Embrace social media

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Suffice it to say that CFOs have not been at the forefront of the social media revolution. Hemmed in by disclosure restrictions and a close-to-the vest culture, sharing information via social channels does not come naturally to finance organizations. Add to this the many high-profile fiascos that have involved executives who said too much on Facebook and Twitter, and it’s no wonder CFOs have kept a healthy distance from them.

The rules are beginning to change, however. In the U.S., for instance, the U.S. Securities and Exchange Commission has loosened restrictions on reporting financial data through social media outlets. The way many CFOs view these tools is changing too. Many see real value in embracing social platforms—at least internally to begin with. They are learning to use social tools inside their organizations to create value by sharing data, increasing operational efficiency and boosting agility.

As a CFO becomes more involved in business operations, opening up channels of communication across the organization is useful. Internal social tools offer a safe, natural way to collaborate with colleagues: to share data, gather opinions, test theories or simply ask questions. And the more freely information and ideas flow through a company, the more agile and innovative it becomes, which can positively affect profitability.

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