CFOs: The Digital Kingdom Begs for a Strategic Ruler

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CFOs: The digital kingdom begs for a strategic ruler


The digital kingdomis up for grabs.


Who is well positioned to rule it?

CFOs.

CFOs have the ability to automate 50—60% of the finance function.1 That allows data and analytics to become a main focus of the CFOs’ energies, versus a side task.1. Accenture Strategy estimates based on insights from client experience.

Digitalization equips Finance to be more predictive and deliberate.

Since digital finance is all about data and analytics, finance teams are best positioned as the source of analytic insight because they can connect market and operational data to financial outcomes.


A process-based mindset will not win CFOs the throne.

Advanced leaders are focusing a lens on both today andtomorrow, forgoing reengineering and instead developing an entirely new approach focused on outcomes.

The pace of the digital world means nearly all business efforts should be focused on breaking new ground or quickly expanding into space created by a new category.

This puts Finance into a defensive position because retooling and reinvention change nearly every role across the function.

While most CFOs acknowledge the need for digital transformation in Finance, less than half have developed a strong strategy and plan.2

2. Accenture Strategy Digital Finance Survey, March 2016.



More than 75% of CFOs believe they are not very well positioned to meet the needs of tomorrow’s digital business,

requiring a significant change in how they work.22. Accenture Strategy Digital Finance Survey, March 2016


CFOs must lead the journey to digital ROI.

Forward-looking CFOs understand how digital enablement creates business value quickly. They enable their team to better leverage data and analytics.

The result?

Finance becomes the definitive voice citing which digital investments deliver value — and setting the digital agenda.

Early movers making a shift are transcending traditional business silos, leveraging increasingly sophisticated tools and analytic techniques to deliver finance services differently.

The result is digitally-enabled outcomes such as faster end-to-end transaction processing times and real-time risk management.

CFOs need to act as chief investor activists, connecting financial planning and analysis, enterprise data management, and enterprise analytics teams to provide an end-to-end transparency that guides digital investments and decision making.



While 63% of CFOs believe they are best positioned to be the fact-based voice of reason, leading the journey to ROI,

few are making it an integral part of their role.22. Accenture Strategy Digital Finance Survey, March 2016

LEARN MOREabout how CFOs can claim the keys to the

digital kingdom with our full report:


CFOs:The digital kingdom begs

for a strategic ruler

https://www.accenture.com/us-en/insight-cfo-digital-kingdom-strategic-ruler?c=strat_ssmcfy17ss_10000004&n=smc_0916

CFOs: The Digital Kingdom Begs for a Strategic Ruler

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