Digitalisation drives important changes to the role of the Chief Financial Officer (CFO)
According to ALM Intelligence’s latest report, ‘Digital Consulting to the CFO’, the digital revolution is entering a new phase. The impact of digitisation, which has, until now, been confined to relatively superficial levels in most companies and government departments, begins to penetrate to the core of their operations. This is fundamentally disrupting the way these organisations and their employees work at a functional and structural level.
ALM Intelligence states that:
• CFOs that have not traditionally viewed information technology as an important part of their responsibilities are finding themselves increasingly focused on a digital agenda, including issues such as cybersecurity and data privacy, digitisation and digital business process transformation. They use data analytics to help manage risk and ensure regulatory compliance.
• In CFOs’ core role of managing financial risk, digital technologies are changing both the nature of the financial risks organisations face, and the nature of the tools and approaches they have at their disposal to address those risks.
The report identifies PwC as ‘best in class’ for its Digital Finance Risk Management capability area. ALM Intelligence highlights that ‘PwC has married tradition with innovation by complementing its historical strength helping clients understand and manage financial risks with the capabilities of its world-class cybersecurity practice and applying new approaches such as gamification, social media analysis, and predictive analytics.’
It also says that ‘PwC stands out for its ability to not only help its clients develop a digital finance strategy, but for its understanding of, and ability to assist with, the execution work required to carry out that strategy. This includes a broad interpretation of the finance target operating model that does not just look at the direct impact of the technology tools, but also recognises the importance of wider factors such as the human capital and organisational components of digital finance engagements. These are crucial to successfully implementing disruptive new technologies like robotic process automation (RPA) while maintaining continuity in the delivery of the finance function’s core responsibilities.’
Commenting on achieving the Vanguard rating, Miles Everson, Global Advisory Chairman, said: “We are delighted that ALM Intelligence has rated PwC as a clear leader with an Advancing Vanguard position. It recognises our investment in this area and our multidisciplinary digital finance offerings that are firmly aimed at serving the CFO.”
*ALM Intelligence, formerly Kennedy Consulting Research & Advisory.
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