Triggered by digital megatrends such as artificial intelligence, blockchain and the internet of things, the Finance function is undergoing a fundamental change. CFOs have to act to stay relevant. Our most recent survey reveals that finance functions have so far been too slow to embrace the new paradigm.
Authors: Stefan Rösch, Achim Bauer, Helmut Rattenberger, Raphael Maccagnan
Digital megatrends are transforming corporate functions – from marketing to legal, to operations. However, finance functions have so far been slow to embrace this new paradigm. But, in order to perform and deliver on future expectations, finance executives must reinvent their domain. And they must do so soon, or risk losing out to their global competitors. Despite the stable social, political and economic situation, Swiss companies need to keep pace with the rapid transformation of the CFO’s role.
Indeed, some are already questioning the raison d’être of a CFO in a digital world:
- For decades, the CFO’s primary role has been to minimize risk, report on the status quo and meet compliance requirements. And little has changed to the present day.
- At the same time, mounting levels of regulation have increasingly absorbed the resources of financial functions across all sectors.
Yet, enabled by innovative tools and empowered by unparalleled business insights, CFOs now have the opportunity to deliver an entirely new value proposition. Indeed, with the CFOs’ steady fingers always on the pulse of company developments, it is to them that the CEO, COO and other key decision-makers should be turning as a strategic partner of choice. CFOs should step forward and get their departments into shape to deliver on the value propositions expected in the digital age.
Our most recent CFO Survey examines and illustrates the shifting role of the top finance executives in the digital age. It can be downloaded here: