This Is How CFOs Can Strategically Manage Risks Using Oracle NetSuite

NetSuite for CFO

If one thing which every Chief Financial Officer or CFO will admit, anywhere in the World, is their penchant for taking risks.


Today, a CFO is no longer a person who just wraps up the financial audit or sends a weekly financial report to the CEO and the management.


Now, the role and responsibilities of a CFO is expanding beyond audits, reports and compliance into a far wider, and more impactful territory of capital expenditure and financial planning.


And these come with the element of risk: The greater the stakes, the more is the risk.


There are only two aspects which can strategically manage risk-taking activities: Luck and numbers. While luck is something over which no one has any control, numbers are facts, and NetSuite clearly understands that.


Keeping in view the changing business landscape, and the dynamic nature of the CFO’s responsibilities and actions, NetSuite has developed a very specific and niche module for all CFOs.


And the biggest advantage of NetSuite for CFOs is strategic risk management.


CFOs Empowered With Data And Real Time Insights = Less Risk


Once NetSuite for CFOs is deployed in an organization, the entire financial team is empowered with data, numbers, and detailed insights which help them to take definitive action, which results in spectacular results.


When a CFO graduates from auditing and reporting to the more intrinsic and complex work of corporate portfolio management and capital allocation, involving millions of dollars, then the only factor which can make a difference and diffuse the risk involved is data.


Using NetSuite, the CFO can have access to real time numbers, via interactive and on-demand dashboards, which can be customised, and tailor-made as per the requirements.


Want to view the latest stock market rate across the globe? Check.


Want to view live Gold rates, across 10 nations? Check.


Wish to know which regulatory changes has happened in Japan in real time? Check.


The CFO is able to access a more consistent, holistic, real-time view of the changes which are impacting the global financial world, and is empowered to take action accordingly.


A Single Truth Across The Organization = Consistent Results


When a single version of the truth is shared and accessed across the entire organization, then the results are consistent, and uniform.


NetSuite’s incredible Cloud computing technology ensures that the entire organization is able to access consistent and uniform data and numbers, which helps a great deal in audits and compliance related issues.

Based on the role and authority, access to critical financial data can be controlled and revealed/hidden by the CFO, using NetSuite, and this resolves more than 50% of the issues faced by the management.

Besides, NetSuite for CFOs handles the crucial aspect of tax like a pro, since tax rates and regulations across 100+ nations are automatically updated, in real time.

This means that the CFO is never outdated, and never out of sync with the actual data and information.

Wish to know more? Contact Inspirria, and experience the true potential of NetSuite right away!