As chief financial officers (CFOs) continue to take on more responsibility for strategy and implementation and for the sustainable future of the company they work for, they became responsible for building the technology power to unleash breakthrough rate. By doing so they can achieve breakout value throughout the company. So, is automation for CFOs a good idea?
CFOs have always been crucial to CEOs but nowadays they became strategic partners throughout the C-suite. Additionally, the pandemic has ratcheted up the pressure they feel to enlarge their function: 79 % of the CFOs said that the pandemic made them think about ramping up their transformation.
CFOs tell us that both the scale and rate of conclusion are vastly different than they were to their predecessors. The previous generation of CFOs made $100M decisions on a monthly or even quarterly basis in large companies; today’s CFOs make $1B decisions each week or even daily.
Because they continue to take on more responsibilities, CFOs have aggressively (we can say) implemented digital technologies during the finance function. Now, 60% of conventional finance jobs are automatic. In 2018 there were only 34% of the tasks. These actions have given CFOs a lot more than a simple introduction to data conversion or data-driven transformation. 72% of CFOs have now the last say on the suitable technology to be used in the enterprise
Yet despite these investments, the focus remains on enhancing the accuracy of historical reporting and delivering strategic cost efficiencies within the function. Whether the function has deployed fundamental automation, more advanced artificial intelligence (AI), or cutting-edge utilization of blockchain, it’s still utilizing technology to solve yesterday’s problems.
It is a focus that overlooks the truly transformational advantages of technology. To get those advantages, the function should embrace a predictive focus. This will unlock the breakthrough rate that’s required to stay ahead of the market and business dynamics.
Is the CFO the catalyst of digital strategy?
To drive a breakthrough rate, CFOs will need to champion digital transformation throughout the enterprise.
If you are a CFO and have to build on the legacy of your predecessor, in everything from shared solutions to ERP, business intelligence apps, you have to know that you are a key to steer the direction for the future in regards to adopting digital technologies.
The CFO is essential for ensuring the return on investments to new digital business models and helping align the business on new regulatory requirements and market requirements. A CFO must focus on business models, safety, and ESG.
What if, in order to be successful in implementing new business models a CFO can get help from Robotic Process Automation?
As in any industry or field of expertise, in the financial sector are certain activities that are repetitive, energy, and time-consuming that can be invested in more important things. RPA is the go-to technology that can take over this kind of activities and relieve the employees from the burden of tiring tasks.
Why don’t you try?
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