Preparing for office returns, CFOs are experiencing transitions in revenue models, having to rapidly plan within the framework of a constantly changing business. It’s clear that building future-ready financial systems are mission-critical to success as we enter into a post-COVID new normal.
We’ve put together some cues that might help you and your team succeed. with CFOs directly leading the charge in the overall financial health of a business, this could be key to coming out on top during and after the pandemic.
Functional vs Strategic
Short-term strategies such as remote work models and an immediate focus on liquidity, long-term organisational challenges and external factors will decide if a company is truly future-ready down the road. Measures that encompass Business Community Planning (BCP), re-evaluating location strategy, and driving new methods of digitalisation are and will be crucial initiatives in preparing any organisation’s financial functions for the new normal.
In tandem, CFOs are facing challenges to act as an architect in driving agility, resiliency and strategic decision-making. Over the next several months, and in some cases years, CFOs will need to prepare for a talent gap and competitive career landscape they never faced before. It’s going to be clear which companies were preparing and ensured future readiness, and which were sticking to traditional methods. It will be pivotal for CFOs to hone in on their future planning to avoid falling behind or leading a company to potential financial business losses.
CFOs must adapt and adopt new digital tools and technologies
Digital finance is the future, meaning it’s crucial for CFOs to adapt and adopt new digital tools and technologies in mind. Having an open, entrepreneurial mindset rather than simply sticking to existing or legacy systems will overcome roadblocks that could cause an organisation to fall behind.
To succeed, CFOs will find they will need to embrace digital transformation for an impactful financial strategy.
Data, data and more data!
Data isn’t new, however, the change here is that finance teams shouldn’t be exhausted by efforts to analyse and sort through metrics. Instead, intelligent, strategic data analysis should fuel existing systems for financial professionals. Rather than generating data as a by-product, very late in the piece, the focus of finance organisations needs to be on capturing and leveraging data upfront, so that it powers key finance processes and systems.
CFOs are consistently challenged to validate their operating models, current constraints, and predictive abilities to scale in the new normal. For an organisation to truly be future-ready, CFOs must ensure the company is being agile, making quick decisions, anticipating potential challenges with tactful solutions prepared, and ensuring digital enablement.
So, are you future-ready?
To make it to the new normal, CFOs must embrace the reality that traditional systems are improving across industries by digital models.
Whether it’s automation or data analytics capabilities, the finance organisation of the future will be the one that is able to implement insights-led digital finance operations sooner than later. Get ready for the new normal, and ensure your finance models are able to sustain the rapid digital and social change continuing to occur every day.