Technology Changing the Face of CFO's
CFO's will take a More Strategic Approach in the Future
The role CFO's play within a business will change in the future, as they take a more strategic approach to the company.
The increased use of technology and the greater reliance on outsourcing will take away some of the day-to-day operations performed by CFOs. This doesn't mean that their role will become redundant. Instead, their remit will change. As a CFO they work within different areas of the company and understand exactly what's happening across the board. They'll now have the time to use this knowledge to move the company forward.
As well as changing the way CFOs work, technology will also alter the role that IT plays within a business. In the past, a business was concerned about the cost of IT and how they could reduce this. IT departments will increasingly be outsourced, changing them into a profit-centre and making them more cost efficient.
These changes will ultimately lead to better performing teams, as the business becomes more competitive. The CFO will play an important role in driving IT projects forward and highlighting the business benefits.
Data is an important business tool and a CFO's role will be to make this area more cost efficient. An effective data strategy needs to extract as much useful information as possible from it. A CFO will need to report to the business how this data has been analysed and what advantages it has for the company.
These databases are among the most important assets a company has and it's very important to understand the exact value they provide. A solid list of contacts is vital for any business and could be used as a hook for a competitor to bid for the company.
Not all businesses place enough emphasis on keeping data secure. One of the challenges for a CFO is to show how important data is to the business and the impact it would have on them if they lost it. This could be due to anything from an earthquake to a hacker. Companies shouldn't have an over-arching security package. Instead they should implement varying degrees of security based on the perceived level of threat and the importance of the data.
As companies look to improve their profitability, it will be the responsibility of CFOs to create more cost-effective solutions that will help secure their future.
If you are deciding which Accountancy qualification is best for you review our other guides - ACA Qualification CA Qualification CIMA Qualification CPA Qualification ACCA Qualification
We also have a dedicated career advice section and guides on your options with each accountancy qualification - ACA Careers CIMA Careers CA Careers CPA CareersACCA Careers
If you're not sure which career move would best suit your skills and experience take a look at our Job Profiles. The profiles provide advice on the qualifications, skills and experience required for each career option. The job profiles also outline salary expectation, job responsibilities and career progression.
For information on our Finance & Accountancy Recruitment or to view Finance & Accountancy Jobs.
Our Finance & Accountancy Salary Survey 2015 is now available.
To contact one of our specialist financial recruitment consultants call 0207 492 0700 or email: jobs@circlesquare.co.uk Connect with us on Google+ & Facebook
Join our groups on Linkedin: London Accountancy Jobs London Investment Banking Careers
