But the pandemic catapulted it to the top of the priority list for virtually every business in the world. Thinking about your business in these new ways, and managing more people in a virtual operating environment, will test all leaders. If we have multiple disparate solutions in our environment, we will get disparate results. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. A few trends are being amplified by the coronavirus crisis while others fade into the background, meaning that new approaches need to be adopted. Business Goal #1 – Agility & Resilience: Businesses today face significant risks due to factors impacting the new normal business environment. Commentary: Government intervention, a contact-free economy, and automation will all define the new normal. Our customer Transworld needed operational efficiency across its shipping and logistics businesses by incorporating new emerging technologies like blockchain, adaptive intelligence and IoT as they move forward on their digital journey. 5 digital transformation strategies embracing the new normal Here is a look at five digital transformation strategies companies should consider implementing now to overcome any setbacks … For business owners, the clock is ticking on planning success in the new normal. Workplaces have been rendered obsolete as every organization has implemented remote working arrangements. Faced with these changes, digital transformation is a central issue, as shown by the KPMG report " CEO Outlook 2020: COVID-19", 80% of the CEOs of the world's largest organizations have seen … This report talks about the adoption rate and it shows mixed results. CFOs today are expected to embrace technology to strategize and help drive businesses, giving rise to what we call the "Digital CFO". If you were a CFO trying to drive a digital transformation within your company, ... use is, “If you’re a digital bank, and you’ve created a new digital channel for sales, and you’ve created a new sidecar digital … Following required closings of non-essential businesses throughout the … With no end in sight. Technology As the Way Forward: The New Normal COVID-19 pandemic and the resultant disruptions have irrevocably altered the technology and digital adoption for consumers, corporates … COVID-19 has only accelerated this trend. CFOs must not only have financial capabilities but must be able to think strategically and focus on growth. Businesses more digital that ever before. FutureCFO.net is about empowering the CFO and the Finance Team to take on the leadership position in the digitalization of the enterprise. Digital CFO being the new normal would mean a better business partnering relationship with CIO. Click anywhere on the bar, to resend verification email. As a global trendsetter and innovation pioneer, Asia is an epicentre for international companies and candidates who want to stay ahead of the curve. Digital CFO is a fairly new phenomena today that still sees resistance at times. Beyond just being tech-savvy, there are five dimensions to a digital CFO: strategic leadership, data-driven value creation, digital labor, cross-functional collaboration and cyber security. The consumer today is digitally grounded and simply will not revert back,” CEO John Donahoe said during an earnings conference call. Both complement each other to achieve organizational goals of growth and maximizing stakeholder value. These five dimensions demonstrate the increased expectations placed on CFOs to value-add and drive business development in a technologically changing environment. The spread of COVID-19 is changing how we live and work in ways we would not have thought possible even two weeks ago. HONG KONG, Nov. 19, 2020 /PRNewswire/ -- The new normal for the technology world is digital transformation, which gives us a chance to 'rejuvenate' traditional industries, through which the … Upskilling for the new normal How the COVID-19 outbreak has impacted the need for digital upskilling in Central and Eastern Europe’s public sector Citizens in Central and Eastern Europe (CEE) are demanding more from their governments and expect public services to be accessible at all times, in all places. In fact, in the Q2 2014 CFO Signals report, half of CFOs surveyed said their companies … Executive Vice Chairman and CEO, Walgreens Boots Alliance p26 “The Chinese consumer is horribly difficult to please when it comes to new products. Dipanjan Basu, CFO at fashion retailers Myntra and Jabong, shares how the financial performance metrics have evolved. Kimberly Ellison-Taylor, global strategy leader, Cloud Business Group, Oracle, Digital CFO is the new normal Oracle’s Kimberly Ellison-Taylor, Vodafone Idea rolls out Rs 399 digital exclusive prepaid, postpaid plans; full details, WhatsApp to stop working on these Android phones, iPhones in 2021, Apple puts Wistron on probation in India, says no new business until all workers are fully compensated, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. In todayâs digital age, CFOs must look beyond their traditional roles to become an enterprise-wide strategist, an innovation and change leader and a proactive decision maker, utilizing technology to look at the bigger picture. 