees, the most successful and effective finance teams look to the future to
figure out how to transform and stay proactive.

Finance is the foundation of resilient, competitive businesses. And in a world
that feels like there is a new unprecedented crisis around every corner,
resilience planning is worth its weight in gold. 



--------------------------------------------------------------------------------

Chen Amit is co-founder and CEO of Tipalti. Chen is a veteran high tech
executive and repeat entrepreneur. Prior to Tipalti, Chen was CEO of Atrica, a
Carrier Ethernet company that Nokia-Siemens acquired. Before Atrica, He was
co-founder and CEO of Verix, a provider of business intelligence software. At
ECI Telecom, Chen founded their ADSL business unit and led it from inception to
$100 million in annual sales. He earned a BSc from the Technion, Israel
Institute of Technology and an MBA from INSEAD.

--------------------------------------------------------------------------------

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by Chen Amit

April 18, 2022

1:00 AM

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