How technology is shifting the role of finance professionals
Finance professionals have had to rethink their roles in business. This, as finance operations are forced to embrace emerging technologies.
Fri, 15 Jan 2021 11:01:53 GMT
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AI Generated Summary
- Finance professionals are transitioning from a backward-looking reporting function to a forward-looking analysis role, driven by the need to predict future trends and demands.
- Emerging technologies, such as cloud computing and artificial intelligence, have become essential for finance operations to efficiently process large data sets and drive strategic decision-making.
- While some may see these technologies as a threat to the traditional role of the chief financial officer, they actually enable finance professionals to spend more time on analysis and strategic alignment.
Finance professionals are facing a paradigm shift in their roles as businesses are forced to adapt to the rapid changes brought on by emerging technologies. Cedric Miller, Chief Financial Officer at Altron, joined CNBC Africa to discuss the future of finance in a changing landscape. The demands on finance professionals have evolved significantly over the past decade, with a focus shifting from backward-looking reporting to forward-looking analysis. The role of the finance function is no longer just to provide accurate data on past performance but to predict future trends and demands. With the onset of COVID-19, uncertainty and ambiguity have accelerated the need for finance professionals to embrace new ways of operating. Finance is no longer just about numbers; it now requires access to large data sets and artificial intelligence tools to drive strategic decision-making. Emerging technologies, such as cloud computing, have become essential for finance operations to process large amounts of data efficiently and cost-effectively. These technologies have enabled finance professionals to spend more time analyzing data and linking operational performance to business objectives. While some may argue that these technologies are diminishing the role of the chief financial officer, Miller believes that they actually make the job easier by allowing for deeper analysis and strategic alignment.
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