View: How technology solutions empower CFOs to co-create true business value

Digital upskilling of the team with continuous training

Automating mission-critical processes like managing expenses and payments

Leveraging AI-powered data analytics to extract BI insights that help improve the financial standing of the enterprise

Helping develop a proactive financial risk management approach to eliminate future data threats and security breaches

Adopting cloud-based tools for zero-based budgeting, with maximum flexibility and scalability

The CFO is a strategic advisor to the CEO – given the increasing number of functions under their purview, including legal, vendor procurement, facilities management, etc. By encouraging the enterprise-wide adoption of cloud and data analytics, CFOs can work in tandem with CEOs to manage technology transformation, avoid infrastructure and software wastages, etc.

The unexpected growth of the subscription-based business application ecosystem has also left enterprises scrambling to meet SOX, IFRS, and GDPR compliance rules. It has led to the CFO’s role expanding to achieve more synergy with CIOs in order to help their enterprises navigate past new risks and comply with regulations.

The SaaS ecosystem has also better equipped them to manage their teams. CFOs can get their hands on accurate data insights based on performance management tools to establish targets, set metrics, and offer incentives. Now, they can be flexible enough to spend more time and effort in cross-functional collaboration to help grow the enterprise.

The CFO has become an agent of change in modern-thinking enterprises. Spearheading multiple functions, they have turned into chief decision-makers and business strategy planners. Let’s look at the top 10 steps in any modern CFO’s journey.

Understand the type of technology required to achieve specific enterprise goals

Play the devil's advocate while assessing business applications to place a safe bet on technology ROI

Achieve budget fluidity while aligning to market expectations and technology advancements

Advocate cloud adoption for cost-efficient digital enablement

Grow a transformational tech-savvy finance team and say goodbye to excel sheets!

Build a single source of enterprise truth and gain a 360-degree view of business insights

Safeguard the enterprise against emerging data threats that lead to financial losses

Ensure compliance adherence to financial laws and regulations

Enable finance transformation through AI and RPA-driven recommendation engines

Evaluate ERP technologies like blockchain to enhance data integrity, auditing processes, and vendor management

The unexpected COVID-impacted business climate accelerated the need for CFOs to take a value-based management approach. With hiring freezes, travel restrictions, and virtual events, the cost savings have been unexpected too.

They should focus on moving capital investments to fuel business growth. Furthermore, experts have already claimed legacy ERP is outstaying its welcome due to its inability to deliver real-time value. Moving to the cloud is just as much a CFO’s priority as it is any other C-suiter.

The fact is that there’s no telling what the next new normal may be for enterprises. The only surety is that the CFO’s role will continue to evolve and grow in importance.