CFOs 'should embrace technology'
The relationship between CFOs and technology is becoming more apparent with each passing year and it's the very reason why there's a big debate about whether your FinTech needs a CFO. CFOs oversee M&A strategy, regulatory relations, strategic planning, performance tracking, providing leadership with budgets, and more. Their efficiency in this role depends largely on technology.
The intelligent use of new technology could add a great deal of value to the finance function within businesses and free up staff to get involved with other areas of their organisation, according to a new report from the Association of Chartered Certified Accountants (ACCA).
Chief financial officers (CFOs) and their departments are currently not exploiting technological advances to their full potential, the study found.
It drew on the opinions of experts at leading firms such as Shell, Aviva, Kimberly-Clark, Deloitte and Accenture, suggesting that the "complex and fragmented" nature of the modern IT landscape is preventing CFOs from embracing all it can offer.
Jamie Lyon, head of the corporate sector at ACCA, suggested behaviour, vision and culture all need to change within the finance sector if tech is to be utilised properly.
"Leading companies have deployed technology to improve finance service delivery to the business, but the primary focus has really been around cost, efficiency and quality in transactional finance," he explained.
While this can certainly be useful, there are other ways CFOs can modernise their approach, with self-service finance and automating transactional finance processes all possibilities, argued Mr Lyon.
Deborah Kops, principal at Sourcing Change and co-author of the report, argued that mining data can be very important for the industry, improving its predictive powers and allowing it to engage more closely with consumers or fellow businesses.
"We should also acknowledge that the application of technology has the potential to change further what a finance career means," she declared.
If more processes are to be automated in the future, traditional jobs could be fundamentally altered, meaning professionals will need to consider how their skill-set prepares them for a different kind of career in the finance sector.
Despite concerns over data security, technology investment is on the up among finance firms as they attempt to improve efficiency levels across their operation. All staff need to be aware of the importance of keeping personal information safe if firms are to avoid fines and reputational damage.
Find out more about technology recruitment at Marks Sattin
Signup to receive the latest discipline specific articles
Related articles
Teaser
Finance & AccountingContent Type
General
25/04/24
Summary
Over the years, we have developed a strong reputation as a leading Senior Finance and Executive Search firm. We’re proud to have well-established teams of finance and accounting recruitment cons
by
Neil Burton
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Related jobs
Salary:
£24,000 - £28,000 per annum
Location:
Birmingham, West Midlands
Industry
Property and Infrastructure
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
New graduate? Looking for exposure within a financial role? Well, I might have a role for you.
Reference
BBBH180135
Expiry Date
01/01/01
Author
Olivia BalnaveAuthor
Olivia BalnaveSalary:
£80,000 - £90,000 per annum
Location:
Madrid
Industry
Technology
Qualification
None specified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Software Development
Contract Type:
Permanent
Description
Full-stack Security Engineer
Reference
BBBH179465
Expiry Date
01/01/01
Author
Ghazal MayahiAuthor
Ghazal MayahiSalary:
£24,000 - £27,000 per annum
Location:
Birmingham, West Midlands
Industry
Property and Infrastructure
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
New graduate? Looking for exposure within a financial role? Well, I might have a role for you.
Reference
BBBH180048
Expiry Date
01/01/01
Author
Olivia BalnaveAuthor
Olivia BalnaveSalary:
£29,000 - £39,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£35,000 - £40,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH180132
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£60,000 - £75,000 per annum
Location:
London
Industry
Private Equity
Qualification
Fully qualified
Market
Financial Services
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Fund Controller - Private Credit An excellent opportunity has arisen within a big player in the private credit sector who looking to hire a Fund Controller.
Reference
BBBH179469
Expiry Date
01/01/01
Author
Paul RocheAuthor
Paul RocheSalary:
£150,000 - £170,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a Well-Established Listed B2B Infrastructure Consultancy Business
Reference
TA3249
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£28,000 - £31,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Credit Controller - Leeds - Up to £30k!
Reference
BBBH178529
Expiry Date
01/01/01
Author
Cameron WalshAuthor
Cameron WalshSalary:
£70,000 - £90,000 per annum
Location:
London
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Legal
Contract Type:
Permanent
Description
Legal Counsel - (Capital Markets & Mortgages) London (Hybrid) £70,000 - £90,000 base p/a
Reference
BBBH180118
Expiry Date
01/01/01
Author
Maximillian SombartAuthor
Maximillian SombartSalary:
£35,000 - £55,000 per annum
Location:
Grimsby, Lincolnshire
Industry
Manufacturing
Qualification
None specified
Market
Financial Services
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Our Grimsby based food manufacturing client is looking for someone experienced in product costing to join them as a Costing Manager.
Reference
BBBH179883
Expiry Date
01/01/01
Author
Dean FollandAuthor
Dean FollandSalary:
£110,000 - £130,000 per annum
Location:
London
Industry
FinTech
Qualification
Fully qualified
Market
Financial Services
Salary
£125,000 - £175,000
Job Discipline
Legal
Contract Type:
Permanent
Description
Commercial Legal Counsel - Fintech (3-7PQE) London (Hybrid / Remote) £110-130k base p/a
Reference
BBBH180111
Expiry Date
01/01/01
Author
Maximillian SombartAuthor
Maximillian Sombart