{"id":3262,"date":"2022-10-17T16:00:00","date_gmt":"2022-10-17T14:00:00","guid":{"rendered":"https:\/\/beebole.com\/blog\/?p=3262"},"modified":"2025-01-22T11:47:58","modified_gmt":"2025-01-22T10:47:58","slug":"technology-trends-for-cfos","status":"publish","type":"post","link":"https:\/\/beebole.com\/blog\/technology-trends-for-cfos","title":{"rendered":"7 top technology trends for CFOs that will shape the future: from Artificial Intelligence (AI) to strategic partnerships [Experts weigh in]"},"content":{"rendered":"\n

In the last years, we have seen a new range of technology trends for CFOs and financial management. There has been so much discussion about cloud technology, artificial intelligence and the changing role of the CFO. There is little doubt that these topics will remain crucial in the financial world.<\/p>\n\n\n\n

However, the experts who contributed to this article also have big expectations regarding some other developments. From artificial intelligence<\/em> and automated accounting<\/em> to business intelligence<\/em> and the consolidation of the CFO as an strategic partner<\/strong>, the following are tech trends you should put on your watchlist, or implement right away<\/strong>.<\/p>\n\n\n\n

Seven technology trends for CFOS: What’s at stake?<\/h2>\n\n\n\n

1. A real test for Artificial Intelligence (AI) and robotics<\/h3>\n\n\n\n

There have been great expectations for AI<\/a> over the last few years. In fact, some expected to see voice control and smart assistants like Alexa<\/em> or Siri<\/em> exploding in the workplace. However, AI is yet to be fully integrated into financial management. According to Mark Gandy<\/strong>, a consultant providing CFO services to small to medium-sized businesses at G3CFO<\/a><\/em>, the financial field still needs to catch up.<\/p>\n\n\n\n

\"expert
Mark Gandy – CFO consultant at G3CFO<\/figcaption><\/figure>\n\n\n\n

“Marketing makes the most sense for now where AI can be used to spot trends and consumer behaviors. FP&A is where I hope to see AI being tested,”<\/em> says Gandy.\u00a0Along those lines, some experts think that software robotics<\/strong> will be one of the preferred channels to test AI. For instance,\u00a0Chris Bevelander<\/strong>, CFO and COO of\u00a0 DocWolves<\/a>, believes that AI “applied in writing robot reports<\/em>” will be one of the most important tech trends in financial management.<\/p>\n\n\n\n

Similarly,\u00a0Heikki Siltanen<\/b>, <\/span>group business controller at at the Nordic construction company NCC<\/a>, argues that robotics will become increasingly popular. Sale efforts of service providers, as well as the financial convenience that robots provide to large corporations, will boost that trend. \u201cCFOs are required to make fast decisions regarding the adoption of new technologies. The experimentation with them has become the norm<\/em>\u201d, adds Siltanen.<\/span><\/p>\n\n\n\n

2. Automated accounting and transactions gain momentum<\/h3>\n\n\n\n

One of the “natural” outcomes of AI development is automation.<\/strong><\/p>\n\n\n\n

\"expert
Ralph Wilson – CFO for marketing operations consultancy ICP<\/figcaption><\/figure>\n\n\n\n

For instance, Ralph Wilson<\/strong>, CFO for marketing operations consultancy ICP<\/a>\u00a0and former Head of Finance for BBC Worldwide<\/em>, expects to see “more user-friendly and more automated accounting systems<\/em>” in the next few years. He also thinks that “automated purchase and sales ledger transaction processing between clients and suppliers<\/em>” will play a big role.<\/p>\n\n\n\n

For <\/span>Ignacio Rubio<\/b>, CFO of the online media company <\/span>T2O Media<\/strong><\/span><\/a>, technology for process automation will have the strongest impact in financial management. \u201cCRM and financials software are more powerful, and large media platforms are increasingly automated to simplify all types of transactions (collections, payments, accounting, blocking of certain banking transactions, etc.). These automations allow for the streamlining of internal processes and focus on providing greater value in the organization<\/em>.\u201d<\/span><\/p>\n\n\n\n

