# Three Essentials to Thrive as a CFO
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-09-22
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Future-Proof Finance: CFOs Leading Change in the Digital Era
Meta Description: Discover how CFOs can navigate the ever-changing business landscape with Oracle NetSuite's technology solutions for an efficient and effective finance
Tags: featured
Tag URLs: featured (https://financedigest.com/tag/featured)
URL: https://financedigest.com/three-essentials-to-thrive-as-a-cfohtml

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_**Mark Woodhams**, Managing Director, EMEA for Oracle NetSuite_

In order to be successful in an ever-changing, digitally-disrupted business environment, companies are increasingly looking to CFOs and finance teams to help them keep pace.

The challenges facing organisations come from many sides, including political and economic changes, increasing compliance and the rapid progress of technology. While many organisations may feel that they have only just understood the potential impact and opportunities of big data and the Internet of Things (IoT), new technologies like [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence") and machine learning are already emerging on the horizon, with the potential to change the playing field further. These new innovations, combined with changes to regulation and fast-shifting [global economics](https://www.financedigest.com/putin-says-west-is-triggering-a-global-economic-crisis.html "Putin says West is triggering a global economic crisis"), have left businesses looking to the finance function – with its overarching view of the organisation, a strong understanding of the drivers of success, and experience in planning, forecasting and compliance – to inform strategy.

With external factors driving change on one side, and operational complexity forcing it on the other, [chief executives are increasingly drawing on CFOs and finance](https://www.financedigest.com/boohoo-says-exposure-to-sterling-plunge-is-limited-finance-chief.html "Boohoo says exposure to sterling plunge is limited – finance chief") teams to provide a view that spans the whole company. While responsibility for technology has traditionally sat with CIOs and CTOs, pressure to compete effectively and meet quarterly performance targets has [boosted the CFOs position and strengthened their hand when it comes to investment](https://www.financedigest.com/volkswagen-boosts-electric-car-investment-in-spain-to-10-billion-euros.html "Volkswagen boosts electric car investment in Spain to 10 billion euros") decisions more broadly.

**Create a future-proof, effective and efficient finance function**

With increasing demands on their time, it’s never been a more challenging time to work in finance.  Not only are CFOs faced with shouldering more responsibility than ever before, they are also [expected to continue running an effective and efficient finance function at a time where the volume and complexity of regulations has never been higher](https://www.financedigest.com/italian-hearing-aid-maker-amplifon-expects-higher-2023-earnings.html "Italian hearing aid maker Amplifon expects higher 2023 earnings").

Fortunately, they are not [facing these myriad challenges](https://www.financedigest.com/factbox-the-challenges-automakers-and-now-tesla-face-with-humanoid-robots.html "Factbox-The challenges automakers, and now Tesla, face with humanoid robots") alone. Technology to collate and organise data and automate traditionally time consuming manual tasks such as financial reporting, tax compliance or cash management is within reach, enabling them to focus on their more strategic role.

CFOs that are faced with an expanded role should seek out solutions that streamline operational elements of corporate governance and provide an accurate real-time view of business-critical information to help inform decision-making.

**Establish a foundation for taking action**

When it comes to innovation, there is always a tendency to believe that competitors are able to develop and [launch new products](https://www.financedigest.com/new-product-launches-to-put-the-cod-liver-oil-market-in-a-good-stead.html "New Product Launches To Put The Cod Liver Oil Market In A Good Stead") and services at breakneck speed. Such assumptions [provide the impetus for organisations to invest in new technologies](https://www.financedigest.com/inmobi-wins-gold-silver-bronze-mma-smarties-mena-awards-named-technology-provider-of-the-year-for-fourth-consecutive-year.html "InMobi Wins Gold, Silver, Bronze MMA SMARTIES MENA Awards, Named “Technology Provider of the Year” for Fourth Consecutive Year") and take brave decisions that advance what’s possible and what’s normal across industries. In order to be an organisation that is shaping the [future of the industry](https://www.financedigest.com/applying-a-sustainable-lens-to-the-financial-industrys-future.html "Applying a sustainable lens to the financial industry’s future") it operates in, leaders, as well as their finance teams, need to ensure they are able to act on the information they now have access to.

As such, businesses need to make sure that they are not just set up to [deliver insights](https://www.financedigest.com/research-delivers-insight-into-the-global-polymer-surfactants-market-during-the-period-2021-2029.html "Research Delivers Insight Into The Global Polymer Surfactants Market During The Period 2021-2029") that define strategy, but can also act, react and scale when opportunities present themselves.  This requires an agile platform that allows them to [test new approaches and business](https://www.financedigest.com/meningitis-diagnostic-testing-market-analysis-status-and-business-outlook-2017-to-2025.html "Meningitis Diagnostic Testing Market Analysis, Status and Business Outlook 2017 to 2025") models.

In retail for example, a British kitchen furniture maker could potentially consider expanding to the US [market due](https://www.financedigest.com/child-resistant-single-dose-pouches-market-one-the-most-booming-industry-in-upcoming-years-due-to-global-demand-by-2031.html "Child Resistant Single Dose Pouches Market | One the Most Booming Industry in Upcoming Years Due to Global Demand by 2031") to beneficial currency fluctuation. As the Pound falls,products manufactured in the UK become cheaper, giving British businesses a competitive advantage overseas, including the US. To seize this opportunity, our kitchen furniture business needs to have [technology on hand that allows it to scale into new markets](https://www.financedigest.com/the-medical-device-technologies-market-to-stick-around-based-on-organic-expansion.html "The Medical Device Technologies Market to stick around based on organic expansion") with ease, helping take care of tricky issues such as multi-currency financing, multi-country tax compliance and keeping up with local laws and regulations.

Failure to do so not only limits a business’ ability to [move into new markets quickly](https://www.financedigest.com/zeal-to-move-through-settlements-anew-to-drive-the-individual-quick-freeze-fruits-market.html "Zeal To Move Through Settlements Anew To Drive The Individual Quick Freeze Fruits Market"), but can also result in degrading a company’s operational consistency, controls and visibility into foreign operations once expansion is made.

[**Set clear priorities**](https://www.financedigest.com/pm-rishi-sunak-sets-out-priorities-for-britain-responds-to-critics.html "PM Rishi Sunak sets out priorities for Britain, responds to critics")

Despite all of these new responsibilities, you could argue that at its core the [role of the CFO](https://www.financedigest.com/the-new-role-of-the-cfo-the-de-facto-chief-growth-officer.html "The New Role of the CFO: The De Facto Chief Growth Officer") remains broadly unchanged. To be reactive for a moment, you could say that it all comes down to helping the organisation concentrate on what matters most. While the [landscape has become](https://www.financedigest.com/smart-becomes-the-first-ssp-to-collaborate-with-white-bullet-to-safeguard-quality-in-the-digital-media-landscape.html "Smart becomes the first SSP to collaborate with White Bullet to safeguard quality in the digital media landscape") more complex and unpredictable around them, the new responsibilities are merely an extension of their traditional role of safeguarding the organisation and advising on the priority areas for investment.

[Finance teams need](https://www.financedigest.com/global-crises-that-need-the-finance-industry.html "Global Crises That Need The Finance Industry") to make sure they don’t get caught up in the confusion and inconsistency surrounding their place in the organisational pecking order and remember that their raison d’être is broadly unchanged.


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