by Rob Joseph, Director, BeaconCFO Plus
“Digital transformation is no longer the preserve of the CIO. In the 21st century, CFOs and finance teams have vital roles to play in harnessing the power of data and technology to drive efficiency and growth.”
– Jeff Thompson, Forbes
We’ve been talking about the digitalization of the finance industry for a while now. Back in 2018, Deloitte released their Finance 2025 report, detailing 8 predictions for the future of the finance industry. They noted things like touchless transactions, self–service models, and the rise of automation—all ringing true nearly 5 years later. But they also tackled more complicated questions about the digital transformation of finance that today’s CFOs are still contemplating:
- How will CFOs organize, manage, and protect data?
- What is the role of the CFO in digitalization?
- And finally, can finance survive the ongoing digital disruption?
The answer to the last question is yes, but it will require CFOs to be agile, forward–thinking, and willing to adapt. The digital transformation of our industry presents many opportunities—and a strong ROI on investing in new technologies—but it must be approached with care. Many small– to mid–sized organizations are operating without a full–time CFO to help navigate these changes, and this is where a fractional CFO can lend expertise, strategic direction, and key leadership.
Here are several considerations:
The goal of adopting new technology should be two–fold.
You want to streamline and improve efficiencies on a daily basis but also support your organization’s long–term vision. A part–time CFO will be uniquely positioned to accomplish this: He or she is both in the day–to–day operations of your business, and also has a strong understanding of your overarching goals.
Mitigate risks like cybersecurity threats.
An experienced CFO can work alongside IT and contribute to protecting your data. Many of our fractional CFOs bring significant experience in data technology and are well versed in different strategies for data management and protection.
Data insights are key.
Many financial operations are now automated. The role of a CFO has shifted from strictly operational to being a master of insights, bringing the data to the team and making sure every person has an understanding of the numbers. If you lack anyone in a CFO role, you may be making the big decisions for your organization without an accurate picture of the finances.
Work With BeaconCFO Plus
Our CFOs Are Ready to Help
Your organization doesn’t have to navigate the digital transformation of finance on its own. Tap into the expertise of our fractional CFOs and discover the benefits of working with us to face the future of finance with confidence and a strategic long–term vision.