CFOs look to the cloud for resilience ( and profit )

In the span of a decade , CFOs have gone from being the scorekeepers to playing on the field – helping the team craft its offensive capabilities when the rules of the game are constantly changing . With this shift , CFOs are now looking downfield to drive strategy .

Results from Accenture ' s CFO Now Survey showed that 40 % of CFOs drive new business models and revise strategy holistically . That ' s a promising start , and more change is coming .

Most CFOs ( 72 %) believe that their company will need to completely rethink processes and build more resilience into their operating models . They must use technology to relentlessly attack the inefficiencies of manual processes , while shifting resources to the long game of sustainability and adaptability . They must also prioritise data management and analysis .

About half of CFOs say those are indeed the top two priorities , while nearly two-thirds say they are reimagining their finance operations by investing in cloud-based solutions and deploying Artificial Intelligence and Machine Learning solutions to help automate and streamline routine operations .

The use of technology coupled with a strategic aperating model roadmap can create a finance function built for change , forming the foundation of an organisation that is decision-ready and ready to withstand whatever disruption lies ahead .

The pandemic accelerated the need for transformation

The proliferating volume of data is transforming businesses . There is more data than ever , posing unique challenges for CFOs . Finance teams need to draw on information from all parts of the business – including operational , HR , sales and marketing , and external data-to make decisions quickly .

The pandemic highlighted the need for companies to stay nimble amid unpredictable market conditions . For example , Workday customers saw a 30x spike in scenario planning in early 2020 , which didn ' t decline as the year wore on . In fact , monthly scenario planning levels increased by 28 % YOY in 2021 .

“ Boards are demanding digital acceleration ,” says Karen dela Torre , Executive Director , Office of the CFO at Workday . “ One of our customers , a top American hospital , had a three-year plan to transition to digitally enabled telehealth . Because of the pandemic , they moved all their primary and ambulatory care to telehealth in three weeks .” �

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