Automation has transformed CFOs from economic guardians of data into digital evangelists. Accounting used to be a very bookkeeping-type function [that looked] at historical data, and recorded the numbers and performance. Due to several macroeconomic factors, that is changing. The CFOs' duties stretching across eight towers: strategic planning and target setting; financial planning; forecasting; transaction processing; cash management; accounting; driving compliance and controls; and generating reports and analysis. But in recent years, 80% of the work in those towers has become automated.
The role of the CFO is changing significantly from leading a function that's going to drive transaction processing, accounting and compliance more to generating business outcomes for the client. This puts the CFO in a great position to set the tone for technological adaptation.