So, what does the future hold for CFOs in this ever-changing digital world? It’s shifting every day and that was quite evident at Harvard University’s CFO of the Future Summit for 2016. One of the main topics at the summit was changes in the world of finance and how to keep up with them.
Keeping up with the Digital Age
As finance functions change, Accounts Payable Automation, Electronic Invoicing, and Dynamic Discounting can become more and more significant in the grand scheme of things. And, astute CFOs are discovering that it’s not nearly enough for them to be basing their future patterns on their past growth because, in the years to come, CFOs are going to be expected to actually forecast the future, not rest on their past laurels. Anticipating what is to come and constructing significant changes for their companies that will help them to successfully build that future will be the name of the game.
CFOs and Future Workforce
And, the workforce that CFOs in the future will have to handle will not be a traditional one. It will include Generation Y, Generation Z, and Millenials all working together creatively. At the same time, they will be dealing with AI and machines that are taking over a number of jobs. That means that those future CFOs will be charged with the development of a strategic future workforce capable of communicating with analysts and other hybrid workforce members alike and ensuring that they can all see the same vast picture.
Automation and Beyond
The fact is that companies that operate independently are a thing of the past. That’s why CFOs need to know that platform-based ecosystem models are the road that leads to success and away from extinction. The lines are becoming increasingly blurred between suppliers, customers, and competitors. In the future, CFOs will have to have the ability to respond to changing market conditions with their organization’s systems, processes, capabilities, and teams. Through the effective use of all of the digital tools available, from AP Automation and E-invoicing to predictive analytics, robotics, and Artificial Intelligence, CFOs of the future will need to be able to train their staff members in the benefits of responding to the constantly changing market conditions of the future in real time.