Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

New breed of CFO has emerged, says Sage report, as data analytics drives finance

Six-in-ten say they’re primarily responsible for digital transformation.

But, four-in-ten spend same amount of time on data gathering as analysis, revealing that skills and tools struggle to keep pace

A new report from Sage, the market leader in cloud business management solutions, says the role of the Chief Financial Officer (CFO) has changed forever. Their primary role is no longer in financial reporting, but they are now polymaths driving strategy and making technology decisions that affect the whole organisation.

The ‘Sage CFO 3.0 – digital transformation beyond financial management’ report is a wide-ranging look into the future of business finance. It reveals a significant evolution in the CFO’s job function, having to become a ‘ninja of numbers’ in digital transformation, data analytics, cyber security, and financial accounting.

The study showed nine-in-ten (94%) financial decision makers believe their financial role has expanded and shifted ‘significantly’ in the last five years. Now, six-in-ten say they’re primarily responsible for digital transformation.

Yet, two thirds of CFOs (64%) are still unable to make data-driven decisions to drive business change. Almost half (42%) are spending just as much time collecting and preparing data as they are analysing it, limiting the overall productivity of the finance function. For many, this means they rely on experience and intuition, rather than the overwhelming weight of data they have at their disposal.

Sabby Gill, Managing Director UKI at Sage said: “CFOs are expected to be ‘visionaries’, using data to make intelligent decisions, in order to drive digital transformation in their organisation. For this to become a reality, it has to be easier for leaders to act upon data at speed. They need tools that will empower them to use their skills and experience in a much more compelling way.”

“While the burst of e-commerce and, in turn, digital transformation in business poses many opportunities, it is the very nature of e-commerce that is driving the top three challenges that financial decision makers face – managing risk such as fraud and cybersecurity, compliance and legislation changes and adapting to changing role requirements”, said Gill.

However, the report also highlights organisations must not overlook the cultural impact of new technology. While eight-in-ten respondents (86%) believe that automation has already improved business productivity, six-in-ten are worried about the extent to which their role will be automated in future. The vast majority (93%) believe that technology has to be carefully selected to align with the culture of an organisation.

“Automation does not pose a threat to the workforce, but rather an opportunity to focus on the changing requirements of the business and core competencies. It’s clear that investment in data-centric tools and skill-sets will help propel business finance forward.

“The intersection between emerging technology and human interaction has created an opportunity for leaders to reimagine business, upskill and offer a more strategic and visionary approach to their role.”

The majority (94%) of finance leaders believe next-generation financial management technology has a crucial part to play as their role changes. At the same time, technological literacy is the number one priority for over two thirds (78%) of CFOs.

Sage releases ‘Sage CFO 3.0 – digital transformation beyond financial management’ as the company announces the launch of Sage Intacct cloud financial management in the UK. For more information visit www.sage.com/uk/intacct.