On a recent Tesorio webinar, Driving Growth Through Cash Flow & Working Capital Management, we asked several successful CFOs to share their thoughts about Connected Finance. In case you’re unfamiliar with this new approach to the CFO office, Connected Finance weaves together technology, workflows, data, and people to allow you to make real-time decisions with greater confidence and more control.

One of our panelists, Sarah Spoja, CFO of Tipalti, specifically talked about the two valuable things that Connected Finance makes possible for companies that choose to adopt it.

Unlocks Your Data

According to Spoja, Connected Finance gives CFOs the power to unlock their company’s data and all the insights captured within it. Automating previously time-consuming and costly manual finance functions is a critical part of Connected Finance. But even more importantly, it focuses on improving the flow, transparency, and frequency of your data’s real-time nature to create more efficient and seamless processes.

Unlocks Your Employees’ Potential

On top of that, Spoja points out that Connected Finance also helps CFOs to unlock the full potential of their finance staff because it allows those employees to perform their jobs more effectively and with less friction and frustration. But first, you have to attract and retain those professionals, which means you need to understand and account for two situational factors:

The Reality of Employee’s Personal Lives

Today’s employees have digital-first options available for almost every aspect of their lives, including their personal finances. They can quickly and easily connect one account to another, whether it’s their bank account connected to pay monthly and one-time bills either automatically or on-demand, or it’s a rewards app connected to their bank account through a digital wallet to pay for a particular purchase.

Bottom line: when it comes to non-work activities, nothing is manual any more. Employees no longer write checks, mail payments, or wait for a bank statement to balance their checkbook.

That Connectedness Needs to Be Mirrored at Work

Now, imagine how frustrating it is for employees to come to work and deal with outdated workflows that still rely on manual processes or outdated technology that leaves data siloed by department or function. Imagine days filled with mundane work and constant requests for real-time information from senior management or interdepartmental colleagues that are not easily fulfilled.

Today’s employees have no appetite for that type of workplace. They want interesting, satisfying, and strategically important work that they can perform through digital-first technology that mirrors what’s available to them in their personal lives:

• Real-time data at their fingertips
• Easy-to-use-and-view tech tools
• Compatible systems that easily interact with each other
• Smoothly flowing data from process-to-process and between people and departments

Let Tesorio Guide Your Organization to Connected Finance

High-quality finance talent is hard to come by today and even harder for companies whose technology, workflows, data, and people are disconnected from each other. Such professionals prefer and often demand to work in an environment that helps them unlock the organization’s potential along with their own.

Contact Tesorio today to hear more about Connected Finance and what it can do for your business.

Want to learn more about what other CFOs are doing and thinking right now? Download the Executive Summary: CFOs Drive Business Value from our latest survey.