The Role That Finance Directors Are Playing In Leading Digital Transformation

FD Digital Transformation Image

The advent of new technologies has revolutionised the financial landscape. One of the most notable changes within the industry is the impact that advancing technology has had on finance and accounting roles.

Finance Directors for example are no longer confined to traditional bookkeeping and financial reporting. Today’s FD is now expected to take on many other job functions including leveraging technology to improve and enhance financial operations as well as managing complex data privacy regulations and cybersecurity.

We take a deeper look into the critical role Finance Directors are playing when it comes to leading digital transformation.

 

They’re shaping the future

FDs are no longer just number crunchers. They’re strategic partners who are playing a critical role in shaping their organisation’s future.

They can now use technology to gather deep insights into financial trends, drive efficiency and make smarter, data-driven decisions.

They’re navigating the complexities of digital transformation and integrating new technologies to improve existing processes, thus helping organisations to future-proof their businesses.

Once a nice-to-have, many would argue that Finance Directors are now a need-to-have.

 

They’re becoming leaders

With automation taking over routine tasks, senior finance professionals can focus their attention on other critical aspects of running a business.

Advanced analytics and artificial intelligence are providing FDs with accurate and reliable data which can be used to improve forecasting accuracy, identify cost-saving opportunities, drive revenue growth and ultimately, make better and more informed decisions.

With access to the insights needed for powerful decision-making, FDs have become important leadership figures in their organisations.

 

They’re improving business operations

A digitally minded FD can transform the way a business operates. They can offer a number of benefits including:

  • Improved efficiency. With automation taking over repetitive tasks such as data entry, FDs are now free to focus on more strategic initiatives. As well as increasing productivity, this also reduces the risk of human error.
  • Better risk management. Technology can help FDs proactively manage the risks that businesses face on a daily basis. For example, predictive analytics can help to identify potential financial vulnerabilities before they become a problem. Cybersecurity is another important factor every modern business must consider. Sensitive financial data leaks could damage a business’s reputation beyond repair, but your FD can help safeguard you from this threat.
  • Improved Compliance. Regulatory technology (RegTech) is helping finance professionals to simplify compliance with complex financial regulations. It automates compliance tasks and keeps up-to-date with any regulatory changes, reducing the risk of non-compliance, any associated penalties and in serious cases, even the closure of a business.

 

How can you determine if your next FD has the skills required to help your business scale and thrive in a world driven by technology?

The Acuity Method is a valuable recruitment tool which can be used to answer this question. It can also help organisations strengthen their existing finance team by establishing if their current FD has the skills needed to thrive in today’s business environment.

Get in touch to find out how you can start benefiting from this invaluable tool today.

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