Unleashing the power of technology to transform finance

CFOs are leading finance into the digital age with AI and ML, transforming operations and talent. Ready to transform your finance function?

In brief:

• A strategic technology approach is vital for CFOs to seamlessly adopt digital tools.
• Emerging technologies are crucial to transform finance operations.
• Merging accounting expertise with technology proficiency boosts workforce talent.

For CFOs, the nature of the job and how to do it are evolving. The need to fulfill regulatory compliance and reporting persists alongside the desire to turn data into strategic insights. The good news is that emerging technologies can add new efficiencies and intelligence behind the traditional and aspirational elements of finance functions — if the CFO can effectively orchestrate change.

“In the rapidly evolving world of finance, having a well-defined technology strategy is not a luxury — it’s the cornerstone of success,” says Krueger. “By strategically incorporating the latest digital innovations, CFOs are not just making processes more efficient, they are unlocking extraordinary value. It’s about harnessing the power of technology to not just keep pace, but to set the pace — ensuring that every financial decision is informed, strategic and forward-thinking."

Embracing game-changing technologies

Once a clear technology strategy is in place, CFOs must focus on the effective integration of digital tools to ensure they not only fit with but also amplify the existing systems within the organization, maximizing the return on investment. Implementing cloud-based ERP platforms, for example, can enhance the finance function’s capability to perform vital financial tasks efficiently and provide a secure platform for rapid data retrieval.

Moreover, the importance of hyper-automation technologies such as AI and ML is growing, transcending finance organizations traditional roles to bring additional value to businesses. These technologies go beyond automating mundane tasks by offering advanced data analysis and improving forecasting capabilities. Automation provides a fresh, un-biased, perspective by linking aggregate business data with current market trends and other factors that affect business outcomes. Acting as a versatile resource, these technologies quickly deliver actionable insights. By directing these insights to the right places, CFOs can create a significant impact, transforming the way their organizations operate and compete.

Integrating emerging technologies into finance starts with building capabilities and finding practical uses, such as employing AI to draft initial 10-K reports — a perfect task for the technology. This step not only begins the automation journey but also enriches finance professionals’ processing routines with valuable insights. The next phase involves broadening the scope of technology used to maintain momentum. Exploring creative ways to leverage emerging technologies to provide additional insights is important, all while ensuring a comfortable adoption pace as these technologies become more acquainted with business operations.

Pioneering workforce transformation

The evolution of finance roles necessitates a strategic retooling, where technology acts as a catalyst to shift resources away from mundane, repetitive tasks to more impactful areas such as decision support and risk management. For CFOs, the current landscape calls for a proactive approach to workforce development, emphasizing the need for a skill set that combines traditional accounting expertise with the ability to leverage technology for enhanced efficiency and business insights. Central to this transformation is the human element, which should remain at the core of the technology-driven roadmap and governance framework. Such an approach not only champions creativity and innovation but also ensures it flourishes within a supportive and clearly defined structure.

“In this era of rapid technological advancement, we cannot just retool our finance functions; we have to reimagine the role our professionals play,” says Krueger. “Technology is our ally, freeing our teams from the grind of routine tasks to focus on strategic initiatives that truly move the needle. Now is the time for CFOs to lead a skills revolution, to build resilient, forward-thinking finance teams ready to tackle the challenges of tomorrow.”

“As finance organizations shift from traditional practices to digitized, modern approaches, the emphasis must be on developing a robust tech strategy and cultivating a tech-savvy workforce to foster a culture of innovation and prepare the organization to face future challenges with resilience and foresight,” says Deirdre Ryan, EY Global Finance Transformation Leader.