CFO Invests in Finance R&D
Britain has left the European Union to plough its own furrow across the Globe and whatever your personal views on Brexit, all UK Businesses need to make the best of it.
However, why should we just make the 'best of it'? A Nation who led the Industrial Revolution does not need to make the best of it, it needs to set the pace, it needs to innovate!
There are many Government initiatives to support the UK Economy post Brexit but one which does not receive enough attention is investment in Research & Development (R&D) that's 'Finance' Research & Development! The Government is offering Businesses Tax Credits over and above the cost of their investment.
Finance Research & Development, I bet you never thought of that! The Government is incentivising Businesses to invest in themselves to drive growth and boost the economy. The natural tendency is to think, its 'Finance', what possible Research & Development can we do for Finance? However, fundamentally, you are looking to:
1. Develop a new way of working;
2. Which is an idea to drive your Business forward; and
3. Your Business will own that idea
Innovation comes from Marketing, Supply Chain or Manufacturing, Innovation does not come from Finance, does it? Finance needs to challenge this assumption and fundamentally challenge itself. If Finance wants to be at the heart of Business decision making it needs to Innovate just like the rest of the Business.
The Time is now! Never has so much technology been available to the CFO to deliver Finance services and never has it been so complicated and confusing as to know what to do first. I sit really that confusing? What is the primary responsibility of Finance and the CFO? Protect the Business and drive it forward!
One Version of the Truth it will never happen in my lifetime. The Holy Grail of all Finance people is to have the numbers we need at our fingertips, with no quality issues, just numbers so we can do our thing. How much of your career has been wasted reconciling data, numbers, systems? Totally wasted, you will never get this time back!
Its time for a fresh approach. We may not always appreciate the latest Data Science has to offer but every CFO should understand their Business. Every CFO must challenge their Finance Team to look at old challenges in new ways that drive the Business forward.
Lumilinks is a cutting-edge team of award-winning Data Scientists. When Finance Transformation UK teamed up with Lumilinks we knew:
1. Lumilinks are Data Ninjas
2. We are Finance Leaders
3. Together we offer Innovation to the World of Finance Transformation
4. The Government rewards Innovation
Finance Transformation UK & Lumilinks driving Britain forward!