The position of the Chief Monetary Officer (CFO) is in full transformation. His principal operate is not restricted to presenting stories and numerical stories, however is rising as a strategic marketing consultant, able to looking for essential data for decision-making within the group.
He has grow to be the individual answerable for defining the course in altering situations and who have to be analyzing all doable eventualities within the face of the brand new regular.
At this time his position is far more distinguished than ever, with knowledge evaluation abilities, a consultative method and the power to offer enterprise insights and suggestions. For these on this space, they state that they’ve gone from being specialists in accounting and finance to technique and operations. Additionally they make sure that monetary data is necessary, however the means to investigate knowledge and statistics prevail; they usually see within the automation of processes a software to accentuate their degree of effectivity and to ship extra worth to the enterprise.
These are the foundations for what consultants name the digitization of the finance operate. In different phrases, a brand new period for these professionals who should not solely be consultants in tax and accounting issues, but in addition specialists who know how you can make the most of digital options to this department, make the service mannequin extra versatile and supply the operate with larger intelligence within the enterprise administration and monitoring.
In opposition to this, Oracle has been innovating in its options in order that CFOs can deploy all their capabilities within the enterprise. That is how Alejandro Aguirre, Director of Enterprise Transformation at Oracle feedback: “At this time a CFO should transcend from a transactional process to a extra strategic one the place he focuses his workforce on duties of study and worth to facilitate the creation of recent enterprise fashions in organizations “.
Added to those challenges is the restoration stage that organizations are experiencing in these occasions of pandemic, which have put them on the entrance traces, on the forefront of enterprise, extra as strategists with the power to anticipate actions and be a elementary piece of the innovation course of. This with the purpose of “Capitalize on new enterprise fashions within the new regular”provides the professional.
Spinal column. In response to Alejandro Aguirre, these professionals should depend on technological options, corresponding to Enterprise Useful resource Planning (ERP) techniques, which permit to have management of the info, that are dependable and able to clever evaluation.
An answer like this symbolizes the spine of the group, because it offers with help for accounting, buying and procurement processes, the human sources space, tasks and different actions in any respect ranges of the group. As well as, being deployed within the cloud, they permit firms to have entry from anyplace whereas respecting safety insurance policies. In different phrases, with ERP options within the cloud, companies can proceed to function administratively, financially and commercially with distant work from their collaborators.
On this manner, “Know-how will assist to make guide closings in actual time, it can additionally facilitate procedures for managers and it’ll liberate time so that individuals can deal with much less operational duties and others with added worth”, Aguirre signifies.
That is why it’s important that organizations perceive what an ERP ought to do and how you can get essentially the most out of it. Aguirre says that “It’s apparent that it should carry the monetary mannequin, management of spending, earnings, portfolios (Energetic and Passive), collected inventories, value, planning, briefly! It ought to be answerable for all of the monetary and administrative operations of the organizations ”.
On this sense, trendy ERPs should reply to data wants that suggest larger precision, accuracy, agility within the seek for data and a dynamic that enables customers to have and perceive the info that’s being delivered. Trendy ERP options should meet traits corresponding to:
- Incorporate rising know-how capabilities to automate processes and make the collaborator expertise extra agile and easy.
- Have a single knowledge mannequin to make it simpler to transform data into strategic choices.
- Not solely have a cloud infrastructure to decrease working prices, however that the software program is as a service in such a manner that new functionalities are continuously being included and adopted, which mitigates the danger of technological obsolescence and that firms should be migrating. .
- Organizations should adapt all the brand new capabilities that digital applied sciences (Synthetic Intelligence, Machine Studying, Blockchain, Huge Information, Analytics) to the monetary operate.
Below these eventualities, the CFO of the long run faces a really numerous position and a brand new actuality impacted by the brand new dynamics of the financial system. For Luis Marrero, basic supervisor of Oracle Caribe, “The transformation of CFOs is decided by the adjustments that the 4.zero financial system is demanding. As well as, new fashions of providers accelerated by the pandemic are rising each day, requiring extra agility and different types of evaluation to develop new companies, discover different alternatives and supply customers with trendy experiences, no matter their generational group ”.