Technology knowledge has become paramount for finance professionals seeking to provide the best possible services to clients and to stay ahead of the competition in the global marketplace. Whether a CFO’s primary goal in any given project is to create plans and forecasts, manage data volume, meet complex regulatory requirements, or deliver quality, real-time insights for senior staff, knowing what technology options are available and how to harness them becomes key to providing the right services in the most effective way.
In the current technological landscape, three technologies stand out as crucial to a CFO’s work. They are big data management, cloud computing, and mobile computing.
Big Data Management
Unlike some recent technologies, the purpose and use of big data management is apparent in its name: big data management technologies seek to make large amounts of data organized and accessible when financial professionals need them. Big data projects typically address thousands or tens of thousands of gigabytes’ worth of data. IT professionals who work in big data management are concerned with how to store, protect, and sort massive data sets in a way that allows CFOs and other professionals to access the data they need when they need it – without wasting minutes or hours sorting through large quantities of data they don’t need.
The amount of information generated in the average financial business is growing exponentially, making big data management a field that CFOs cannot ignore. Finding the right people to manage a company’s data and train workers is crucial.
So-called “cloud computing” moves data from individual hard drives and servers onto Internet-accessible machines and syncs devices connected to the Internet. In essence, it allows any set of devices to access the same data simultaneously, as if the devices and their users are working off the same hard drive or server – even if they are thousands of miles apart.
While cloud computing offers significant advantages in terms of mobility and ease of access, it also poses significant risks in terms of data security. Because storage “in the cloud” means storage connected to the Internet, the risk that unauthorized users will be able to get at the data is omnipresent. Understanding how to balance these risks, protecting sensitive data while encouraging productivity, will be among most CFOs’ key concerns in coming years.
The “cloud” makes possible the ability to work on the road like never before. Mobile computing means that professionals of all kinds are no longer tethered to their offices; they are able to move about, working on the go as effectively as in the office. The benefits of mobile computing move beyond convenience; they also encompass the ability to make critical decisions on the fly, since access to necessary data is no longer an issue.
However, mobile computing poses legal and ethical challenges unprecedented in the workplace. When workers are not tethered to one physical location, neither is data; but employers face an uphill battle when it comes to keeping sensitive information sufficiently profected.
At Daley and Associates, our experienced financial recruiters can help you find the professionals you need to address your technological needs as well as those of your clients. If you are looking for CFO jobs in Boston, contact Daley and Associates today.