Leaders VS Laggards: How CFOs Are Navigating The Opportunities And Challenges Of Digital Transformation
This white paper is hosted by SAPinsider and sponsored by WIS Executive Research Group.
Digital transformation is radically changing every aspect of the business and
placing greater demands on corporate leaders — nobody more so than the
chief financial officer (CFO). Top finance executives are being expected to
work closely with customers, seek business opportunities, and help drive the
technological changes sweeping through the enterprise. The new worlds are
not for the faint of heart. Finance officers need to transform their role if they
are to keep up with, or overtake, the changes taking place in their companies.
This is one of the key findings of a global online survey of 125 CFOs and
125 chief information officers (CIOs) undertaken by Wellesley Information
Services Executive Research Group (WIS-ERG) in January 2018, in addition to
interviews with four CFOs from diverse industries. Other important insights
show intriguing contrasts between the perspective of CFOs and CIOs. These
include:
- More than three in five CFOs see major opportunities to re-define their role and become a stronger strategic partner in the business.
- More than 80% of CFOs say their role has changed as a result of digital transformation.
- There is emphatic agreement among CFOs that digital transformation has increased the need for collaboration between the CFO and almost every other function, especially general management.
- CFOs say that cloud computing and mobile technologies have had the greatest impact on their role in the business.
- CFOs agree that ‘soft’ skills will become much more important to success as a business leader in the digital era. Communication skills, in particular, are more important than ever.
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