The world of business is changing at a rapid pace. And for the finance department, that sentiment couldn’t be more evident.
As we move to a digitized world, CFOs and finance teams are moving away from basic tasks such as manually inputting numbers and reporting on the figures. Now, when it comes to financial management, they are moving to interpret real-time data.
However, the next step is to become a visionary within their businesses.
But what does that mean for you as a CFO, and how can you make that a reality for your role and your company?
CFO 3.0: Digital transformation beyond financial management is a new guide that looks at the evolution of the chief financial officer.
It will show you how technology, such as artificial intelligence and automation, can help you take your finance team and your role to the next level.
CFO 3.0: Digital transformation beyond financial management covers the following topics:
- CFO 1.0: Driving the digitalization of the finance function
- CFO 2.0: The evolution of finance
- CFO 3.0: The Path to ‘Visionary’
An excerpt from CFO 3.0: Digital transformation beyond financial management
Today, most companies exist in a state of CFO 2.0, a situation where we analyze data in the present. We have some great tools to help us, such as automated finance processes, financial management technology and sophisticated data sets. Living in the present, we are staring impotently at the road ahead of us.
Enter CFO 3.0. A new era where the amalgamation of Robotic Process Automation (RPA), Artificial Intelligence (AI) and Machine Learning (ML) delivers us to a new nirvana. CFO 3.0 is a new breed of trailblazing finance leaders who use data and emerging technology to create a vision for the future. They embrace new techniques, such as predictive analytics, to drive digital transformation to new frontiers of its capabilities.
To truly understand this transition from CFO 1.0 to CFO 3.0, we commissioned a study that enabled us to comprehend the opportunity better and challenges our fellow finance professionals are experiencing. We spoke to over 500 US-based CFOs to gain their perspective on what their future job description might look like and get a feel for the real impact tech is having on their day to day tasks.
In our report, CFO 3.0 digital transformation beyond financial management, we share your stories.
You want to automate tasks to free up time
Many of you told us that your job had changed faster in the past five years than at any time in the past. And although many have embraced automation and the latest in financial management tools, you shared that you too suffer from chronic time pressure and bureaucracy. As a CFO, you are spending too much time on day-to-day tasks due to manual processing. At the same time, you also have to grapple and master the latest in technology developments.
There is no doubt that the mindset and mentality of Millennials and Generation Z are also driving change. They enjoy working and interacting with the latest technology. They think nothing of remote working or adapting social channels to the workplace. To attract and retain the best talent, including the newest generation, you need to adopt the same technology and attitude – it’s what is required today to be a top organization.
You are the visionary
As the CFO, you are in a unique position to see across the business in real-time. You now have the freedom to become visionary business leaders, strategists, and the essential confidant to the CEO. And for those of you looking for a new challenge, the door is open to leading the company as CEO.
This is the new era – enter into the world of CFO 3.0.
CFO 3.0 – Digital transformation beyond financial management
CFOs are playing a key role in digital transformation. Learn how you can move from a 'historian' to a 'visionary' within your business.