Changes in technology to drive your digital initiatives has reached a point of step change within the Office of the CFO, and your other functional operational areas. Examples from FinTech and Retail are often used to illustrate what is conceptually possible with digital, however it is the Office of the CFO that is now poised to start driving deeper and impactful global productivity change from these same technologies, which can then be further leveraged by operations to the benefit of all.
The Office of the CFO already has deep global linkages in place as transactions pass through a multitude of internal systems on a global basis, yet issues abound with anecdotally 50% of all finance function time being on transactional process and not on proactive timely management, simply due to the issues of connectivity & transformational capability. So what follows are some examples on where corporates have been recently focusing to drive both efficiency and deeper proactive management.
Example Case studies.
New technologies now provide you with a tipping point to drive change. They are powerful enough to drive timely transactional transformations on a repeatable and auditable basis, meaning that they can also tackle complex processes undertaken by a few or complex processes undertaken by many like budgeting. All are done with compliance ie segregation of duties and concerns for cybersecurity etc.
Consolidation, https://www.flexsystem.com/pdf_bro/case/fss_01_07.pdf and https://www.flexsystem.com/pdf_bro/case/uti_01_01.pdf can be an ultra-complex area requiring extensive data transformational flows to achieve end results, where most in finance feel today that they simply do not have enough time to have absolute full confidence in their submissions.
Source data has to be transformed from different accounting systems with different currencies, year-end dates, analysis dimensions, and further analysed within segments to produce the final accounts. Balance sheet reconciliations might have to be undertaken for FX exchange reserve movements by currency, sector etc and numbers always must come with an easy ability to be traced back to source input whenever needed in the process.
Efficiencies from automation add up not only at HQ, but also throughout all your entities, as one entities output becomes input for sub or final consolidations. Handles segments, notes to the account, capex planning, tangible and intangible assets etc. If you automate this task to reduce time on transactional processing for more time on management, then is there anything that you cannot in theory tackle.