Digital Transformation and the Role of the CFO
CFO.com recently published a thought-provoking article titled The CFO’s Crucial Role in Digital Transformation, by Krishnan Ramanujam of Tata Consultancy Services.
The article posits that “the need to decide what funding requests to prioritize and how much to invest puts finance chiefs squarely in the middle of digital transformation efforts.”
Mr. Ramanujam writes: “Between 2018 and 2021, companies worldwide will have collectively spent nearly $6 trillion on digital transformation initiatives (IDC). That’s a staggering sum. For chief financial officers it will mean that numerous sizable internal funding requests will fall on their desks. The two most important questions for them are likely to be these: Which funding requests deserve priority? And how much financial investment should they get, both in the short and long term?”
He continues: “This points to a key, and I believe largely unsung, role of CFOs in digital transformation: to be astute investors in internal digital initiatives. You could also call the role “value-minded evaluator” or “mindful proponent.” “Rigorous catalyst” or “scrutinizing supporter.” Or even “discerning champion.”
At RecVue, we wholeheartedly concur with this perspective on the expanding, crucial role of the CFO. We believe that today’s CFOs are at the forefront of the digital transformation era. We are passionate about developing solutions for leaders who are taking their companies to the next level, with a focus on enabling organizations to:
Reduce Time to Market: Increase go-to-market agility by enabling product teams to deliver innovative bundles and creative pricing to stay ahead of market demand.
Optimize Revenue: Identify opportunities to upsell and reduce risk of churn by analyzing usage patterns, revenue trends, and customer behavior.
Boost Customer Satisfaction: Create predictable revenue streams by delivering an outstanding customer experience.
Mr. Ramanujam concludes: “CFOs in any company can be catalysts of digital transformation. The opportunity is there, and the need is great.”
If you are a finance leader that is on the digital transformation journey — or just starting out — we’d love to talk with you.