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Finance of the Future: Being a Resilient Digital CFO Foreword Executive Summary Key Observations Call to Action Key Next Steps Table of contents 1 Foreword 02 4 Call to Action 26 1.1 • Acknowledgement 06 4.1 • CFO as a co-pilot to the business model 27 transformation and aligning cost structure 1.2 • Methodology 07 4.2 • Focus on dynamic planning tool for analysis 30 purposes 2 Executive Summary 08 4.3 • The CFO as a Chief Data Steward 32 3 Key Observations 14 4.4 • Double Down on System Insights – Telling a story 33 and supporting decision making • Pandemic impact to the CFO – Efficient cashflow 4.5 • Simplify Finance System of Record 39 3.1 and virtual close should be the baseline for 15 tomorrow • Pertinent Upskilling required by the Modern • Achieving strategy development and changing 4.6 Workforce 41 3.2 business model remains a key focus 19 • Deeper Analytical Insights is key, but Data 5 Key Next Steps 46 3.3 Management is a key hurdle 20 6 Appendix 50 3.4 • CFOs expected to be more involved in digital 22 transformation in the next five years 3.5 • Evolution from Teardrop to Kite Organisation 25 1 Finance of the Future: Being a Resilient Digital CFO Foreword Foreword Executive Summary Key Observations Call to Action Key Next Steps Foreword In our previous thought-leadership KPMG-ACCA- We concluded then that whatever the shape of The COVID-19 crisis highlighted the need and INSEAD EMI jointly produced “Navigating the the future business environment, finance leaders speed for digitalisation, cementing new ways of digital terrain: Five skillsets for Chief Financial must exhibit flexibility and adaptability. The five working amid a rapidly changing market condition. Officers (CFOs) to lead and thrive in a digital competency levers discussed then serve as This warranted significant adjustments to many organisation”. The paper presented three possible a guide for finance leaders as they lead their business models on top of the rapid technological scenarios for finance leaders that will materialise organisations through digital disruption. These and unyielding regulatory changes pre-COVID-19, based on the competencies (Fig 1.0) critical levers were: as highlighted in the recent report COVID-19 Global • Creating value from data; Survey: Inside Business Impacts and Responses Figure 1.0: Three possible scenarios • Leading strategically; by ACCA (Fig 1.1), which juxtaposed business by 2025 • Leveraging on digital labour; impact when the pandemic first struck in March • Collaborating with internal and external and 3 months later in June. As evident by both Scenario 1 stakeholders; and March (Purple bar) and June (Blue bar) data, almost CFO roles cease to exist; • Embedding cybersecurity in the organisation. 50% of respondents cited reductions in employee replaced by CxOs or Robots productivity as the foremost concern of the crisis1. To be even more relevant than before, finance leaders will need to ensure they have the right Scenario 2 proficiency for each lever. Since that report, the CFO-as-a-service constant ebb and flow of disruption is now a norm for many businesses. Scenario 3 CFO are relevant and influential using augment intelligence 3 Finance of the Future: Being a Resilient Digital CFO
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