Rebranding the CFO: what business leaders prioritize


Through Kenny Eon, Managing Director and Vice-President EMEA at stock Exchange

Covid-19 undoubtedly disrupted every industry and many businesses, causing the deepest recession on record and hardship for employees as workers had to work from home. In addition to the initial practical challenges, this transition proved difficult for finance teams who saw their workloads explode as business leaders requested updates, forecasts and reschedules at a frequency and on a regular basis. pace never seen before.

Organizations are entering a new wave – the transition to hybrid work. According to arecent global poll, 42% of those surveyed said their business has already completely transitioned to a hybrid environment. For many teams, this way of working is still new territory, and they navigate a precarious balance before organizations achieve a healthy balance between working from home and the office.

To optimize hybrid work, organizations must embark on a digital transformation. ATrecent round tableit was agreed that these initiatives will only be successful if they are implemented from the top down. This is where the CFO comes in. Unless senior executives engage, digital transformation processes will be time consuming and inefficient. CFOs are not necessarily rebranded to drive a fully digital metamorphosis, but it is certainly their responsibility to initiate such a change.

The time for digital transformation is now

Remote work has highlighted areas in need of modernization. CFOs have had to juggle their wide range of responsibilities, from strategy and treasury to internal audit and risk management at a critical, and often stressful, time for businesses. CFOs identified that one of the most pressing challenges has been to adopttechnological tools and services, in part because of an aversion to change in familiar work processes; it is often only with hindsight that workers see the real value of digitization.

While many teams have undertaken some form of digital progression to support remote working, there is still a long way to go to align work and administration processes. The lack of organization experienced by some remote teams has had a ripple effect on the well-being of employees.Researchsuggests that there has been an increase in feelings of stress and anxiety for workers who bear the brunt of the business disruption, and many paper-based finance teams have reported that it is nearly impossible to function effectively with staff working from home.

The prospect of implementing a digital transformation can be daunting, however,we have foundthat 94% of CFOs see digital transformation as essential for the future success of their organization. In fact, a digital transformation will allow businesses to thrive and increase their return on investment (ROI) as it will; Lower the cost of expense / AP processing by automating manual processes, provide deeper insight into expense models to increase compliance, minimize unnecessary expense, and optimize payment schedule. Companies are still trying to get back on their feet after an incredibly difficult time, so it’s critical that CFOs act now to implement a full transformation as the world slowly recovers. Otherwise, embarking on the digital optimization journey after Covid-19 will be overwhelming and companies risk being overtaken by their competitors.

Not so omniscient

The dispersion of office staff towards remote work has also exposed major weaknesses in the 20th century manual approach to internal control and audit. Abuse may have skyrocketed in some spending categories as transactions became more difficult to monitor. The added task of managing remote work resources has made this time increasingly confusing for CFOs as workers request all kinds of expense reports such asheating billandtea suppliesinstead of customer lunches. Remote working has intensified anxieties associated with disorganization, which boils down to manual processing documents, siled data, inefficient means of communication and making work almost a job.

When it comes to identifying fraudulent or non-policy spending activity, human error is an unnecessary stressor given the tools available to optimize these processes. Businesses should look to partner with reliable expense management and access point automation solutions that can prevent fraud and non-compliant spending from falling through the cracks.

This will ease the burden of arduous administrative tasks for CFOs and their finance teams, who will no longer have to spend hours manually processing expenses when time could be better spent collaborating with colleagues, improving others. areas of the business and improve the business at large. product offering.

Reverse the cultural deficit

Corporate culture is another business priority for financial executives that has become a priority due to the pandemic. CFOs are well aware that this has blurred the line between work and rest. The closure of the offices was a frenzy as workers faced the difficulty of building home offices, managing home schooling, caring for loved ones, holding virtual meetings with co-workers and teachers. clients, or weeks of isolation for those who live alone.

It is imperative that CFOs meet employee needs and plan for the upcoming hybrid transition, finding the best balance between office and remote work. Ourrecent pollshowed that business leaders are looking for other ways to manage their employees in evolving hybrid conditions, with 69% of CFOs citing maintaining morale and 63% citing maintaining company culture among the top challenges they faced in a work from home environment.

We have yet to see the full extent of the pandemic’s impact on businesses. As a priority, leaders seek to nurture workplace cultures that employees can build on and build on. How CFOs shape an employee-friendly post-pandemic workplace will dictate the success of attracting and retaining talent. In this context, investing in digital transformation and digital tools will be important to free up valuable employee time and take on costly tasks, leaving room for rest. Ultimately, digital transformation, AP automation, and a new vision for corporate culture are all pieces of the same puzzle – it’s about humanizing work and creating a stimulating environment in the age. digital.


Comments are closed.