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The changing role of the CFO

The changing role of the CFO

IT is a key element of any business

In every aspect of life, technology is embedded, from mobile banking to buying from eBay, and the use of technology is an essential component of any business. An organisation’s leadership team needs to see IT as a key element of the business that they must understand, support and be intimately involved in. From the subscription-based cloud model to the need to embed eCommerce within core operations and the drive for real-time, data-driven decisions, the technology landscape has changed. The onus is on the C-Suite to recognise the fundamental change that has occurred: technology is not just a business enabler it is the basis of the accurate real-time data that underpins every aspect of the business.

The next-generation CFO

“95% of CFOs say that their role has changed significantly in the past five years. The next-generation CFO either wears lots of new hats or at least must engage collaboratively with the other professionals in these roles. Either way, the CFO’s responsibility and influence continue to increase…”

Will you survive or thrive in the digital era?

While today’s CFO has been tasked with analysing the past, tomorrow’s CFO is expected to be a visionary. They will need to leverage the vast amounts of data made available by a newly connected and digitalised world, to help predict the future direction of the organisation, uncover hidden opportunities and close information gaps.

“The control the IT department had over month-end reporting has gone; CFOs now have the control delivered by real-time and continuous financial performance insight.” Brian King, Enterprise Management Product Manager, CPIO. View ‘The Changing Role of The CFO’ whitepaper to find out more.

CFOs and the Metaverse

The Metaverse is being pushed as the next big shift in technology even being compared to the rise of the internet. CFOs are at the centre of corporate finance, so it is very likely that CFOs will have crucial roles to play in establishing explorations in the virtual world. This could be establishing payment techniques, purchasing virtual real estate or the complete migration to virtual currency – which will impact the roles and responsibilities of finance chiefs.

First of all, what is the Metaverse? In simple terms, it is a network of 3D virtual worlds that use modern technology such as virtual and augmented reality. The ultimate goal is to help people connect in richer and more meaningful ways than the traditional internet allows. As mentioned in Sage’s research report titled ‘The Redefined CFO’, the Metaverse is essentially the 3D experience layer of the internet.

Although the Metaverse is in its infancy, it is clear that it has tremendous potential for businesses and their CFOs. As mentioned in Sage’s blog article entitled ‘How CFOs can embrace the Metaverse’ – “34% of US online adults (28% in the UK) express excitement for what the Metaverse will offer, Forrester reports that 76% of US business to consumer (B2C) marketing executives plan to invest in Metaverse-related activities in 2022. As a CFO, you need to be ready for this shift.”

How can businesses exploit the Metaverse?

Almost two-fifths of UK customers want to use augmented reality (AR) and the Metaverse to find product information as part of their buying journey. As the development of the Metaverse gains speed, Gartner predicts “25% of people will spend At least one hour per day in the Metaverse by 2026”. Essentially demands of tech staff will increase and companies will need to invest in the Metaverse to be able to meet these requirements.

Manufacturers cannot afford to be inflexible or static.

Consumer demands are dynamic and adopting the right technology could make all the difference. Find out how CPiO solutions can help you as the CFO survive the digital era. Contact us.

 

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