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India is well on its way to defining itself as a digital-native economy over the next decade. Government reports peg the number of digital transactions at 220 million, which makes the country the 3rd largest e-commerce marketplace. It thus becomes imperative for CFOs, who play one of the most pivotal roles in a business, to be equipped with the right technologies. Here are 5 questions every CFO should ask to win in the Experience Economy.
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It is critical for finance teams to collaborate with several functions. All financial plans need to be aligned with the organizational strategy. It is crucial to have a dashboard which gives a bird’s-eye view of the organization’s operational data. KPIs of the finance team can then be set in alignment with the goals of other departments.
The key to better budgeting is better forecasting. Artificial Intelligence-enabled predictive analytics helps simulate real-life scenarios. With the help of machine learning, the system recognizes various patterns and trends and gives a clear picture of different outcomes linked with different parameters. Using tools for financial planning and analysis, CFOs can optimize working capital with forward-looking insights into cash flow, risk, and liquidity.
In a serverless, hyper-connected world, the CFO will not have to wait to get access to information from different departments, and then connect the dots to develop cost containment strategies. The next generation of cloud computing improves real-time data accessibility for faster and better decision making. This will also enable finance teams to unravel deeper insights and transcend beyond the traditional responsibilities of a finance executive.
Evolution in finance requires investment in intelligent technologies. It is important for the CFO to assess the amount of manhours being spent on work that could be automated v/s the time spent on creating new processes or on exception handling. Various AI, ML, cloud and analytics-based tools are a must in a finance executive’s kit to enable innovation. Transforming insight into foresight, such tools help empower the entire enterprise to be intelligent and innovative.
An organization’s typical occupational fraud loss is 50% of its annual revenue. Business Integrity Screening tools can now detect and rank suspicious data suggesting fraud or noncompliance with corporate policies*. With big data becoming even bigger every passing day, the CFO needs smarter tools to shoulder the responsibility of data security and privacy. Cloud-based tools with basic and advanced controls to filter out threats and plug-in vulnerabilities are a hygiene necessity in a world empowered by data.
*Source: Association of Certified Fraud Examiners
