Part 4: Overcoming the innovation hurdle: A CFO’s guide to adopting new tech

Executive Summary

Why do CFOs hesitate to adopt new technology?

Because of concerns around risk, cost, and disruption to established workflows.

What’s the cost of delaying innovation?

Manual processes persist, blind spots remain, and the organisation falls behind competitors who already benefit from automation and real-time insights.

How can CFOs adopt new tech effectively?

By starting with targeted wins like expense automation and bill payment software, scaling adoption once value is proven.

Introduction: Why Finance resists change

CFOs are risk managers by nature. They’re tasked with protecting the organisation’s assets, so hesitation around untested tools is natural.

But in today’s environment, standing still is riskier than moving forward. Failing to adopt new technology keeps finance stuck in reactive mode.

Section 1: The barriers to innovation

Finance leaders often cite:

• Risk aversion — fear of losing control.
• Cost concerns — uncertainty about ROI.
• Complexity — anxiety about implementation and adoption.
• Change fatigue — teams overwhelmed by new tools.

These barriers feel safer than change, but they carry hidden costs.

Section 2: The risks of waiting too long

Delaying innovation leads to:

• Persistent inefficiency — staff stuck in manual processes.
• Lack of visibility — blind spots in spend remain unresolved.
• Competitive disadvantage — peers move faster with better data.
• Credibility risks — finance lags behind expectations of boards and executives.

The longer finance waits, the harder the leap becomes.

Section 3: A real example of change

A growing services firm hesitated to upgrade its finance stack, relying on spreadsheets and manual card reconciliations. Errors and delays piled up, and confidence in reporting eroded.

When they finally adopted a unified platform with automation:

• Expenses and bills were captured in real time.
• Reconciliation was automated, reducing close time by 70%.
• Finance gained credibility with accurate, timely insights.

As their CFO said: “We realised the biggest risk wasn’t adopting new tech — it was staying where we were.”

Section 4: How CFOs can de-risk adoption

The innovation hurdle can be overcome with a pragmatic approach:

• Start small — pilot with one workflow, like expense automation.
• Measure impact — track time saved, error reduction, and faster reporting.
• Build momentum — expand adoption as results prove value.
• Prioritise usability — choose platforms employees actually use, reducing training overhead.

Practical wins build confidence and reduce resistance.

Section 5: Building a culture of innovation in Finance

Beyond tools, the mindset must shift:

• Frame innovation as protection — better visibility reduces risk.
• Involve teams early — make adoption collaborative, not imposed.
• Celebrate small wins — showcase efficiency gains to the wider business.
• Position finance as strategic — demonstrate how tech adoption strengthens influence with executives and boards.

Innovation becomes less about risk and more about leadership.

FAQ

Why do CFOs hesitate on new tech?

Because of perceived risks around cost, disruption, and control.

What’s the hidden cost of delaying adoption?

Persistent inefficiency, missed opportunities, and weakened credibility.

How can CFOs de-risk adoption?

Start small, measure ROI, and expand once value is proven.

Which tools deliver quick wins?

Expense automation, bill payment software, and consolidated dashboards.

What’s the cultural impact of innovation in finance?

Teams spend less time firefighting and more time partnering with the business.

Conclusion: From hesitation to leadership

Adopting new technology isn’t just about efficiency. It’s about positioning finance as a proactive leader in the business.

The reflective question: is your finance team delaying innovation, or leading the way?