1. Align Digital Strategies

One of the great ways to build credibility is to support the organization's existing growth efforts. The CFO is well-positioned to add value in organization-wide transformation initiatives because the finance function interacts with the entire organization. Making sure everyone is aligned and rowing in the same direction is crucial and can help with culture as well.

2. Accelerate Cloud Adoption across F&A

Moving to the cloud allows organizations to be agile and adapt to change quickly. (90% of organizations already embrace cloud adoption, leaving those who have yet to embrace this foundational strategy at a serious disadvantage. By adopting a holistic solution you will improve the speed of your F&A teams and have better insights to draw from. Real-time data = Better Decision Making.

3. Accelerate the Digital Finance Function

While assessing, the CFOs should also think about the vision for the future. This can be a hotspot for innovation, which teams are at the forefront and where is more tech needed? Find ways to get them what they need by relocating other resources.

4. Sharpen Your Ax

Make sure you and your team have access to the training they need to evolve as business needs change. Digital skills are needed to support an always-on, technology-driven, real-time business. Because the skills and needs are changing so quickly, finance leaders are “always-on” trying to locate new skills and priorities. Start problem-solving closer to the time of need. 

5. Reduce Waste & Increase Automation

Watch for the rise in artificial intelligence (AI) adoption, which can help guide organizations by providing improved agility and better data-backed decisions. When you expand your automation strategies you open so many doors for your company. Machine learning, robotic process automation (RPA) can be used for more complex activities like budgeting and forecasting. Start freeing up relevant staff to focus on the most impactful decision-support aspects of their jobs. According to Deloitte, 95% of businesses that have implemented RPA indicated it has improved their productivity.

6. Adopt the Cloud & Advanced Technology

If you have not yet, what are you waiting for? Right Size, Right Tech, Right Partner. If you adopted the cloud pre-pandemic, you were set up for success on that front. If not, you should be thinking why not now?

7. Invest in Value-Driving Tech

Stop running overworked processes and start utilizing technology.  If you have an outdated IT architecture it will only hinder the future. Enable your team with data analytics to reduce the need for specialized skills to perform complex analysis.

8. Increase Employee Productivity Utilizing Tech

Considering key enablers that you intend to establish, to ensure an effective and efficient finance function is key. They could be digital tools for different teams, performance measures for specific roles, or a flatter org structure - anything that enables efficiency and breaks down silos. 

9. Hire, Retain & Develop Digital Skills

As the millennial workforce continues to reshape the workplace, companies must adopt. Agile norms of working, communication, and digital collaboration are needed. When defining the vision for the finance functions, people and culture, new CFOs should ensure their vision is fit for the future workforce. 

10. Accelerate the Digital Finance Function

The present economy demands CFOs to deliver an agile and efficient finance function that focuses on improving the cash flow. To achieve this, you need to leverage digital initiatives and support your team by providing access to the right information and the right tool. Trying to find the right tool is not always easy. Choosing a partner to help you evaluate tools can help you get to a better place more efficiently. Here at GVO we have done 100s of implementations and know the industry best practices. Even better, we provide help long after the handshake.