Digital transformation represents a new direction for the business, as well as a transition for the CFO, who must now help architect a cultural shift that focuses on enterprise-wide outcomes rather than narrow individual goals. In addition to tracking cost-effectiveness, senior finance executives must serve as proponents of cultural change, promoting an environment that supports real-time decision-making and collaboration with investments in technology that dissolve data silos and enable data sharing. It’s up to the CFO to align technology with culture, prioritizing investments that will serve to construct an ecosystem that can support the shift from a traditional structure to a fully digitized operation.
Amid the digital transformation, senior finance executives must straddle two worlds, keeping one foot planted in economic reality while the other is submerged in fast-rising pools of data, which must be mined for predictive insights that can form the foundation of an emerging strategy. While managing the ROI their companies are realizing from technology investments, CFOs need to identify and install the people and processes that will also help the business maximize the value it gets from embarking on an ambitious digital transformation. While senior finance executives don’t have the luxury of adopting a wait-and-see posture, they must carefully identify pockets where digital technology can produce revenue growth.
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