{"id":7754,"date":"2021-01-28T11:29:52","date_gmt":"2021-01-28T16:29:52","guid":{"rendered":"https:\/\/www.itadsummit.com\/?page_id=7754"},"modified":"2021-01-28T11:29:52","modified_gmt":"2021-01-28T16:29:52","slug":"itad-blog-why-cfos-need-to-focus-on-it-assets-in-2021","status":"publish","type":"page","link":"https:\/\/www.itadsummit.com\/index.php\/itad-blog-why-cfos-need-to-focus-on-it-assets-in-2021\/","title":{"rendered":"ITAD Blog:  WHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021"},"content":{"rendered":"<h1>\n\t\tITAD Blog\n\t<\/h1>\n<h6>\n\t\tWHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021\n\t<\/h6>\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.itadsummit.com\/wp-content\/uploads\/bb-plugin\/cache\/techorange-circle.jpg\" alt=\"techorange\" itemprop=\"image\"  \/>\n\t<h1>ITAD Blog<\/h1>\n<h3><strong>WHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021<\/strong><\/h3>\n\t<p>Chief Financial Officer. It is a heady title, and we know the responsibility it carries. CFOs are responsible for managing the company\u2019s finances from top to bottom, in fact. However, the role has been evolving in recent years \u2014 making the connection between finance and IT stronger than ever.<\/p>\n<h3><strong>The role of today\u2019s CFO<\/strong><\/h3>\n<p>Traditionally, Chief Financial Officers have been responsible for a wide range of tasks including financial planning, managing financial risk, benchmarking, and forecasting, managing growth, and providing records and reports for the organization. While these core aspects are still in place, CFOs today are thought of as much more than simply the keyholder to the company\u2019s coffers!<\/p>\n<h3><strong>The challenges faced by today\u2019s CFO<\/strong><\/h3>\n<p>Rather, modern CFOs are expected to play a deeper strategic role in any company, well beyond standard accounting best practices.<\/p>\n<ul>\n<li>Today\u2019s CFO must communicate actively across departments, managers, and executives to provide accurate insight and analysis whenever needed.<\/li>\n<li>Today\u2019s CFO must be aware of potential financial risks and how these fit in to the company\u2019s overall growth strategy over time.<\/li>\n<li>Today\u2019s CFO must uncover new opportunities to grow revenue or reduce costs, in all areas of the company.<\/li>\n<li>Today\u2019s CFO must be acutely aware of compliance and fraud risks, as these can cost the business dearly (e.g., hefty fines or expensive remediation procedures).<\/li>\n<li>Today\u2019s CFO must be ready, at any time, for audits or the need to disclose financial information efficiently.<\/li>\n<\/ul>\n<h3><strong>How IT inventory management helps today\u2019s CFO<\/strong><\/h3>\n<p>You may be thinking: what does this all have to do with IT? Isn\u2019t that someone else\u2019s role? While it\u2019s true that the day-to-day management of IT assets may fall to the\u00a0<a href=\"https:\/\/blog.sipiar.com\/being-an-itam-superhero-is-hard.-heres-how-we-help?__hstc=223543748.b20684de009241eb294efc75cc470f64.1608579192444.1608579192444.1608579192444.1&amp;__hssc=223543748.3.1608579192444&amp;__hsfp=2686683400\">IT Asset Manager<\/a>\u00a0in the organization, think about how technology use has expanded. According to\u00a0<a href=\"https:\/\/www.gartner.com\/en\">Gartner<\/a>, spending in IT infrastructure (worldwide device revenue, specifically) hit $690\u00a0<em>billion<\/em>\u00a0in 2018.<\/p>\n<p>Due to the massive expansion and adoption of tech resources across the world, IT assets affect the financial outlook of any company more in 2019 than ever before. We all know this trend is not likely to change, either. This means that IT assets are a key focus for today\u2019s CFO:<\/p>\n<ul>\n<li>Compliance risks can be costly.\u00a0<strong>How will the CFO be able to quickly assess any data or technology related risks \u2014 and the expenditures of resolving them \u2013 as part of the company\u2019s financial strategy?<\/strong><\/li>\n<li>Digital reporting and business intelligence are part of the new normal for record keeping.\u00a0<strong>How will the CFO deliver accurate reports on the company\u2019s IT footprint within a limited time scope \u2014 and communicate them to executives and managers?<\/strong><\/li>\n<li>CFOs have a wide range of responsibilities, and it does not include a device-by-device knowledge of the company\u2019s IT inventory.\u00a0<strong>Yet, the CFO must develop long-term financial strategies involving this inventory<\/strong>. How will the CFO quickly access needed data for this analysis?<\/li>\n<li>CFOs are responsible, however, for growing revenue and reducing cost within the organization.\u00a0<strong>How will CFOs maximize the ROI of company IT assets and make profitable procurement and disposition decisions without accurate, easily accessible data around those assets?<\/strong><\/li>\n<\/ul>\n<p><em>Author: Sipi<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"post-excerpt\" class=\"post-excerpt\">ITAD Blog WHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021&hellip;<\/p>\n<div class=\"link-more\"><a href=\"https:\/\/www.itadsummit.com\/index.php\/itad-blog-why-cfos-need-to-focus-on-it-assets-in-2021\/\">Continue reading<span class=\"screen-reader-text\"> &#8220;ITAD Blog:  WHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021&#8221;<\/span>&hellip;<\/a><\/div>\n<div class=\"link-more\"><a href=\"https:\/\/www.itadsummit.com\/index.php\/itad-blog-why-cfos-need-to-focus-on-it-assets-in-2021\/\">Continue reading<span class=\"screen-reader-text\"> \"ITAD Blog:  WHY CFOS NEED TO FOCUS ON IT ASSETS IN 2021\"<\/span>&hellip;<\/a><\/div>","protected":false},"author":7,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7754","page","type-page","status-publish","hentry","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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