What does “The Carer” CFO need in an ERP solution?
In our last blog exploring the various leadership styles of CFOs today and what aspects of ERP best serve them, we focused on The Conductor CFO.
Now we’ll look at the distinguishing characteristics of The Carer CFO type and what they need most in an ERP solution.
The Carer: Solid planner, slow mover
In 2015, Epicor commissioned a survey conducted by Redshift Research Ltd that surveyed more than 1,500 finance business professionals in 11 countries. Representing 18% of all CFOs today, Carers are solid, cautious planners who carefully think things through and plan for a wide range of eventualities. They’re methodical performers who are most concerned about the accuracy of their data—in fact, they identify this as one of their top two priorities. Our survey also revealed that these detail-driven CFOs are concerned that they lack good information on the financial performance of individual product lines (only 48% feel they have good information vs. a 57% average for their peers).
Although these traits can ensure that Carers make good financial decisions, they can also cause them to be slow when taking decisions. Because they would rather delay a decision than risk mistakes, Carers may miss important opportunities if they don’t feel they have sufficient data or consensus to back up their decisions.
Accurate, highly detailed data—fast
With a modern ERP platform, Carer CFOs can get accurate, drill-down data right at their fingertips, as well as collaboration tools that enable them to quickly consult with a wider group on important decisions. Carers need an ERP solution that helps them feel confident that they’re making the right decisions, which enables them to act faster when they spot opportunities to increase profitability or growth. This ensures that both the Carer and the organisation can maximize opportunities so they are both happy with the direction they’re going in.
In our next and final blog in this series, we’ll examine The Visionary CFO’s leadership style and technology needs.
Take our online quiz to find out which leadership style most closely matches the way you work and find out more in our ERP resource centre about how Epicor ERP can help you collaborate more effectively and make better decisions, faster.
Posted by Martin Hill, VP, International Marketing