Despite all the changes and uncertainty brought on by the pandemic over the last year and a half, at least one thing is sure: the future is digital. The world was thrust into a world where technology was the only method of connectivity, continuity, and connection.
Organizations already working on their digital transformation had a leg up on those still getting on board with the idea at the onset of the pandemic. Because of the immediate need to change, it is not necessarily only the CTO/CIO/CDO spearheading the transformation. The key to successful corporate acceptance of the digitalization movement is that every c-suite leader plays a role.
Here are ways the CFO can embrace digitalization and benefit their business unit and organization:
- Identify manual tasks that can be automated. Activities like bookkeeping, AP/AR, expense management, accruals, and reconciliations can be automated if they aren’t already. This can also lead to reallocating resources where they can have more impact.
- Enable remote access to systems and tools. Store information in the cloud so employees can access what they need to do their jobs no matter where they are. This access is imperative to ongoing productivity and performance.
- Document and audit processes. Most of the unit’s operations likely changed in some way over the last year and a half. Even if you know that tasks are being fulfilled, staying abreast of how they are being accomplished allows for the elimination of bottlenecks and streamlined workflows.
- Empower stakeholders to find the information they are looking for. Design and deploy self-serve analytics dashboards to provide everyone with the information they need when they need it while reducing the finance team’s workload.
- Mitigate and block cyberattacks. Due to the confidential nature of their work, finance teams tend to be the first target in cyberattacks.* The CFO can help defend the organization against cyberattacks by educating their team members and providing them with the tools and processes necessary to protect the organization.
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* Forbes, April 2021. “The Digital CFO: Why Finance Is At The Center Of Technological Change“
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