04 October 2018 CFO South Africa. Yet, one out of three CEOs felt that their CFOs is not up to the challenge. Before the pandemic, some companies got a head start on creating new, digital business […] Rapid progress in robotic process automation (RPA), machine learning and cognitive technology holds the promise of transforming business services and creating a new category of digital labor. Virtual CFO Roundtable – Digital Transformation in the New Normal. In addition, few companies ever reach beyond established business models to capture the new sources of digital value. HONG KONG, Nov. 19, 2020 /PRNewswire/ -- The new normal for the technology world is digital transformation, which gives us a chance to 'rejuvenate' traditional industries, through which the … Every time they visit KFC they expect something new“ Joey Wat CEO… I think the finance function will be extremely interested in IoT and AI as it will help in predicting the activities like maintenance and plan it accordingly. long-term investments in areas such as digital infrastructure and capability upskilling. A digital CFO is one who can go beyond this to turn data from insights into value. Through our interviews, we have identified five imperatives that SEA CFOs must address in order for them to play a more value-added role when navigating their organisations through the new normal: Five imperatives for the new normal Reimagine and adapt Without these traits, the risk of falling behind prevails enormously. Our privacy policy has been updated since the last time you logged in. The word “digital” will fall to the wayside as we adjust to a new normal and digital consumer experiences and the digital … thriving in the new era The key to success for CFOs is to master proactive communication that goes beyond analytical and statistical evidence. For CFOs to meet the challenges of a changing world, they must not only re-evaluate their own competencies, but also equip their function with the right tools and surround themselves with the right team. 7: A new (and old) set of leadership skills. AWS. In 2021, transformation (and not just digital) will continue on a grander scale, bringing forth greater and sustained transformation across all healthcare settings. Posted by: Digital CFO AsiaDate: 12th Oct 2020 As the world settles down in a post-COVID-19 landscape, a lot has changed. From a connected enterprise perspective, when we have operational excellence, we can anticipate disruption. CFO’s guide to sustainable Financial Planning and Analytics ... "Digital is the new normal." Successfully navigating from the new normal to the next normal will require executives to focus on improving risk management and their agility to gear up for future unexpected risk. It is the perfect time for CFOs to look into their companyâs value chain and question where the profit pools that are right for disruption are. That would mean that we provide our teams with the required skill set to feel confident that they can operate effectively in a digital environment. In this paper, Deloitte explores several core factors which organisations should consider when looking to improve their digital ... join us. The CFO’s role has never been more dynamic or different. And historically, it has taken years, typically 5 or more, for business travel to recover. More than 50% of CFOs consider embedding more robust BCP plans essential for the new normal Reducing cost of operations was lowest amongst priorities, with re-assessing business strategy on the top More than 50% of CFOs are supporting their organization to … Yemi Aguga, ACCA Rising Star. As caretakers of sensitive commercial data, CFOs need to find the balance between data protection and accessibility. 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Digital CFOs are technology savvy chief financial officers, who think about new growth models. Marketers are facing a brand new set of challenges today. I don’t think in today’s environment I can foresee any organisation that can afford to have a CFO that only works on the numbers. Endurance International Groups flagship event, CloudBazaar caters to small business owners and web developers, designers and IT service agencies through brands such as Bluehost, … Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. We're in a recession. Back to the future: The Asian CFO in the New Normal Asia has dominated headlines for the past few months as companies around the world tune in to the region to see what might happen next. Digital will require a total focus from the finance team on what the business needs are, ensuring its … Instead of dwelling on the thought that technology will take over the workforce, we should rather augment it and work with it. CFO Playbook - Turning Financial Trauma into Transformation: Healthcare’s Digital Transition into the Post-COVID New Normal - Industry Analysis by Loyale Healthcare Share Article The COVID-19 crisis has had a devastating impact on healthcare providers’ financial performance. In recent years the CFO agenda has been shaped primarily by digitalization, but now we need to determine the long-term effects the first half of 2020 will have on the priorities of the finance function . We want to make sure you're kept up to date. Digital disruption has been identified as one of the defining trends of the 21st century, creating new norms in the way we live and work. Why? Supporting the digital CFO are a myriad of financial analytics and other technological tools. Previously, finance was purely regarded as an accounting function. 2020The Indian Express [P] Ltd. All Rights Reserved. The consumer today is digitally grounded and simply will not revert back," CEO John Donahoe said during an earnings conference call. Typical expectations of CFOs are that they were mere financial custodians, a reactive advisor focusing on specialty finance, and technology was their hindrance. When a CFO asks a question with technology context, that changes the whole discussion and makes it a much more powerful one. How do you see businesses go beyond hype and realise their true potential? The findings: Overall, the going is great. “Digital is the new normal.” In this paper, Deloitte explores several core factors which organisations should consider when looking to improve their digital maturity. However leveraging new technologies is just one aspect of becoming a digital CFO. The results indicate that the CFO’s responsibilities for digital are quickly increasing. You will not continue to receive KPMG subscriptions until you accept the changes. For example, CFO can collaborate across lines of business to understand the liquidity and solvency