CFO 1.0: The traditional role of the CFO has been in keeping accounting records up-to-date and on reporting what has happened. The CFO’s main responsibility was in delivering timely and accurate accounts.
The Mindset is Operational and the Technology focuses on Reporting.
CFO 2.0: With the advent of large amounts of data to process it has been important to find ways of automating financial processes acting with a responsive and tactical mindset. The Digital Transformation is underway.
The Mindset is Tactical and the Technology focuses on Monitoring & Analysing.
CFO 3.0: The CFO has achieved a high level of automation in the accounting procedures and can focus on developing a strategic mindset that can start to harness the power of Artificial Intelligence in predicting strategic outcomes for the business.
The Mindset is Strategic and the Technology focuses on Automating & Predicting.
In the upcoming world the CFO is more acutely aware of the customer expectations and seeks to assist in continually enhancing the product through collaborative innovation in a well structured organisational format. The CFO takes a leading role in digitising internal and external processes and has a leading role in Big Data & AI initiatives within the organisation.
Not only does the CFO need to continue driving cost efficiency measures, but the role also demands useful dashboards to be able to instantly measure performance of new initiatives. In the agile methodology it is important to “fail fast” and to learn quickly and adapt. The CFO adapts to this new reality and supports the Board and CEO with new technological innovations to help spur the growth and vision, whilst increasing productivity and measurable returns.