Finance & Transformation: The Evolving Role of The CFO
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This month's newsletter dives into the financial side of IT transformation, with a spotlight on the CFO's growing influence. Organisations are increasingly aware of the financial rewards of a successful transformation, making the CFO's active involvement a strategic imperative.
The data speaks for itself - 76% of CFOs expect digital transformation and technologies to play a greater role in 2024. However, to achieve true success CFOs should bridge the knowledge gap with the CIO through collaboration and continuous learning in the tech domain.
Read on and please get in touch with the team if you are looking for a new role or have any hiring requirements in IT Transformation & Business Change or Workplace Strategy & Change.
OVERVIEW:
The CFO's Role Has Evolved: Financial reporting and compliance remain important, but today's CFOs are also strategic leaders. They use data analysis to make informed decisions that benefit the whole organisation. CFOs will also need to upskill in emerging technologies to future-proof the business.
Communication is Vital: Effective communication of financial information is crucial. CFOs must present complex data in a clear and actionable way for all stakeholders.
Risk Management and Environmental Social Governance (ESG): CFOs play a key role in creating a culture that is aware of and manages risk effectively. They also champion initiatives that promote environmental, social, and governance (ESG) responsibility.
Collaboration is Key: Strong collaboration with the Chief Information Officer (CIO) is essential. This partnership allows CFOs to use new technologies and improve resource allocation for maximum benefit.
Building a Diverse Team: As the CFO role grows, attracting and retaining talent with diverse skillsets is a top priority. This includes expertise in data science and analysis, which is important for navigating the changing financial landscape. The CFO will oversee many financial and technical programmes, with the CIO reporting directly into the CFO.
KEY SKILLS FOR THE MODERN CFO:
RELATIONSHIP WITH THE CIO
Collaboration, particularly with the CIO, is crucial for CFOs to navigate the digital landscape. By working together, they can effectively allocate resources for technology investments and ensure data-driven decision-making.
While the CIO often reports into the CFO, their relationship should be collaborative. The CIO should communicate clearly with the CFO to provide technical solutions and maximise return on investment (ROI).
THE FUTURE OF THE CFO ROLE
The influence of the CFO is expected to continue to grow. They may take on responsibilities traditionally held by COOs, blurring the lines between C-suite roles. CFOs who can adapt to new technologies, build strong teams, and lead with a strategic vision will be well-positioned for success in the coming years.
Download the full report:
THE EVOLVING ROLE OF THE CFO
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Ft. Mark Dunning, Technology Director & Dynamics 365 FO Consultant Simran Bhatti
A Dynamics 365 FO webinar series full of best practice advice for ERP implementations and programmes.
Mark's top tips for a successful programme are:
Empower the Business from the Start:
For a successful implementation, involve key business users early. Get them onboard with the system's capabilities and identify their specific needs.
Focus on Resources:
Ensure there are enough staff for the project. Ideally, backfill existing team members' regular duties so they can dedicate themselves fully to implementation.
Change Management is Key:
Business Change management is just as important as the technology change. Prepare users for the new system through training and communication. Simulate the live environment so they know what to expect when the system goes live.
Testing: The Foundation for Success
Prioritise rigorous testing before going live. This includes:
By prioritising user involvement, resource allocation, and comprehensive testing, you'll create a solid foundation for a successful system implementation.
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Collaboration with CIOs is key for success.