Role of CFOs in the era of Digital Transformation

NOIDA, India - April 19, 2022 - PRLog -- Finance in a digital world depends on extensive research with the assistance of finance executives. It includes in-depth interviews on the global business and exploration into the various digital disruptors and may prove to be the quickest way to understand the hurdles in the way of their progress into the prospects. CFOs enlighten the financial records and share their unfiltered thoughts and experiences for a broader discussion of finance and its essence for completing their digital journey.

CFO Services for a Startup

Challenge

• Control on Cost leakages due to lack of control on systemic processes
• Redundant MIS reports.
• Lack of strategic perspectives in the senior finance professionals
• High attrition rate
• Recommended Solution

A strong finance

• and support team to work closely with the company requirements
• Design and implement the control framework on leakages and implement the 3-way mapping of client contracts for deliverables and invoicing.
• Redefining business metrics gives a better insight into the financial performance of the business segments.

Benefits

• Ensuring zero revenue leakage
• Improved cost controls
• Clear visibility of financial performance.
• Improved utilization of resources
• Improved efficiency and productivity
• Released promoter bandwidth

Three ways to strengthen the CFO-CIO partnership

The CFO-CIO relationship is important for any organization. Ere we discuss three critical actions of a strong CFO-CIO relationship.

The CFOs need to collaborate closely and effectively with CIOs so that they may properly utilize the technologies that play a larger role in driving the company's value and competitive advantage. The CFOs must work in collaboration with the CIOs for fruitful results. According to a poll result, fewer than one-third of the respondents share a strong partnership characterized by mutual understanding

CFO Services for a large distributor

Challenge

• Weak finance leadership
• Lack of business forecast, plans, and direction toward management objectives
• Lack of monthly reporting of financials and MIS
• Lack of full-fledged investment in technology relative to the size of an organization
• Lack of proper compliance and finance regulations

Recommended Solution

• Setup a strong finance leadership
• Real-time accounting through strengthened accounting processes
• Strong ERP and developed automated BI reports
• Setup internal audit Framework and inventory management
• Set up a monitoring mechanism for compliance issues.
• Actionable business plans through detailed insight into various business segments
• Regular governance meetings management
• Organized working capital at favorable terms

Benefits

• Daily organizational decisions are driven by strong business intelligence systems
• Strategic decisions are accompanied by strong financial leadership.
• Compliance with applicable laws and regular audit checks
• Real-time accounting system for a strong foundation

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