Digitization can help CFOs Overcome Financial Challenges, Lamaa Explains

Technology is rapidly evolving, especially the Fintech sector is booming at a fast pace. Technologically advanced solutions are simplifying complicated financial tasks and have become the need of the hour. But on the other hand, adaptations and constant technological advancements are becoming a complicated tasks for CFOs.? Apart from the day-to-day tasks of managing deadlines, and teams and keeping track of financial whereabouts, CFOs are often negligent to change in their ways of working due to the serious time crunch they face.?

CFOs are doing much more than before

“Almost one in three CEOs worry that their CFO isn't prepared for the challenges ahead.”

?– A KPMG/Forbes Survey?

Fundamentally, CFOs are supposed to overlook three main categories of work – Books and Records of the company, Financial Reporting, and Statutory Compliance. But in recent years, a CFO’s role has massively diversified. CFOs are now expected to be of strategic relevance to an enterprise. CFOs drive the roadmap to success for an organization.?

CFOs are expected to push strategic decisions, take on a dynamic nature and lead the company toward a value-driven innovative future. CFOs today need to focus on bringing on low-cost financial solutions and contribute to operational preferences and align strategic decisions to achieve the financial goals of the company.?

So, in short, a CFO’s role is diversified, and the new-age CFO is expected to carry out four important functions Leadership, Operations, Risk Mitigation, and Financial Strategy.?

Expectations and Improvements

The CFO is one of the key leadership team members. Being in charge of all the major decisions of a company, it is a no-brainer that a CFO always looks for minimal change in his or her ways of working. So, in the current environment of constant technological evolution, it has become a big task for CFOs to inculcate every digitization into their current financial ecosystem.?

Apart from quick and constant adaptation to these changes, to function at the best possible value, CFOs are expected to modify strategies keeping in mind the company’s stakeholders, thoroughly research and forecast the way forward, all the while keeping working capital at its optimum.??

CFOs of today face the challenge of having too many responsibilities and carrying them out well. Especially after the pandemic, the risks have surged even more.

Digitization and Fintech?

The reason fintech sector is booming at the rate that it is, is major because of the loaded task list of CFOs. Fintechs like Lamaa, are working to automate workflows and operations using innovative products like Dynamic Discounting, Buy Now Pay Later, Marketplace Lending, and more.

Digitization is one such tool that can help CFOs focus on more important tasks on their agenda and rest assured of the financial aspect being taken care of. But, a lot of CFOs are hesitant to adopt newer tech and solutions to their workflows. The major reason for this is again the worry about the time and resources that it would take to integrate and adapt to newer technology.?

This is where the right decision-making and identifying appropriate Fintechs like Lamaa pays off. Lamaa’s Dynamic Discounting is enabled with seamless ERP integration. Our tools can be integrated with any API-enabled ERP. This ensures that CFOs do not have to change their workflows but simply incorporate the product into the existing ecosystem.??

This saves a great deal of time, effort, and costs while ensuring minimal changes to the workflows.?

A Word from Lamaa

CFOs today are loaded with to-do lists and deadlines and Lamaa’s products are aimed at off-loading them wherever possible. With our innovative and futuristic technology, CFOs can easily and seamlessly integrate solutions like Dynamic Discounting, BNPL, or Marketplace Lending into their existing ecosystem.?

Our products are aimed at automating supply chain financing, improving operations, and strengthening relationships with suppliers and vendors while ensuring steady working capital for all stakeholders.

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Please visit www.lamaa.sa to learn more.????