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The Changing Role of a CFO as Technology Drives Change
Companies are evolving with time and technology, making way for the CFO of the future.
FREMONT, CA: The role of a CFO in a company is an important one. Although the fundamental nature of the job has remained the same over the years, the recent introduction of technology seems to have initiated a few changes to the traditional ways in which CFO functions. Technology is crucial in staying relevant in the market, and a CFO should look to adapt and fit in with the changing tech environment. Not only does it benefit the company a lot, but it also gives CFOs a chance to perform much better.
The sudden rise in the number of new technologies like artificial intelligence, machine learning, smart analytics, and cloud computing needs some time to integrate with the usual business models. The CFO of a company is the best person to take the lead and make this transformation possible. However, for this to happen, CFOs have to understand that cold and calculative strategies are not always practical. Instead, a creative approach becomes integral to the role of a CFO when stepping out of the traditional scope.
By bringing creativity to the fore, CFOs are well positioned to derive the best out of technologies. Customer interaction has seen a vast improvement, and a CFO can look forward to getting business benefits, and better revenues by leveraging these. With artificial intelligence and data analytics tools, customer behavior and expectations are being understood better, opening up prospects to quickly identify growth opportunities in real-time.
Identifying the correct technologies that one can use as a CFO is essential. A full-fledged transformation is generally not required. Instead, an approach that mixes the traditional duties with modern tech tools gives the best results. To effectively carry out the responsibilities of a CFO, one should shift from intuitive decision making to intelligent, data-backed decision making. A digital transformation that aligns the role of a CFO with evolving expectations opens up many prospects of success.