How CFOs can build the future of digitally enabled finance functions

Banking CIO Outlook | Tuesday, October 29, 2019

Some insights for CFOs to help build tomorrow’s digitally versed and technologically able workforce for a secure future of the finance function.

FREMONT, CA: A cohesive symphony of technology and people creates tomorrow’s finance functions. The success of these finance functions depends on the type of personnel, which may lead the technological debate and those who are willing to innovate within the finance’s risk-averse culture.

By distinguishing the digitized tasks like analytics and forecasting, the finance team members can concentrate the collective focus on executing tasks of greater values. Once the optimal technology for the task is in place, it takes care of both transactional processes and provides the data necessary for the generation of strategic insight.Top FinTech Solution Companies

For building the future of digitally enabled and rich in the talent finance function, the CFOs ought to prioritize three significant factors.

• There ought to be a transparent view of the future in finance function that aligns with the general purpose and business strategy of the organization. The confirmed view of the future will bestow on the finance team members all around the globe with a united ambition and provides a much-optimized focus for investment decisions and efforts. Within the digital age, this vision of the finance function should comprise how smart technology and people will operate together to form value.

• The finance function wants a bold technology-driven strategy, which ought to contain systems and tools that can permit numerous disparate teams to collaborate and share information, while at the same time executing data-driven decisions within the process. The CFOs cannot solely establish the model process for the organization but conjointly assess new technologies to recognize potential returns and conduct timely investments frequently. Sustainable development management with robust qualities is going to be the foremost crucial factor for the positive result in the implementation of new technology investments.

• Finance individuals within the organization can be freed up finally, to give ample attention to higher-value activities as the state-of-art automation increasingly executes the transactional elements with success. To stay up with the increasing volumes of data and to derive the insights to drive up the business decisions—different talent sets are needed to exploit the dynamic technologies. Improved business partnering and softer skills ought to also be a necessary skill to align the finance’s expeditions with the business. This enables the organizations to holistically attempt to transform to become innovative and adapt with a rapidly dynamic context of business.

The cornerstone of a well-set finance function within the future is a coordinated approach across all the existing elements.

Check out: Top Finance Technology Companies

See Also: CIOReview | Beqom

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