CFOs have now realized the need for optimizing finance processes like invoice processing and accessing the data housed in the company. This will enable them to manage cash, control expenses better, contribute to profits and mitigate risks.
FREMONT, CA: Over the last few years, the role of a CFO has changed significantly. The prime factor for this change has been the large scale introduction of digital technologies in the work environment. The role of CFOs has been traditionally confined to finance optimization tasks. However, they are now faced with new challenges and have been forced to be involved in the overall strategy of the company. Traditional CFOs are now required to evolve into a more open and strategic mindset and take up various positions like a value creator, performance driver, innovator, and communicator. In addition to these, they are required to be connected and mobile.
CFOs have now realized the need for optimizing finance processes like invoice processing and accessing the data housed in the company. This will enable them to manage cash, control expenses better, contribute to profits and mitigate risks. The new role of a CFO enables them to make more strategic decisions to take the company forward. Here are some of the significant transformations experienced by CFOs today.
From Silo to Integrated Value Chain
In this new age of business, CFOs find a shift from a silo approach to a more integrated value chain. This change will soon become inevitable. Automation increases the fluidity of processes and helps to mitigate, even eliminate, the current silos between the different activities of financial departments.
Individual to a Coordinated Approach
Factors are no longer individually controlled. They are interrelated and require a robust management system. AI-powered automation solutions equipped with the precision of algorithms enable improved decision making, by suggesting the best actions to take.
Asynchronous to Real-Time
The power of technology is exceeding expectations each day. Time delay in decision making is nearly eradicated from business processes. With the helped of advanced technologies, it is possible to speed up the financing process to a point where it can be run in real-time.
From Elitist to Mainstream
Artificial Intelligence is the buzzword in every industry. From being a luxury until a few years back, the technology has gone on to become an indispensable technology. The affordability of the tech has also changed significantly, coming within reach of companies of all sizes. In the financial domain, software solutions that incorporate AI offer competitive quality/price ratios, even if the technologies in question remain invisible to the end-user.