5 Ways CFOs are Embracing Digital Finance Transformation-

Every business strives to grow, and the best way to accelerate its growth is by using technology. The same is the challenge with the CFOs these days. They are in charge of reducing expenses and pipelining the profit resources for the development of the company and this led them to embrace digital finance transformation. Digitization using data analytics in finance has helped CFOs to make calculated financial decisions, better.

5 ways in which CFOs are utilizing digital technologies are:

1. Hyperautomation can streamline redundant tasks: This can help reduce cost and increase the effectiveness of the production process.

2. Investing in new technology: CFOs need to invest in technology that adds value to financial technology for eg. machine learning in finance.

3. Cloud computing: WFH has become a new normal in the corporate world. Cloud computing can help handle large volumes of financial data that can be accessed with the help of an internet connection from anywhere in the world.

4. Get Insights: Data analytics for finance professionals and cloud computing can help reduce analytical operation time and increase efficiency.

5. Evolve Digitally: A CFO will always need to be on the lookout to upskill their as well as their team’s skills.