The past few decades have witnessed significant growth in the demands and expectations of finance leaders, mainly as they have become central to helping their organizations chase growth in an increasingly complex business world.
In forward-looking organizations, the role of a CFO is evolving from “transactional and cost efficiency” focused on “strategic value-addition” focused.
Despite their increasingly dynamic role, many CFOs are failing to recognize the impact the digital shift is having on their business and operating models.
EY’s Global Capital Confidence Barometer survey of 652 CFOs, in addition to in-depth interviews with CFOs and CEOs, revealed that only 50% of CFOs are making the shift to a digital business model a priority over the next three years.
When asked what the biggest concern for disruption was for their business, only 12% of finance leaders said advances in technology and digitization.
The study suggests that many CFOs do not fully understand the impact that a digital shift will have on their business in the short and long term.
This eBook delves deeper into the evolving role of finance executives in this digital age, and the impact, different technologies will have on their future role.
CFOs who don’t embrace this technology shift will be caught playing catch-up as their competition takes advantage of the digital culture to gain traction in the industry.
The role of the CFO is rapidly changing. A chief financial officer can no longer rely on crunching numbers while focusing solely on a company’s balance sheet. With that task handled by automated technology, finance executives will instead lead strategy by using the data to drive more profound prescriptive insights.
Technology will play an increasingly significant role in executing many traditional finance tasks while at the same time generating greater insight. Meanwhile, finance executives will spend a more significant proportion of their time working with colleagues across the organization to make decisions in support of the strategy.
The Last ten years of IT have been about changing the way people work. The next ten years of IT will be about transforming your business.
Aaron Levie | CEO of Box
Strategy takes center stage :
It’s no easy feat, but it is possible with technology.
Reduction in FTE cost
Better Time Allocation
Increase in time spent on analysis versus data gathering.
Better Allocation of Resources
Reduction in number of FTEs.
Robotic Process Automation: Robot Processing Automation or RPA is the use of software ‘robots’ mimicking human actions to perform only a pre-programmed business process.
AI is used as a parent term. It is the net application of multiple processes, one of which is Robotic Processing Automation (RPA).
Artificial intelligence: Artificial Intelligence or AI is the ability of computer systems to learn, reason, think and perform tasks requiring complex decision making.
Artificial Intelligence is better than RPA!Because AI :
Technology is changing so rapidly and arriving so fast; there is a specific motivation to be cautious and take a wait-and-see approach. You might think, ‘I’m going to be smart and sit back a little bit and see what happens before I make a decision.’
The problem is that the change is so significant and the new capabilities so advantageous, that if you take a wait-and-see approach, you run the risk of being put at a severe competitive disadvantage.
So decide today, which technology is suited for your business needs and start figuring out the right technology partner (by asking questions mentioned above), who will help you transform your finance function and make your CEO, customers, and workforce happy!
HighRadius Autonomous Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Autonomous Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.