\"Heikki
Heikki Siltanen – Group business controller at NCC<\/figcaption><\/figure>\n\n\n\n

Bevelander and Siltanen also think that automation will be key in the future. While Bevelander believes that \u201cintegration and large scale application of automatic processing of digital invoices and further digitizing invoices<\/em>\u201d will have a major impact on financial management, Siltanen sees \u201cmore automation in AR\/AP and bookkeeping.<\/em>\u201d<\/span><\/p>\n\n\n\n

For some, the adoption of this technology will change the face of the financial field. John Orlando, executive vice president and CFO of the budgeting company Centage<\/em>, highlights one of the benefits. Thanks to the adoption of these kinds of automated tools, finance departments will “become more focused on developing and evaluating key strategies,<\/em>” argues Orlando.<\/p>\n\n\n\n

3. Real-time insights (will) become essential<\/h3>\n\n\n\n

Not long ago, Jeffrey Thomson, president and CEO of the Institute of Management Accountants (IMA), made several predictions about what CFOs can expect in the future<\/a>. One was that, \u201cfinance will become increasingly dependent on automation and analytics to deliver real-time, clear, actionable and forward-looking insights.<\/em>\u201d According to the experts we spoke with, this trend will define financial management for years to come.<\/span><\/p>\n\n\n\n

\"expert
Jose Li – CEO & founder at 71lbs.com<\/figcaption><\/figure>\n\n\n\n

In this regard, Jose Li<\/strong>, CEO and Founder of the Fort Lauderdale-based company 71lbs.com<\/a>, told us how “access to vast sources of information on the cloud and in real-time<\/em>” has shaped the way CFOs operate. Furthermore, he thinks that the “ability to view unit economics (e.g. CAC, LTV) in real time<\/em>” could be the most important CFO tech trend in the years to come. In fact, don’t be surprised if real-time insights become the most discussed subject in financial management<\/strong>.<\/p>\n\n\n\n

4. Better decisions through data management and business intelligence (BI)<\/h3>\n\n\n\n

CFOs will have new and improved tools to help them standardize and provide quick access to data. As a result, data visualization will represent \u201ca big advantage and a great tool in the decision making process for financial processes, in particular\u201d<\/em> argues Vanessa Goscinny, former finance director for the Open Society Foundations<\/a> in Haiti.<\/p>\n\n\n\n

\"tech
Vanessa Goscinny – former finance director at the Open Society Foundations<\/figcaption><\/figure>\n\n\n\n

Similarly, Miguel Losada<\/strong>, former finance director for the product development company\u00a0Inspiralia<\/a>, foresees a new reality full of possibilities for CFOs<\/strong>. The ability to manage data “in short periods of time is going to be unimaginable. Making financial decisions under simulation scenarios could place us in another kind of reality completely different from the current one,<\/em>” says Losada.<\/p>\n\n\n\n

Furthermore, Losada imagines big data <\/strong>playing a major role in financial security. “Big data offers opportunities that will allow us to know our clients and providers much better<\/em>,” argues Losada. He also sees it as a helping hand when it comes to meeting criminal compliance challenges.<\/p>\n\n\n\n

Besides big data, Losada reports that data management will be affected by the popularity of business intelligence<\/strong>. In fact, he thinks that\u00a0business intelligence for finance<\/svg><\/span><\/a> will gain importance thanks to its ability to integrate different kinds of software within an organization. Bevelander shares that point of view, and expects “business intelligence for powerful data analysis of large amounts of customer behavior data<\/em>” to be one of the top three technology trends in financial management in the near future.<\/p>\n\n\n\n

\"Jorge
Jorge Garcia – VP Finance & CFO at Tiendas D1<\/figcaption><\/figure>\n\n\n\n

Along those lines, Jorge Garcia, VP Finance \u2013 CFO of Tiendas D1<\/a>, Colombia\u2019s largest hard discounter, highlights the impact that big data will have in the future, especially when it comes to Business Intelligence. \u201cBusiness Intelligence apps based on big data will allow us to properly identify opportunities and new trends in the market,\u201d affirms Garcia.<\/p>\n\n\n\n

