DIGITAL TRANSFORMATION
THE ERA OF THE DIGITAL CFO
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As digital transformation touches every aspect of a business ’ organisation , the need for digitally forward-thinking executives is extending beyond the CTO , CSO and other , traditionally techfocused roles .
A report from January of this year by Sage found that 98 % of CFOs say their job has significantly changed in the past five years , with around 75 % claiming that they now play a critical role in driving digital transformation across their organisations .
“ The modern CFO is evolving from being a backwards-looking number collector to a trailblazing strategic leader who uses data and emerging technologies , like artificial intelligence and predictive analytics , to create a vision for the future of their business ,” said Marc Linden , Sage EVP and GM of Medium Segment Native Cloud Solutions , in a press release . “ The digitalisation of business is fundamentally changing the way finance leaders work and embracing technological evolution will separate the leaders from the laggards in this new era . However , a lack of cultural readiness in the office of finance may slow adoption of new technology and hinder achieving optimal results with any digital transformation .”
Simply being a tech-savvy leader is not enough for the modern CFO ; the most successful executives in this area need to be drivers of both cultural and digital transformation throughout not only their own finance departments , but the entire company . “ Company culture plays a vital role in the effective integration of any technology ,” cautioned Nancy Harris , Managing Director , Sage North America . “ As CFOs are driving digital transformation forward , they must not overlook the critical role they play in ensuring teams have the skills necessary to optimise these solutions and allaying any misperceptions and fears about
AUGUST 2020