The Rise of Financial 4.0

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With the rise of financial 4.0, companies must adapt to the new reality of the financial services industry. Financial directors need to wear many hats and think critically about business issues. The future CFO will be more integrated and have a wider set of metrics to evaluate performance. While the need to drive efficiency and lower costs will remain constant, there is a tremendous opportunity for finance to be more valuable and effective.

The modern CFO must shift the attitude of the finance function, positioning it as a value creator and a driver of profits. Finance functions should also be empowered to use automation to explore new opportunities and move up the value chain. To do this, they should invest in training employees on the newest technologies and other skill sets. Employees should also be prepared to take on new responsibilities outside the traditional finance team.

Finance 4.0 will usher in a new era of capital management, using crypto-currencies and financial data analysis to drive the business’ growth. However, it will also bring new responsibilities, including responsibility for environmental and social sustainability. As a result, finance departments must become trust-givers, fostering trust between multiple stakeholders and driving business growth transparently.

Finance teams can become centres of excellence in data gathering, using it to make better decisions. The use of AI tools and automation can reduce costs by 40 to 75% while freeing finance employees to focus on high-value tasks. With AI and RPA powered tools that match data from multiple sources, finance teams can simplify their operations and streamline business processes.

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