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CFOs and digital transformation: driving success

13 Dec, 2023

digital transformation

Just as the shipping container revolutionized global trade, digital transformation is reshaping businesses in the digital age.

CFOs play a pivotal role in guiding this transformation by

  • allocating resources to impactful technologies,
  • managing risks,
  • and harnessing data for informed decisions.

Their responsibilities now extend to fostering collaboration, managing change, and forecasting digital trends.

 

Digital technology challenges for CFOs

To succeed, CFOs must understand the digital landscape comprehensively, not just in terms of technology types, but their functionalities and potential implications.

Different technologies have unique benefits and challenges: for example, machine learning can optimize processes but might require training or restructuring of roles and processes.

Aligning technological solutions with company goals is another CFO responsibility.

By identifying inefficiencies and competitive edges, CFOs ensure tech investments are genuinely transformative.

Ethical considerations and risk management are vital too, particularly as the use of data analytics and AI increases, while challenges such as cyber attacks grow. Ensuring a culture that prioritizes responsible digital practices and security, learning, and adaptability helps to mitigate new risks introduced by digital transformation.

Investing in talent is crucial. CFOs recognize that technology alone cannot drive change; it is the synergy of tech with skilled, motivated human capital. They assess current team skills and invest in the necessary training – or hiring new talent.

 

Digital transformation is ongoing: CFOs establish metrics to measure and ensure success

ROI, total cost of ownership, and AP management efficiency are some key indicators.

Regular review of these metrics allows finance leaders to fine-tune strategies and ensure impactful business outcomes.

Let Comply help you.

With Comply Platform, the first and most impactful benefit is the end-to-end control you gain of the entire AP process.

Access all the data you need, distributed across personalizable charts, via a unique, at-a-glance dashboard.

You can manage financial risk by reconciling invoices with orders and deliveries to identify over- or under-supply, process invoices for payment, and free up your working capital.

Find out more: contact us now!