{"id":3333,"date":"2020-11-05T14:36:02","date_gmt":"2020-11-05T12:36:02","guid":{"rendered":"http:\/\/www.liberalglobe.com\/?p=3333"},"modified":"2020-12-09T17:56:51","modified_gmt":"2020-12-09T15:56:51","slug":"%cf%84he-role-of-the-cfo-in-the-digital-world-of-business","status":"publish","type":"post","link":"https:\/\/www.liberalglobe.com\/?p=3333","title":{"rendered":"\u03a4he Role of the CFO in the Digital World of Business"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What the <\/strong><strong>CFO<\/strong> <strong>needs to do to succeed in its duties<\/strong><strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To respond to today\u2019s developments, the current Chief Financial Officer (CFO) in an ever-changing and digitally upgraded business environment should:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>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.<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Develop technological skills that will enable it to make effective use of available new technologies and make the most of the Data Analytics.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">by<strong> Trust Economics \u2013 <\/strong><em><a href=\"htpps:\/\/trusteconomics.eu\">htpps:\/\/trusteconomics.eu<\/a><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:12px\"><em>\u00a9The law of intellectual property is prohibited in any way unlawful use\/appropriation of this article, with heavy civil and criminal penalties for the infringer.<\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/www.liberalglobe.com\/wp-content\/uploads\/2020\/11\/image-2.png\" alt=\"\" class=\"wp-image-3335\"\/><figcaption><strong>Choosing CFO <\/strong><br>Photo by the website www.pedersenandpartners.com  <\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What are these technological skills that appear in the field of corporate taxation?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1.<\/strong> Business Analytics developments with business intelligence systems (Business Intelligence).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2.<\/strong> Automation technologies such as robotic process automation (RPA\/RCA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3.<\/strong> Exploitation of Data Science using automatic data processing systems (ETL\/Data wrangling).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data collection, processing and analysis procedures are simplified.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4.<\/strong> Optical character recognition (OCR) and the use of electronic data exchange systems (EDI).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The registration of documents and agreements between customers and suppliers are automated using these technologies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By choosing to upgrade his skills a CFO will be able to help his business in the new digital age we are going through.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[620,946],"tags":[2058,2059,2060,2057,2191],"class_list":["post-3333","post","type-post","status-publish","format-standard","hentry","category-business","category-companies","tag-business","tag-business-analytics","tag-business-intelligence-systems","tag-cfo","tag-trust-economics"],"_links":{"self":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/3333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3333"}],"version-history":[{"count":1,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/3333\/revisions"}],"predecessor-version":[{"id":3336,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/3333\/revisions\/3336"}],"wp:attachment":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}