Choosing Technology that Drives Growth
Third in our series on Financial Strategy: The CFO’s Playbook
A common pattern with high-growth organizations is that they often rush to implement planning technology before they've fully understood their needs. The result? Expensive systems that don't quite fit, manual workarounds that defeat the purpose of automation, and frustrated teams who can't get the insights they need when they need them.
Technology as an Enabler, Not a Solution
One of the most valuable lessons I've learned is that technology alone never solves planning challenges. I remember working with a rapidly growing company that had invested in a sophisticated planning system, believing it would transform their financial planning capabilities. Six months later, they were still struggling with basic forecasting because they hadn't first established their core processes and data requirements.
The most successful implementations I've led started with a clear understanding of how the organization needed to work, then found technology to enable that vision – not the other way around.
The Data Foundation
Before any discussion of planning technology, organizations need to get serious about their data foundation. I've seen too many companies try to build sophisticated planning capabilities on top of unreliable data, creating a "garbage in, garbage out" situation that undermines trust in the entire planning process.
The key isn't perfect data – it's understanding what data really matters for decision-making and ensuring that critical information is reliable and accessible. This often means making hard choices about what to focus on first and what can wait.
Integration is Everything
One of the most crucial decisions in selecting planning technology is understanding how it will integrate with your existing systems. I've helped multiple organizations navigate this challenge, and the key is thinking through not just current needs but future requirements.
For instance, I worked with one company to implement a planning system that could scale from basic budgeting to sophisticated scenario planning as their needs evolved. The key wasn't choosing the most powerful system – it was choosing one that could grow with the organization while maintaining reliable integration with their core systems.
The Human Element
Perhaps the most overlooked aspect of planning technology is the human element. The most sophisticated system in the world won't deliver value if your team can't or won't use it effectively. I've found that successful implementation requires:
Clear ownership and accountability
Adequate training and support
Regular feedback loops
Continuous improvement processes
Looking Ahead
In our next piece, we'll explore advanced planning techniques that become possible once you have the right technology foundation in place. But remember – technology should serve your planning process, not define it.
The most successful organizations I've worked with understand that technology selection is a strategic decision that impacts how effectively they can plan, analyze, and execute. Getting this right requires careful thought about current needs, future requirements, and the organizational capacity to adopt new tools.
Remember: The goal isn't having the most sophisticated technology – it's having technology that enables better decision-making and supports sustainable growth.
Fishbone Ventures partners with high-growth companies to build analytics capabilities that scale with their ambitions. Our approach combines rigorous analysis with practical execution to deliver lasting results.
Contributed by Ryan Abbadi (Founder & Managing Partner)