In today’s dynamic business environment, a Chief Financial Officer’s role is no longer restricted to the finance function.
Traditionally, the CFO’s role entailed supervising, managing and engaging the work of the financial controller, credit manager and insurance manager, which is extremely challenging. CFOs are now wearing different hats and playing diverse roles, owing to global financial scenarios, rise of big data and the impact of social and digital media. Companies need to ensure that CFOs come from diversified backgrounds, with experience that cuts across industries and business environments, to be able to demonstrate new skills sets and capabilities that are not always traditionally associated to the accounting profession including business planning, risk management, influencing and strategic thinking.
While consumer payments are going digital on mission mode, most payments in the corporate world in India are still trapped in paper bills, cash transactions and hardbound files saved for audit trails. Sensing opportunity in digitising these, new-age companies are trying to bring innovative solutions. But challenges are aplenty.
Here are 5 technology trends that CFOs need to consider for the finance team and the enterprise:
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