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Finance Function

Transformation of the CFO and Finance Function

One of the exciting things about today’s CFO position, is that it is evolving beyond just the finance function. After all, the CFO has insights into all aspects of the company and often will work with various departments to get projects completed. It has become their responsibility to guide the entire company toward success by creating strong financial teams that are competent in strategy, data, technology and so much more.

Handling Disruption

As the finance function continuous to transform, CFOs must adopt the mindset of disruption. This doesn’t mean that they avoid changes in the financial sector, but rather, they work to foresee those changes on the horizon and then make necessary adjustments. The idea here is to stay abreast of trends and then survive the disruption.

Embracing Technology

Technology is part of how we operate as a world, so naturally, it is incredibly important in the financial sector. Effective CFOs will embrace the use of cutting-edge technology and learn the best ways to use it so that productivity is enhanced without sacrificing quality. Keep in mind, the use of such technology should not put more stress on the human resource, but rather, assist professionals with doing their best job possible.

Changes in Finance Function Mindset

CFOs entering the workplace may be at a great advantage simply because they will not have spent their career working with systems that are quickly becoming outdated. However, those that have been in the industry for some time shouldn’t be discouraged, but instead, embrace change and looks for opportunities to learn new strategies and systems that will help them perform better.

New skills will be needed in order to continue to succeed in the role, and CFOs should put their focus and effort in learning such skills and implementing them into their roles. The financial world is changing, and it’s critical that working professionals change their approach accordingly.

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