risks. Here, machine learning and AI can increase speed, depth and accuracy of plans. Taking cognizance of the new reality of the world disrupted by COVID-19, the summit in its latest edition will drive the theme ‘Enabling the New Normal’ and sets the agenda to define a sustainable and superlative ecosystem to accelerate and shape India’s digital future. They can exploit that understanding and leverage their expertise to enable proactive and agile decisions, and help drive enterprise-wide growth. While working from home. What are the new technologies that you foresee as a leader, integrated and embedded in cloud applications like ERP, EPM, supply chain, that will reshape the office of finance and digital supply chain for the industry? They think about where the organisation will be in the future in order to maximise shareholder value. The Rise of the Digital CFO Digital disruption has been identified as one of the defining trends of the 21st century, creating new norms in the way we live and work. We are seeing some great examples of our customers like Apollo Hospitals, Save the Children, FabIndia, etc., using Oracle ERP, HCM and CX to simplify processes, empowering their biggest assets with data and automation so they could focus more on their actual business rather than on transactional activities. Digital CFOs are technology savvy chief financial officers, who think about new growth models. In an era of unprecedented access to technology and data, our 2016 Global CEO Outlook has shown that more than 80% of ASEAN business leaders believe that the coming 3 years are more critical to success than the last 50 years have been. In doing so, they become a strategic partner to the CEOs. DXC Technology. Since the last time you logged in our privacy statement has been updated. If you were a CFO trying to drive a digital transformation within your company, ... use is, “If you’re a digital bank, and you’ve created a new digital channel for sales, and you’ve created a new sidecar digital … costs, standardizing processes, improving resource utilization, maximizing efficiency, and. In short, we are now in the era of the digital CFO. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Digital transformation should be top of mind for every C-suite executive these days. These can be achieved with faster digital adoption to gain a competitive edge. This is part of the ACCA Singaporeâs Smart Finance series with KPMG, which will share topics to equip Digital CFOs and help them adapt to changes brought about by the impact of digital disruption. © 2020 KPMG Services Pte. 83 . A digital CFO will be able to optimize these opportunities, leapfrogging the necessity for labor arbitrage and RPA. From work productivity and team management to crisis communication and advertising, marketers need a new set of tools and strategies to navigate the business world today. “They think about where the organisation will be in the future in order to maximise shareholder value. Click here to join our channel and stay updated with the latest Biz news and updates. Popular . Digital Banking is the new Normal – Citi CEO Citi Regional CEO Martin Mugambi Covid19 pandemic has exposed digital adoption and preparedness in the Kenyan banking scene. Nike shares jumped 13.1% to $132.15 in extended trading Tuesday as the company also offered a fresh outlook for fiscal 2021, predicting sales will be up high single digits to low double digits from a year earlier. Today’s CFOs are juggling with several business imperatives simultaneously – optimizing. If your team members are concerned that new capabilities like RPA, AI and ML will replace their roles, they will not be as excited about bringing on these capabilities. With these, the digital CFO is no longer solely a gatekeeper but a business advisor and business value architect. ... this has meant a rapid digital transformation. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. I think there is a great synergy between the office of CFO, CHRO and the digital supply chain These synergies are going to be leveraging AI, ML, blockchain, and IoT. In an interview with a Forbes columnist, he said … "We know that digital is the new normal. A digital CFO is one who can go beyond this to turn data from insights into value. Now, as we start to look past the immediate pandemic crisis response and toward a “new normal… New data management technologies are giving CFOs access to real-time insights, allowing for better and more efficient decision-making, one that is based on data as opposed to intuition. How would you define a digital CFO and what does this transformation entail for enterprises? “Get all your banking online, get away from paper, do everything you need to migrate to the digital age.” “If your expense management process is still manual, like our process is, at the firm level, you have to get a signature from the CEO and get your expenses approved,” Ramachandran added. Consumer shopping behavior has shifted from malls to e-commerce. So, moving beyond hype would be showing results and proving consistency while removing barriers in implementation. “We know that digital is the new normal. The cloud-based technology platform has enabled standardisation of all key business functions across all the group companies. For CFOs to be effective, they also need to collaborate across functions and teams to respond to specific strategic challenges impacting the business. Conclusion. So, the leaders need to evaluate and communicate if their teams will be able to do more valuable work than just the transactional work. However, in the current #newnormal scenario, managing liquidity is the most crucial engine for CFOs. CFOs must take the lead in modeling a spirit of innovation and willingness to adopt new … CFOs have such deep insights into the economics of the business. ... South African finance on the cusp of digital transformation. 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