5 Opportunities CFOs Can Capitalize On with a Digital Finance Strategy
As many organizations have experienced, the priorities of the CFO can make or break the success of an organization.
A great CFO looks at the organization’s challenges and figures out how to turn those challenges into opportunities — though it isn’t always easy. As we have recently seen, the global business environment can change in the blink of an eye, forcing finance leadership to quickly pivot financial strategies.
The demands of a new, complex business landscape have pushed the importance of a digital finance organization to the forefront, especially when CFOs are faced with challenges such as:
- Overloaded, burnt-out finance and accounting personnel
- Lack of intelligent data insights to power a fluid financial strategy
- Outdated tools that don’t support enterprise goals
- Dated, on-premise technology that doesn’t support collaboration or a virtual close
- Finance talent management and a shortage of technology-oriented skills
These challenges can be turned into opportunities for the organization by enabling the Office of the CFO with digital finance technologies.
In order for an organization to be successful, their Office of the CFO must be proactive and “always-on”. However, Gartner research has found that less than one-third of CFOs are confident that their current technology stack aligns with their requirements of future success in the organization.
Looking ahead, organizations can’t afford for their finance function to be primarily backward-looking; success depends on whether the Office of Finance has the time and skills to support business goals with a clear financial strategy, real-time data, accurate reporting, and other required activities.
Explore this tip sheet to see what opportunities successful CFOs are focused on and how to begin creating your own digital finance strategy.