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CFO Tech Outlook | Tuesday, October 25, 2022
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By driving digital transformation, finance teams could stop looking back at history to measure and predict the future and instead look forward to building future growth pillars.
FREMONT, CA: CFOs are in charge of duties like monitoring financial statements, interpreting data, adhering to rules and laws, analysing financial reports, and much more. Because there was a lack of communication and visibility on important issues throughout the business, the finance teams' traditional isolation from one another caused delays in operations. They would have time-consuming jobs that were frequently prone to human error.
However, as businesses were compelled to migrate their activities online due to the global pandemic, digitisation reached previously unheard-of heights. If someone had told us decades ago that one day people would order food online, engage in e-commerce, or that technology might influence decisions, they would have laughed them all off since we never envisioned (or expected) them to be digitised.
But since the development of technology, the way of life has altered completely. For instance, the adoption of contemporary technologies like hawkeye, hotspot, DRS, powerboats, and speed guns have altered the game of cricket today.
It is crucial for CFOs to rebrand as Digital CFOs today, when practically everything is done digitally, including shopping, ordering food, booking cabs, and attending court proceedings. With a long-term outlook, a digital CFO is now a strategic partner to the CEO, concentrating on reducing risk and properly anticipating cash flow.
In cricket, a coach plays a crucial role. For many years, coaches have served as the game's unseen motivators. With the development of technology, their function came under examination, and they are no longer considered game back-officers. If a bowler's or batsman's batting pace or bowling action needs to be improved, the coach will digitally track the player. The coach's position has evolved from that of a team monitor and trainer to that of a team strategist. In the same way, the finance department cannot function effectively in the current corporate world as a back-office function that spends its time managing labour-intensive transactional processes rather than concentrating on achieving strategic goals.
With the constant push to reduce expenses, increase income, and maintain control, the function of a CFO is now subject to significantly higher scrutiny both internally and internationally. The function of a finance team has changed from that of an average accountant to a strategist due to economic uncertainty (including the current scenario caused by the pandemic, higher regulatory obligations, and increasing investor scrutiny.
CFOs can make wise strategic judgments in the current fast-paced corporate environment in order to provide superior business results. Their functional financial plans must be in line with the overarching organisational goals in order to accomplish this. Modern CFOs have access to vast amounts of data at their disposal, and to technology, they can transform that data into insights that will help them make future business choices.
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