CFOs and football players have a lot in common. They plan their route around competitors with strategic thinking, they evaluate their previous decisions for future success, and they’re continuously learning new techniques to stay ahead of the curve. The biggest “play” CFOs can make in the future is becoming sharp with new technological advances.
Big data, cyber security, cloud technology, digital service delivery, and even artificial intelligence and robotics are the linebackers in the room who are changing business strategies. Who would have thought 10 years ago that these trends would become part of the CFO’s role?
Because of the ever-evolving role of the CFO, and the fluctuating business landscape, IMA® and strategic partner ACCA (Association of Chartered Certified Accountants) have marked January as “CFO Month” with this year’s theme being technology.
IMA and ACCA are always thinking ahead. This means we realize the impact technology has on how CFOs do business, and it’0s our joint goal to provide the most informative resources possible to aid them in their roles.Together we support CFOs and aspiring professionals as they step into broader, more strategic roles. In the year ahead, we could also see the rise of the chief financial and technology officer (CFTO) as an important member of an organization’s leadership team.
IMA and ACCA research reports, such as “Digital Darwinism: Thriving in the Face of Technology Change” and “Big Data: Its Power and Perils,” revealed technological trends that will affect business in the future. There’s a future of opportunity out there for businesses that embrace technology and harness the increasing amount of data available for decision making.
Organizations of all sizes can use technology and big data to gain a competitive advantage. CFOs are at the forefront of this exciting business transformation. Like any other business transformation, CFOs need to take a balanced approach that includes technology enablement for information delivery, risk management, internal controls, fraud/cyber security, and ethical concerns to help lead organizations successfully into the future.
While no one has a crystal ball to predict the future, we can confidently say that tomorrow’s finance profession will have a distinctly technological flavor to it. How do you think technology will affect how you do business in the year ahead?
Written by Jeff Thomson, CMA, CAE
Follow me on Twitter @ima_JeffThomson