9 steps to secure executive buy-in for finance technology

When asked why they aren’t automating faster, 62% of CFOs cite insufficient resources to invest in digital finance tools.

This highlights a larger issue: finance leaders are struggling to get executive buy-in for finance technology, regardless of how compelling the use case may be.

The key to successfully implementing finance technology is first gaining support from your leadership team by providing them with full visibility into the benefits and potential of a new solution.

In this article, we’ll explore the definition of executive buy-in, why it’s essential, the barriers to technology adoption, and provide a 9-step guide to securing executive buy-in for finance technology.

What is executive buy-in?

Executive buy-in is the process of securing support and approval for new initiatives from your organization’s leadership team. This team typically includes C-suite leaders, Directors, and Managers who have significant influence over budgets and strategic decisions.

Securing their buy-in is critical for obtaining the funds needed to invest in initiatives like finance technology and for ensuring the technology can be continually developed to meet your needs.

Executive buy-in not only aligns initiatives with organizational goals but also optimizes resource allocation and increases the chances of successful implementation. However, achieving this buy-in can be challenging due to differing priorities or resistance to change among leaders.

Why you need executive buy-in for finance technology

The next generation of finance will require a forward-thinking approach. You need to be prepared for tomorrow’s tasks, but also for changes that will impact your business in the future.

However, executives are often focused on immediate problems, which leaves them little room to address root causes.

This is where you come in—finance leaders can advocate for further investment in finance technology, like Prophix One, a Financial Performance Platform, to help overcome your challenges.

5 barriers to getting executive buy-in

Navigating the path to executive buy-in for finance technology involves overcoming several barriers. Here's a look at the most common challenges and how to address them:

• Lack of understanding – If you’re not effectively communicating the benefits of finance technology, it can be unclear for executives what value it will bring to the business and how it will impact the bottom line.

Solution: Use case studies to illustrate the tangible benefits and long-term savings finance technology can bring to your organization.

• Resistance to change – Many executives believe that the methods they've traditionally used are the ones that should continue to be used. This can create a resistance to change that makes it difficult to make the case for finance technology.

Solution: Highlight success stories from similar organizations and demonstrate the competitive advantage gained through technology adoption. Arrange demos to showcase ease of integration and potential for improving efficiency.

• Lack of involvement or ownership – It’s essential to tie the return on investment offered by finance technology to initiatives or metrics that matter to executives. A lack of involvement in the buying process or a lack of ownership over outcomes can create disinterest in the leadership team.

Solution: Engage executives from the start by aligning technology initiatives with their strategic objectives. Set up regular briefings and involve them in milestone decisions to foster a sense of ownership.

• Personal bias – For those outside of finance, it can be difficult to see the value of finance technology when it doesn’t directly solve their department’s problems, and executives may have their own personal biases when it comes to technology.

Solution: Address these biases by demonstrating cross-departmental benefits and how finance technology can indirectly improve outcomes for their specific areas.

• Lack of communication – Failing to communicate where you are in the process can leave executives confused. If they feel like they need to keep tabs on your project, it can erode their trust in your ability to see the project through to completion.

Solution: Establish a communication plan with regular updates and progress reports. Use visual aids to make complex information easily digestible, ensuring executives stay informed and engaged with the project’s progress.

Securing executive buy-in for a new solution or platform can seem daunting—that’s why we’ve put together a 9-step checklist to help you get started below.

9-step checklist to secure executive buy-in

Here is a 9-step checklist you can use to get executive buy-in for finance technology:

• Identify who your executive stakeholders are and engage with them – Work with executive stakeholders to understand their pain points and opportunities, establish priorities, and gain their support.
• Connect the challenges you’re facing in finance with senior management’s priorities – Demonstrate to management that to succeed, the organization must take full advantage of finance technology to proactively address challenges before they affect operational performance.
• Identify your biggest problem, outline the benefits of solving it, and explain how finance technology can support this – Illustrate how a new solution will benefit all stakeholders.
• Calculate your return on investment (ROI) and compare that with the expected benefits of a new solution – Start with your current state and identify the risk of maintaining the status quo. Next, compare your current state to the expected positive outcomes of a new solution.
• Define your budget – Present a budget estimate and expected change management needs, timelines, ROI, and anticipated outcomes.
• Reach out to vendors to get connected with other customers – Learn more about the impact of using finance technology in new ways with customer success stories that show the ROI for other companies.
• Using all the above, present your business case to your executive team and show how finance technology will solve business problems and create value.
• Develop a plan to roll-out your new finance technology so everyone can anticipate timelines and desired outcomes – Share your plan with the broader team. You should also include timelines for adoption and the subsequent anticipated returns.
• Continue to emphasize the value of finance technology to your team and your organization – As you continue to build the case for further investment in finance technology, it’s important to remember that it has limitless value—it’s up to you to use it to its full potential, so you can continually improve your processes and efficiency.

Conclusion: Achieving buy-in with Prophix One™

Securing executive buy-in for finance technology is essential for driving innovation and achieving strategic goals.

To be successful, you need to overcome barriers and align finance technology with organizational objectives before implementing.

With finance technology like Prophix One, a Financial Performance Platform, organizations can optimize their finance processes, gain deeper insights, and drive better decision-making.

By embracing Prophix One and harnessing the full potential of finance technology, you can propel your organization towards success and growth.