01 Mar Digital Transformation Beyond Financial Management in 2022
The way work happens has evolved – we are mobile, social, flexible, and adept at change. We trust data and expect technology to provide the solution to make us more efficient, productive and enable us to remain ahead of the curve. This new dynamic has made its way to the role of the Chief Financial Officer (CFO). In this guide, we discuss digital transformation beyond financial management.
Table Of Contents
Evolution of the CFO
THE HISTORIAN – A strong individual with high financial acumen whose role reflects a traditional view of the finance professional as a historian of company financial data and past performance.
THE REAL-TIME ANALYST- While CFO 1.0 can tell their colleagues what happened, CFO 2.0 can add the “why” and help the organisation use real-time data to gain critical strategic insights.
THE VISIONARY – A new breed of trailblazing finance leaders. Instead of just using a rear-view mirror, data, new technology, and predictive analytics allow them to look ahead, making them one of the most valuable members of the C-suite.
DIGITALIZATIONEVOLUTION OF THE CFO
The role of the CFO is evolving, driven by a need for digitalization within the industry. Digitalization has enabled finance professionals to access a range of technical advances and given them the ability to process large data sets using innovative automated and analytical methods.
PROSPERING FROM CHANGE
To maximize these efforts, finance leaders need to continue investing in training and educating their teams on the role digitalization will play. Finance leaders are increasingly expected to drive digitalization. To get the most from technology there needs to be alignment between business strategy and cultural readiness.
Finance leaders are embracing the future and readily see the value in investing in emerging technologies as a solution to transform their businesses, achieve higher accuracy, and prevent business risks. Emerging technologies allow organizations to take the risk away from finance professionals by uncovering new or hidden business opportunities.
STAY AHEAD OF THE CURVE
The digitalization of the finance industry is fundamentally changing how the CFO role is conducted in its entirety. Embracing technological evolution will help separate the successful financial leaders from the laggards in this new era of digital transformation.