After being in the software industry for over 2 decades I’ve heard my fair share of buzz words. You probably have too. Often these buzz words are used to hype the latest top of mind topics in technology. Unfortunately, there is often a large gap between the hype and execution reality. This execution gap is typical for buzz words around new technologies in finance. However, now may be the exception.
I believe that some of the latest buzz words reflect real game changing opportunities for many finance professionals. So which buzz words am I thinking of? Consider Finance Transformation and Digital Finance. To me they represent the convergence and application of many recent technology innovations. These innovations enable finance departments to increase their influence and add value across the entire enterprise.
So what does a Chief Finance Transformation Officer do and how does it relate to these buzz terms? I am seeing one the most exciting trends in my career that spans both accounting and enterprise software systems. Digitalization and digitization is driving the evolution of a new executive role in finance and IT, which many companies refer to as the Chief Finance Transformation Officer. This role takes the latest innovations in business and technology and applies them to a company’s entire finance function. The objective is to transform an often tactical finance organization into one of the most innovative and strategic departments in the company. This transformation is twofold. Improving the finance organization’s efficiency in their traditional responsibilities is certainly one aspect of this transformation. But the real excitement comes with putting new cutting edge technology in the hands of finance departments that provide the business foresight needed to drive strategic decisions that can take a company to the next level.
That sounds good, you may think? But what does a successful execution of a Chief Finance Transformation Officer’s mandate look like in the real world? Here I encourage you to watch new video: A Day in the Life of a Chief Finance Transformation Officer with SAP S/4HANA Finance:
Enjoy watching this 2 minute video to see how exciting our world in finance is becoming!