Role of the CFO Amidst Evolving Technology
Success in today’s technological economy is determined by the height of creativity C-suite executives deliver to the field where ever it is essential. The CFO’s role is to use various new technologies to help steer the company to create new business models and generate maximum revenue.
The CFO was primarily an enterprise’s accountant. Today, the CFO’s are taking their place at the strategic heart of the business by enabling digital business transformations and are responsible for reporting the past, managing the present, and planning the future. Being a key player in the business, the CFO’s are combining vast amounts of data with adaptive intelligence and using powerful enterprise-grade cloud technology to break down organizational barriers to identify new opportunities quickly and act on them to obtain maximum value from operations. The CFO’s are facing a collection of new risks, responsibilities, and challenges like managing a globally diversified business to pacifying new technological risks.
Every corporate executive is trying to adapt quickly and predict customer demands. The loyalty of a customer to a brand or an enterprise is determined by the speed, quality, foresight, and service companies can deliver. Technologies like the Internet of Things and machine learning have immensely reshaped how companies can interact with their customers and for a CFO, this means IoT has discovered new opportunities to focus their resources, transform their traditional methods for better and enhance revenue streams.
The CFO’s are playing a universal key role throughout the organization and their influence only appears to be growing because of their profound knowledge about all the operational units and technology which integrates them.
Artificial intelligence has provided solutions to today’s CFO’s in almost every sector of an enterprise.
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Expense Claim Auditing
AI and automation technologies can accurately audit the claims according to the company’s policies at exceptional speed and send only the questionable claims to CFO’s and finance teams for counteractive actions.
Artificial intelligence and automation solutions can identify patterns and errors immediately. Any unusual activity that is against company policies will be brought to the notice of the CFO or management and payment will be delayed or stopped.
Travel Expense Management
AI and Automation in travel expense management have made different processes like filing claims, approvals much more convenient for employees. AI will further be able to collect facts and information from different scenarios and help in drawing relevant travel insights for businesses.
The CFO is expected to answer several businesses critical functions that help in decision making like the growth and profitability of business units, revenue expansion, and performance of different teams. AI or a digital assistant can analyze the data obtained from Enterprise Resource Planning (ERP) systems and give results instantaneously.