5 key issues that keep the CFO up at night in 2019
In a world where the pace of change is increasing, what are 5 key issues that keep the CFO up at night, when using a Historical Financial Management system?
- Role of the CFO
It is in the DNA of the office of the CFO to work with data for reporting, analysis and providing forward-looking insight. Finance executives are expected to reach the next level to guide operational and business units, like sales, marketing, supply chain and HR to provide improved operational and financial results. The CFO needs to know how to deal with this from a technology, people and process perspective to become a data driven intelligent and smart finance organization. Intelligent and smart finance organizations invest in both tools and talents.
- Technology is driving change
In today’s digital economy, technology is no longer a luxury or “nice to have”, it’s a “must-have” that sets companies apart from the competition. CFO’s need to understand how their finance organization can leverage new technologies like artificial intelligence and predictive analytics to accelerate its digital and data driven adoption rate. Implementing a modern information-centric data hub with a single datapoint model for the finance organization to serve both finance and operations is a first step.
- Regulation & Tax
New regulations like IFRS 9, 15, 16 and 17, country by country reporting for taxes, new trade policies and the upcoming Brexit are creating uncertainty and a bigger burden on compliance. Keeping up with all these changes is one thing, implementing this into your Historical Financial Management system is another and one that puts a big burden on your finance organization. The more content on regulation and support provided by your software vendor the less worries you can have.
- Security & Data Governance
Security, data governance and data protection are big challenges as well for the digital finance organization where the number of users and the magnitude of data is increasing. More and more users demand self-service with sophisticated data visualization capabilities, a clear audit trail and a great performance to their data from a single point of truth provided by the finance organization. This is not only a challenge for the CFO, but also for the CIO. Cloud providers have proven to better keep up with security and agility in upscaling of resources to meet these requirements.
- Change Management
If you recognize these key issues that keep you up at night and you want to act now, please keep in mind the natural resistance to change people might have. To overcome this challenge is a key issue as well. Defining a vision and digital finance transformation roadmap requires a ‘dream team’ to enable the change into your finance organization. Make sure you have a trusted advisor that has done this kind of projects before to assure a smoother transition during this journey.