5. Further (and better) integration through cloud technology<\/h3>\n\n\n\n

According to Goscinny, “cloud based applications and devices will continue to strongly influence the way organizations work<\/em>,” which she sees as relevant in terms of collaborative working and access to data from anywhere in real time.<\/p>\n\n\n\n

Garcia also believes that the integration of cloud computing, big data and AI will play a crucial role in financial management. That kind of integration, \u201c<\/span>will allow CFOs and top executives to have access to reliable and tailor-made information that will significantly improve the decision-making process<\/span><\/i>,\u201d says Garcia.<\/span><\/p>\n\n\n\n

\"CFO
Chris Bevelander – CFO & COO at DocWolves<\/figcaption><\/figure>\n\n\n\n

Thanks to the ongoing cloud trend, Bevelander predicts that the mobility that defines the virtual office<\/a> will further be reinforced. Likewise, he expects “more integration of systems allowing more people in the organization to have more available information<\/em>.”<\/p>\n\n\n\n

6. A more strategic focus for a digital CFO<\/h3>\n\n\n\n

\u201cTechnology has forced CFOs to expand their expertise beyond accounting and finance<\/em>,\u201d affirms Siltanen.\u00a0<\/span>According to Michele Zangri, vice president of operations and CFO for Unit 4 in North America<\/em>, “modern technology has played a big hand if not the entire han<\/em>d” in the evolution of finance roles. With all the ongoing digital disruption in AI, automation, real-time data and cloud technology, the role of the CFO will inevitably continue to evolve.<\/p>\n\n\n\n

\"Expert
Miguel Losada – Former finance director at Inspiralia<\/figcaption><\/figure>\n\n\n\n

Part of that evolution includes CFOs engaging in tasks that are highly influenced by new technology<\/strong>. “We will have to learn how to analyze data in real-time, how to detect future risks for our companies, where to find data, and especially how to add value to that data,”<\/em> adds Losada.<\/p>\n\n\n\n

Adopting the technology necessary to carry out these tasks will be an essential ingredient of this trend. However, we are not just talking about financial technology. In fact, Jorge Garcia argues for the importance of adopting technology that goes beyond the financial sphere. The modern CFO needs \u201c<\/span>to have a broad knowledge of the impact that technology has on business, clients, shareholders, entities, stakeholders, the environment and society as a whole<\/span><\/i>.\u201d<\/span><\/p>\n\n\n\n

This includes a new focus that the CFO will need to gain within the organization overall. A new focus “away from the mechanics of producing reports, and more towards value-add commercial work,<\/em>” states Ralph Wilson.<\/p>\n\n\n\n

From now on, CFOs will be more involved in the strategic aspects of their companies. As stated by Losada, today\u2019s digital CFO is aware and understands the strategy of the company. The modern CFO not only enables corporate change, but also helps the company to achieve its goals. This strategic role will significantly increase in the years to come.<\/p>\n\n\n\n

7. New developments in cybersecurity<\/h3>\n\n\n\n
\"Ignacio
Ignacio Rubio – CFO at T2O Media<\/figcaption><\/figure>\n\n\n\n

Security has become a top priority, which means we’ll see more CFOs investing heavily in technology aimed at protecting their businesses. Considering the vulnerability of the current environment, developments in cybersecurity<\/a> will be crucial. \u201cPreventing attacks on your business is key to guaranteeing and offering security to customers. Protecting your data is essential in current times, where there are more and more cases of greater cyber attacks<\/i>,\u201d explains Rubio.<\/span><\/p>\n\n\n\n

The need for security related applications and hardware<\/strong> will play a major role in financial management. “Because data can be accessed from anywhere, they have to be secured, especially when it comes to sensitive financial information<\/em>,” argues Goscinny. She strongly believes that security will shape the technological focus of financial management in the coming years. It’s the CFO’s responsibility to work alongside IT experts in their teams to understand all of the security requisites. Here you can see a real example of web technology security taken seriously<\/svg><\/span><\/a>.<\/p>\n\n\n\n