Digital revolution is now changing the way business organisations operate. Thanks to data technology, existing business models and services are quickly rendering. As a result, many top companies including automotive, telecommunication, and media are being reshaped in order to give rivals a competitive advantage. Here are some of the essential skills CFOs must have to stay ahead in the digital age:
CFOs must become analytics experts
A CFO should only spend 10 per cent of their time and efforts on transactional and the remaining 90 per cent on analytics. The more time they invest on analytics, the more they will be able to help the organization and enable efficient partnering. As a true business partner, only those who can become analytics wizards will be able to offer these insights.
CFOs must be able to manage high volumes of data
This is a key requirement for any CFO to act upon the threats that may come up over time. Business managers use their finance team to evaluate financial data to gain insights into existing and future performance. In order to meet these expectations, a CFO must hire digital experts who know how to use technology to solve any issues quickly.
CFOs must have a broader technical knowledge
As well as having broad financial knowledge, CFOs must also have vast technical knowledge and know the basics of cash flow, investments, and much more.
CFOs must be strategic
For a broad company perspective that extends to more than just the finance department, CFOs need to be top strategists and assist the director in new opportunities that arise.
These are just some of the most important skills that CFOs must have in order to make a significant difference to the organisation’s success. The advancement of digital technology will also help enable CFOs to perform their duties more effectively.