special edition

The days that CFOs focused on past financial performance and checking the books are long gone. Today's CFO helps to run the company via a continual stream of valuable statistics and prognoses.

FOUR DIGITAL TRENDS

Four Digital technologies will reshape the finance function

Automation and Robotics

To improve processes

Enable planning and budgeting platforms in cloud-based solutions.

Automate data reconciliation for single source of truth.

Apply robotics to standardize report gnerationd and allow for narrative commentary.

Data visualization

To give end users real-time financial information

Generate user-friendly, dynamic dashboards and graphics talored to internal customer needs.

Deliver ubiquitous reports that can provide information at very detailed levels.

Seamlessly combine information from multibple data sources.

Advanced analytics for finance

To accelerate decision support

Conduct top-down scenario analysis.

Develop self-optimizing algorithms for preliminary sales forecasts

Develop demand models to improve working capita land inventory management.

Advanced analytics for business

To uncover hidden shareholder value and growth opporunities

Support optimization of pricing and SKU lineup.

Track resource utilization at detailed levels and mirror against value creation and resource effectiveness.

Create preditctive models for early warning.

Bron: McKinsey & Co (2018)

DIGITAL LEADERS TURN INSTRONGER FINANCIAL PERFORMANCE

Moving up the digital curve matters because B2B digital leaders turn in stronger financial performances. Top-quartile B2B players generate 3.5 percent more revenue and are 15 percent more profitable than the rest of the B2B field B2B digital leaders turn in stronger financial performance.

Revenue growth
2010-15

Operating profit (EBIT) growth
2010-15

Return to shareholder (TRS) growth
2010-15

Bron: McKinsey & Co (2016)

Many finance tasks and processes are at least somewhat automatable

Potential for finance-function automation using demonstrated technologies

Bron: McKinsey & Co (2016)

FROM BOOKKEEPER TO STRATEGIST

If it was up to financial directors, they would work 2 hours 31 minutes less a week on bookkeeping. They would prefer to spend the time on:

Bron: Gartner (2019)

Using scenarios

To what extent do CFOs use scenarios?

Types of scenarios

What types of scenarios do CFOs use?

Bron: TIAS, CFO Survey Europe, Q2 (2019)

Read more inspirational cases in our special THE DIGITAL CFO

The CFO's of ground-breaking corporates such as KPN, NS, Ordina, Randstad and Wolters Kluwer give insights into their own, unique approach to digitalisation. And discover how BDO's integrated approach makes the most of the opportunities which digital transformation can bring.

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