The CFO: a key role in the company’s digital transformation

True business partner of the manager, the CFO occupies an essential place in the economic and strategic development of the company and in the management of performance. When it comes to driving a digital transformation, his expertise and transversal skills play a key role in the success of this digital transition.

 

What are the missions of the CFO?

The CFO (Administrative and Financial Director) is an expert in accounting and finance who manages the entire administrative and financial management of the company.

Traditionally, his role was limited to managing cash flow and ensuring the financial stability of the company. However, in recent years, its functions have evolved and become increasingly strategic. Today, the CFO occupies an essential place in the the management and improvement of the company’s performance.

Here are some of the main missions of an Administrative and Financial Director:

• Management of the company’s accounting and finances (management of the budget, cash flows, accounts receivable and payable, investments, etc.);
• Implementation of the company’s financial risk management strategies;
• Creation of dashboards;
• Reporting assignments;
• Search for investors and sources of financing;
• Legal and tax management ;
• HR management (management of salaries, benefits, etc.);
• …

 

What is the role of the CFO in the digital transformation of a company?

The CFO holds a strategic position and has transversal skills that make him an essential ally in carrying out a digital transformation.

Here are some of the unique skills of the CFO that are essential during a digital transformation:

• In-depth knowledge of the company and its business model;
• An ability to develop accurate forecasts and transformation scenarios;
• An ability to set up appropriate reporting tools and KPIs to monitor the evolution of digital transformation performance;
• Expertise in the analysis and use of data that makes it possible to anticipate market developments, analyze and control risks;
• Outstanding managerial qualities and interpersonal skills (active listening, negotiation, interpersonal skills, etc.);
• Cross-disciplinary knowledge that is essential during a digital transformation: legal, finance, accounting, taxation, HR, business law, management control, etc.
• …

 

The CFO therefore plays a key role in the company’s digital transition. Moreover, According to a study conducted by Esker and Opinion Way, 71% of CFOs believe they have an important role to play in driving the company’s digital transformation.

In addition, according to 46% of those surveyed, the health crisis has greatly accelerated the digital transformation of their function.

Indeed, digitalization is also a real opportunity for the CFO and the CFO function itself is becoming increasingly digital. Today, we even talk about “CFO 4.0”.

Many benefits can indeed be linked to the digitalization of the CFO function.

For example, according to the same study, 85% of CFOs surveyed believe that automation solutions can free up their time and enable them to perform high value-added tasks. In addition, 76% of them believe that digital tools would make it possible to Reduce the risk of human error and better manage the company’s ecosystem.

Other benefits of digitizing the CFO function include:

• Streamline the sharing of financial information within the finance department and the company;
• Automate time-consuming and redundant data entry tasks and allow teams to focus on their core business and more strategic tasks;
• Strengthen operational efficiency ;
• Better anticipate and control risks;
• Develop greater agility, flexibility and responsiveness;
• Preserve data security and limit the risk of fraud;
• Automate financial processes;
• Implement agile tools that will facilitate decision-making and data management;
• Provide better overall visibility into the company’s financial status in real-time;
• …

 

Why use an interim CFO during a digital transformation?

Do you want to digitize your company’s finance function? To activate this complex and time-consuming transformation, WAYDEN selects from a pool of 8,000 interim managers a seasoned interim CFO who is an expert in digital. With more than 20 years of experience, in-depth expertise and unparalleled interpersonal skills, he or she will be an ally of choice to successfully digitize your company’s financial department.