The CFO Agenda: Transforming the Finance Function

Category : Finance

Read the latest whitepaper on Whitepapers Online titled The CFO Agenda: Transforming the Finance Function   Chief financial officers of companies have insight into all business units in their organization, and especially when they come with visibility into opportunities that can be used by adopting information-led transformations. There is no surprise that all CFOs are taking on new strategic roles. Their responsibilities include guiding the growth of their respective companies. Along with the growth they are also responsible for creating further digital organizations as well as transforming the existing finance function of their company. The first step to a successful transformation is to identify the company's objectives. Then, CFOs decide if the main task will be lead using people, processes, or performance. With the emergence of new finance roles, CFOs need to constantly re-evaluate the way they upskill all existing talent and how they recruit new employees. All successful finance teams include effective means of using technology, business acumen, data, strategy, and more.

How Can Chief Financial Officers Begin?

All finance organizations begin by selecting a key lever, which is decided by the organization’s culture, values, and objectives. Companies focusing on performance use insights from their collected data. They use digital tools which will help finance professionals in digesting data quickly. Organizations focusing on processes need to embrace automation to automate all basic and repetitive tasks. Companies need to keep employees in mind for effective digital transformations. To keep companies updated on the modernization of finance, companies need to embody six competencies of organization. These are:
  • Data trust provider
  • Regulatory architect
  • Performance monitor
  • Predictive risk monitor
  • Innovation center
  • Automation leader
Each company has a finance agenda to their modernization process which comes with a maturity progression. All new trends that are built are created on older guides for their transformation processes.

Key Takeaways:

  • Strategic finance is used to evaluate company performance
  • Strategic finance supports all future growth of the company, including stock price and other external measures
  • External finance activities should be created to support the investor community and regulations
  • Functional finance groups need to be created to focus on all organization’s core activities

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