The role of the Chief Financial Officer (CFO) has experienced a profound evolution in recent years, driven by technological advancements and the growing importance of data-driven decision-making. The digitization of the Finance Function has elevated their standing, and those CFOs will be the game changer in keeping their company relevant. This empowerment extends across all departments, enabling them to predict financial patterns in a way never seen before. This emerging breed of CFO, often referred to as the “Digital CFO,” is redefining the role of a CFO on a paramount scale.
Many still don’t realize the significance a digital savvy CFO could bring. Harvard University academic Clayton Christensen predicts that, “75% of the current S&P 500 companies will likely be gone from the list by 2027,” leaving only the top 25% as digital frontiers. It goes as HG Wells famously wrote, adapt or perish. The digital CFO’s ascent is just one part of a larger digital wave sweeping through all areas of business. PwC’s report supports this, with 47% of CFO’s saying their top priority is building predictive models & scenario analysis capabilities. With financial management further transitioning toward automation and digitization, the benefits attained such as heightened accuracy & efficiency in financial reporting and improved real-time decision-making ultimately contributes to better overall profitability. The revenue that a company could be missing out for not transitioning to a more digital way of business is ground shattering and if not embraced soon enough could spell the company’s demise.
The Digital CFO Summit by Trueventus focuses on the transformation journey of the finance department. This includes all the data, analytical, automation and people process that create more vibrant and productive business operation. Join us and discuss with leading CFOs towards effectively digitising your finance department. So whether you are a major champion of Digital CFO role or you shy away from IT-related matters, you need to attend this event to know where your department stands in comparison to others and how you can empower your organisation for challenges ahead.