Making financial decisions today that help businesses grow requires more than understanding smart money management. Because of the digital transformation and the dependence on technology to create new revenue streams as well as support the existing ones, CFOs need to understand technology trends that can allow the business to operate more efficiently, effectively, and creatively.

Through supporting IT’s desire to use mobile, cloud, and other developing technologies, tech-savvy CFO’s can help their business grow. Here’s a look at the top 5 technologies CFO’s should make a point of understanding to make wise funding decisions:

1. Cloud

Cloud computing can save a company money by offloading the costs of hardware and network support to a cloud provider. By turning capital expenses into operating expenses, cloud computing can make managing corporate funds easier and free up the large sums of money needed for outright equipment purchases for other needs. The flexibility of cloud computing also allows companies to be more agile and reactive to changing customer needs, supporting dynamic responses that can lead to new business.

2. Mobility

Companies gain productivity when they support mobile computing that lets employees work from anywhere, but protecting company resources can require investing in mobile device management and other technology. In some cases, companies may want to pay for employees’ smartphones and usage plans in order to gain the necessary control.

Related: Do You Need a Virtual Mobile Infrastructure?

3. Big Data and Analytics

Smart business decisions are backed by data, but finding the valuable insights hidden in the gigabytes and terabytes companies have stored is tough. Advances in big data and analytics methods now let companies analyze their data effectively; even informal sources of information, like customer comments in online forums, can be analyzed. The data can be used to drive decisions about new lines of business, support product development, or even be sold as a product itself.

4. Internet of Things

Connected devices go far beyond smart thermostats and smart light bulbs. In every industry, these devices are starting to form ecosystems where they communicate and manage themselves. Totally new kinds of system interactions are possible, such as smart cars that drive themselves and pay for parking by themselves, too. That means potential new business opportunities—and potentially needing to manage expenses automatically triggered by the refrigerators in the break room.

5. Cybersecurity

CFOs don’t need to understand all the technical vulnerabilities corporate networks are exposed to, but they need to understand the business risks those vulnerabilities expose the company to. Data breaches result in significant expenses for the business to contain and correct the failings. The breaches also result in significant damage to the company’s reputation and potential lost business from customers who lose confidence in you. It’s much better for the business if the CFO understands and supports an appropriate level of information security spending before an incident occurs. For more details, read: 5 Ways a Data Breach Can Cost You.

Keeping up with technology and using it effectively throughout an organization is challenging. Prescient Solutions offers strategic advising services to help your business make smart technology decisions, plus the hands-on implementation and support services needed to ensure the technology is effective. Contact us for a free infrastructure assessment and to discuss how we can apply our tech savvy to help your business grow.