The new face of the CFO – EconomieMatin



The acceleration of digitization induced by the Covid crisis offers a unique opportunity for CFOs to redefine their role by moving from simple operational prerogatives to a consultancy-oriented approach to corporate governance. Concretely, companies have accelerated the digitization of their internal and external operations and greatly boosted the management of their supply chain. In the finance function, historically behind on technological challenges, the crisis has also made it possible to modernize this profession and create new uses and more agile and efficient working methods. Agrave; For example, the pandemic has amplified the importance of digitization, starting with invoice management. With the pandemic, paper management has shown its limits (delays, undelivered documents, etc.). Digitization has therefore become the reliable, secure and simple way to exchange invoices and ensure their processing “thinsp; normalthinsp;”. On this point, the CFOs played a leading role in the implementation of these new processes. Also, let’s not forget that manual processes breed inefficiency, inhibit collaborative work, and distract from strategic thinking. Fortunately, speeding up digitization projects cuts your accounts payable processing costs by 80% and streamlines the approval process. Meanwhile, finance departments are now at the heart of driving a larger digital transformation in the business. In a constantly changing world, where forecasts and strategies must be frequently revisited with new assumptions, CFOs therefore have a major role to play as “thinsp; super consultantsthinsp;” for the CEO. To be able to focus on these strategic projects, they must be freed from manual and mundane transactional tasks, especially when there are a large number of vendors and invoices to manage. Financial management must take advantage of the possibilities offered by automation. We even see CFOs taking on some CIO responsibilities. Before the pandemic, CFOs did not really have a clear vision of advanced technologies. Now, after measuring their value in key areas like accounts payable automation, they are not only adopting innovations, but driving many digital transformation projects.