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The Financial Director Key in Digital Transformation

Friday June 30th, 2017

In the Digital era, the information, or rather, the knowledge to manage and interpret it, is positioned as a cornerstone for companies not only to successfully achieve the objectives set, but also, can guarantee their survival in a globalized environment.

The role of the Chief Financial Officer has evolved alongside companies towards Digital Transformation, from being a mere finance manager to becoming a key pillar in business development. At least, this is reflected in the research published in 2016 by The Digital Finance Imperative, developed by CGMA and sponsored by Oracle.

The report, based on 367 interviews with executives from 29 countries in Europe, the Middle East and Africa (EMEA), identified five priority areas to boost the growth of organizations. These five lines focus on internal factors such as the quality of business processes and the quality of human capital along with talent management; As well as external factors such as customer satisfaction, the quality of the company / customer relationship and the reputation of the brand. These five parameters must be measured in order to be exploited and maximized. And this is where the first obstacle arises: the lack of resources in the organizations for their measurement.

The study sponsored by Oracle, throws a data that catches our attention; According to 50% of those interviewed, the Chief Financial Officer has become fundamental. This is due to the involvement of the CFO with different business lines, ICT and data management. Companies should know how to leverage these linkages to achieve a more efficient and quality decision-making.

 

The report points out that the access of CFOs to critical information and their broad interpretation capacity, if they have the right tools, allows them to make strategic decisions that can determine the future of the business. However, if Digital Transformation does not provide your CFO with such tools, it will deprive the company of the measurement of the intangible values that would make the difference of heading for a successful future, or the uncertainty of being diluted in such a competitive environment as in which we live.

According to Hugo Amann, CEO in arin technology company, “having a powerful ERP, intuitive to use and that makes easier to interpret information, provides Financial Directors predictive capacity and successful decision making. The data is there and CFOs only need the right tool to help them visualize them efficiently and thus get the most out of them. ”

 

 

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