When CFOs adopt innovative technology, they help build organizations that are more agile, profitable, effective, and positioned for growth. Here are the five actions CFOs can take immediately to get started down the right path:

1. Develop one single source of the truth—Data is the currency of success. Effective data management translates to big opportunities for companies that are intent on growth. But the key to effective data management is creating one source of the truth—a central data repository. Everyone needs to work from the same set of information, if your organization is going to operate as efficiently and effectively as possible. Companies can uncover key insights about their customers and business processes by breaking down data silos and building one single source of the truth. Whether that data comes from a single source, or more likely, multiple disparate sources, it needs to be visible from one place, so it can be trusted as reliable and acted upon by everyone who needs to make decisions.

By Nick Castellina, Director of Industry & Solution Strategy at Infor®.

The Chief Financial Officer (CFO) has been mistakenly stereotyped as a back-office miser, worried about only one thing: the company’s bottom-line. CFOs have often been frugal, protecting the company’s wallet with an unwavering vow to be prepared for the proverbial rainy day. At least, that is the old-school notion.