Will Smart Technologies Replace CFOs?
Will smart machines replace smart CFOs?
Probably not. Most analysts agree that technology will play a pivotal role in increasing the speed and efficiency of finance-related tasks while also facilitating insights that drive better decision-making.
The evolving role of finance and the CFO
According to EY research which surveyed 769 CFOs and finance leaders across 32 countries, the findings on the evolving role of the modern CFO were clear: 69% of respondents said that they see the finance leader role fundamentally changing, as traditional finance tasks are automated or managed in shared services centers.
CFOs clearly recognise the urgency and importance of embracing digital transformation. Most CFOs know, that unless action is taken to define a bold reporting strategy and vision for advancing the traditional reporting process their teams will fall behind the pace of technology.
Technology will help finance professionals dig deeper into the ever-increasing amounts of data created and will continue to help teams find latent trends, providing CFOs and their business partners with actionable insights linked to business-critical information and risks.
Digging deep into data will also allow reporting teams to extract forward-looking insights from large, fast-changing, disparate data sets, which closes the expectation gap between what boards now seek from corporate reporting and what CFOs can deliver.
Connection is key. Finance teams should collaborate with sales teams to define revenue models that work well financially and help to deliver an outstanding customer experience. They should also leverage better collaboration and system integration tools to change the service orientation from batch and periodic to real-time and predictive—from counting to considering.
Blueprint for smarter finance
The advancement of disruptive technology is about creating a blueprint for a smarter, more forward-looking finance organization. The goal is to design a future operating model that focuses the best people on key priorities while better equipping them for the new digital economy.
Analysts agree that better partnering and softer skills will be required to align finance efforts with the business, as the organization works to become more nimble and innovative and to adapt to increasing customer demands of the digital age. It is key that finance aligns with the business and uses this knowledge to optimise processes and develop strategies that create value not only for the business, but also for the customer and the customers’ customer.
Intellectual curiosity, and the ability to ask the right commercial and operational questions, will be fundamental attributes of a great financial business partner. The result of this paradigm shift in financial operations is that sustained digital investment will drive significant increases in customer satisfaction (and consequently customer and portfolio value).
Change from digital transformation is so rapid that contending with volatility and uncertainty will be the new normal for CFOs, and there can be no doubt that technology—and engaging the proper people to leverage the benefits of technology—will play a key role in transforming the finance function in the coming years.
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