CFO is The Backbone of An Organisation During Digital disruption

It is often said that “Change is a certainty and uncertainty is a certainty in today’s time.” It is how you navigate the business and add value to it from a CFO function or finance function for the future in times that are uncertain. Furthermore, the CFO position, being a backbone of an organization, is the frontline warrior keeping the finances in check.   

This was discussed during the 4th Edition of BW Businessworld 'Best CFO Summit & Awards 2020 - Celebrating & Recognising India’s Best CFOs’. During a panel discussion on Redefining finance: new opportunities for value - creation in an age of digital business, it was affirmed that all these digitisation and automation help the CFO to keep the organisation up and running.  The session was hosted by Ravinder Singh Ahuja Fellow Chartered Accountant, Founder Partner, RS Ahuja & Co. 

Preet Dhupar CFO Group Ikea India, stated, “The digital development has definitely given an opportunity to the CFO to actually become a strategic partner of the business.  The digital ecosystem has enabled us to move away from numbers and looking at create insights for business so that we become a partner and an enabler. Technology give us an opportunity to find ways to merge different data systems to create a story of what is going on in the business and where should be a focus on values. The CFOs need to support business leaders to identify performance measurements.  Also, Risk management has been a major focus area and will continue to be so.” 

Vinay Dhawan CFO Innovis Telecom Services, “Being living in a VUCA environment, digitisation is a blessing that we have in today’s era. How as a CFO we can create value in this age of digital business.  CFOS can enable digital and analytics transformation within that organisation. CFOs can count much on innovation as a significant step towards the digital transformation journey, help optimise various processes, gain time, increase productivity, and certainly to reduce costs, which will, in turn, improve the bottom line. Digitisation helps in streamlining the whole processes, making them more effective and collaborative and facilitating interactions between various external and internal processes.”