Continuous digital upgrading in enterprises to be able to follow any developments in a fluid and ever-changing business environment forces both the financial departments of a company and their CFO to follow and adapt their services to new developments.
What the CFO needs to do to succeed in its duties
To respond to today’s developments, the current Chief Financial Officer (CFO) in an ever-changing and digitally upgraded business environment should:
- Recognise the most important challenges and then categorise its priorities based on the implementation of its needs and always relative of the existing resources available.
- Develop technological skills that will enable it to make effective use of available new technologies and make the most of the Data Analytics.
by Trust Economics – htpps://trusteconomics.eu
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What are these technological skills that appear in the field of corporate taxation?
1. Business Analytics developments with business intelligence systems (Business Intelligence).
These systems offer visualized financial and administrative reports, with analyses of cash flows, costings, and profitability, on which companies rely to make any business decisions.
2. Automation technologies such as robotic process automation (RPA/RCA).
Repetitive and carried-out tasks, e.g. filling out and sending tax returns, banking agreements and internal approvals procedures, are automated using robotics, freeing up valuable time for other tasks.
3. Exploitation of Data Science using automatic data processing systems (ETL/Data wrangling).
Data collection, processing and analysis procedures are simplified.
4. Optical character recognition (OCR) and the use of electronic data exchange systems (EDI).
The registration of documents and agreements between customers and suppliers are automated using these technologies.
By choosing to upgrade his skills a CFO will be able to help his business in the new digital age we are going through.
