If you’ve been a CFO for more than a few years, you probably recognize how your position has changed, is changing right now, and will continue to change. One way to look at that continuing evolution is by defining the eras as CFO 1.0, 2.0, and 3.0.
In the early days—which aren’t so long ago—the CFO 1.0 was not a major player in business management. Instead, they focused on keeping the company’s books up to date and reconciling profit and loss. With limited data and tools, the CFO 1.0 could only look at the past, using financial reporting to see what happened last month, last quarter, or last year. The future? That was largely unknown.
CFO 2.0, the second evolution of the CFO, is where most CFOs find themselves today, having embraced the digitalization of some or all business processes. Maybe you’ve integrated modern tools to automate many accounting functions and are finding ways to use finance in a more strategic way. What’s missing is the adoption of artificial intelligence (AI), machine learning (ML), and other emerging technologies to not only understand what’s happening today but to forecast the future.
With the arrival of new technology solutions, especially AI and ML, a CFO 3.0 can create data-led strategies to guide the future of the business. Best-in-class cloud financial solutions like Sage Intacct that integrate with the latest AI and ML tools will help CFOs keep their finger on the financial pulse of the business. At the same time, they’ll have a holistic view of the organization based on continuous, real-time updates on every element of the business.
With the right platform and next-gen technologies, it will be possible to make faster, more informed decisions that accelerate the pace of business. The CFO 3.0 will be able to analyze data to predict the future direction of the organization and uncover hidden opportunities, using business experience and knowledge to become a trusted right-hand person to the CEO—or to become a CEO
Ready for what’s next?
The experts at Michaud Accounting Solutions can help you create a future-forward strategy for your business. We ask the right questions and work with our clients to identify the tools, technologies, and other solutions that are right for you and your organization.