Driving Digital Transformation
Chris Stock, Managing Director of Percipient, looks at the importance of the right digital platform, people, and mindset, in driving a new intelligence-led future focused on innovation and value creation
The role of the OCFO has changed dramatically. Once guardians of the spreadsheet, CFOs are now expected to be intelligence gatherers and value creators, focused on leveraging intelligence to inform strategy and underpin fast, meaningful planning and decision-making, their role in 2025 is almost unrecognisable from that of a decade ago. But while this shift is bringing substantial value and opportunity, it is not without its challenges.
The Right Platform
Embarking upon digital transformation using spreadsheets or legacy finance systems is akin to trying to conquer space travel in a propeller plane. In a department where intelligence and data-driven decision-making sit at the heart, having the right digital capabilities to extract and leverage insights is key.
This means that pure accounting systems which simply gather and process financial data are no longer sufficient. The modern OCFO needs to be able to quickly analyse and leverage data in a way which expedites decision-making and enhances the way in which plans are created and executed.
The right tech stack, connected to core business systems for visibility and confidence therefore sits at the centre of this redefined department.
The Right People
It goes without saying that alongside digital, people are key to a successful transition. Evolving to a higher value, more business centric remit without having the right team in place to support new ways of working, is going to be challenging to say the least. In fact, this can be one of the hardest aspects of any transformation
However, overlooking this crucial aspect is a sure-fire recipe for failure, or extended timeframes, as gaps, frustrations and resentment set in.
In overcoming any resistance, it’s important to be open about the goals and the expectations from the outset, making role descriptions and objectives clear. Once buy-in has been sought, share progress, early wins and feedback to demonstrate the value a new approach is bringing to the organisation overall. And finally, it’s important to encourage collaboration to share insights, feedback and reward contributions.
The Right Mindset
Never before have CFOs been subject to so much disruption in market terms, but the opportunity to help navigate the business, stakeholders and shareholders, through volatility and change, is huge. Trying to achieve what is expected with old processes, ways of thinking and old-fashioned tools, simply won’t cut it. Through having the right technology, people, and crucially, the right mindset for the task, come a wealth of benefits, including operational value, job satisfaction and business performance improvements to be gained.
Collaboration and visibility represent the fabric which underpins this new mindset and what is now possible. Armed with cohesive insights, CFOs are taking the lead in board meetings, advising and steering decisions based on real-time, dynamic analytics from across the organisation.
Elevating potential
A clear methodology and change management plan will ensure the right digital platform and subsequent engagement and be instrumental in helping to bring people along on this journey.
And by cementing these three pillars, technology, people and mindset, the OCFO’s transformation will inevitably be smoother, and elevate the potential of people to add value to the business.
Ultimately the modern OCFO is about empowering CFOs and finance teams through the convergence of digital platforms and efficient, meaningful collaboration between finance and the wider business. This shift also exemplifies the way in which automation can elevate people and their potential. It’s an opportunity to learn, use insights to be creative and innovate, and inform planning with confidence.
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