The evolution of the CFO’s role towards the development of an increasingly strategic function cannot be explained without considering the use of technology, since without it, it would not have been possible for the financial area to "free itself” from the work involved in performing a series of manual and repetitive tasks over time.
The transformation that takes place in a context of continuous change, characterised by the “speed” it has acquired, while adapting to an increasingly digital world, represents a “survival” obligation, which must be assumed by any organisation to achieve the objectives it intends to achieve.
For this reason, it is critical to be able to promote greater use of the different existing technological solutions in order to achieve greater efficiency in the work processes.
Thus, converting the “physical to digital” in a first step, to subsequently automate a task, or what is the same, that can be performed without the direct intervention of people, optimises and improves productivity, while ensuring data integrity and minimises the number of errors that occur when tasks are performed manually.
It is at this moment that the figure of the CFO gains greater relevance, as they have the necessary skills to assume leadership in the process of technological change, given that they have a differentiating advantage over the rest—namely, their in-depth knowledge of the business they manage.
On the other hand, having previously carried out this type of project in their own area reinforces their position as one of the best internal change managers, providing a comprehensive vision of the company.
Knowing the main barriers to overcome facilitates the management of people's natural resistance to change, which arises from perceiving the unknown as a loss of what they currently have—something that, initially, we tend to reject.
We must not forget that it is at this point where the “success” of any change process (whether technological or not) lies, because if it is not accompanied by the people themselves, no matter how better the solution to be incorporated is, its future application will be limited either directly or indirectly.
At the same time, automating tasks, such as treasury management, makes it easier to combine different technological options, such as an ERP with a CRM, in order to optimise the generation of information for better decision making.
It also opens up the possibility of incorporating new technologies, such as Artificial Intelligence, into key processes such as accounting and bank reconciliation, allowing data to be converted into valuable information for the business, something that, of course, goes beyond the limits of the financial area.
In this way, the CFO can “extend” the scope of his functions, from a work perspective focused on the analysis of the past, to one where understanding and predicting the future becomes key, which reinforces, at the same time, his role in decision making.
However, moving from the back to the front is something that goes beyond technology and must be accompanied by a team that has the appropriate skills that allow rethinking how to do things, where training and the incorporation of new skills become essential conditions to assume in the future.
Therefore, technology remains the best ally available to the CFO as a ‘companion’ in the evolution of their functions, since its efficient use will allow the CFO to optimise the most finite resource we have—time—facilitating the ‘leap’ from their position to a much more strategic role.
