Within the finance function, digital technologies can help automate processes, integrate disparate systems and adopt shared service models to drive synergies and reduce costs. However the impact goes well beyond purely operational efficiencies. Digital transformation helps organisations address other key priorities, such as customer experience, talent management, innovation, collaboration and productivity, utilising real-time data for better decision-making. This all contributes to achieving better financial performance.
Finance leaders are well positioned to spearhead the investment in the new technologies, to support and enable the digital transformation process that will unlock productivity gains, increased profitability and competitive advantage. So as traditional finance functions of control, compliance and reporting become more automated, the focus turns to redesigning finance operations in order to capitalise on the opportunities that stem from a digitally-enabled organisation.
Greater focus can be put on strategic planning, using predictive analytics for business insight, creating value and managing risk. Other priorities now coming more to the fore include: dealing with data governance and cyber security issues; establishing digital KPIs; cross-functional collaboration; and recognising the new skills that will be needed for a more strategically orientated finance function.
The CFO Leadership Exchange brings together chief financial officers to consider the opportunities to transform their organisations’ finance or shared service function and to play a leading role in broader digital transformation initiatives.
The concept of this senior-level best practice exchange is based on the premise that the ability to drive performance and change can be greatly enhanced by external connections with peers, facing similar challenges and opportunities. So the primary format is pre-arranged roundtable peer-to-peer discussion groups, which allow ideas to be shared and common challenges to be discussed, so that everyone can benefit from the collective experience within the group.
The programme will also include a wide range of digital transformation workshops, together with opportunities to attend consultant-led executive briefing sessions.
The CPD accredited CFO Leadership Exchange is co-located with Digital Leadership Exchange and so provides opportunities to share best practice both with counterpart finance leaders and other C-suite executives. The objective is to create a productive, sleeves-up, working environment that enables participants to develop their digital plans and strategies.