CFOs should get more involved in new business models: report

More CFOs will stay actively involved in the company’s digitisation projects.

Chief financial officers should get more involved in new business models to help redefine their business value offering and upskill themselves digitally to drive transformative change in the new environment, according to a report by ACCA and KPMG.

The report "Finance of the Future: Being a Resilient Digital CFO" found out that more CFOs would be more actively involved in either directly leading digitisation projects (33%) or partnering with chief information officers (60%) in the next five years. This is a huge surge from 13% of CFOs who said they are currently actively involved with CIOs to help fuel digitalisation within the company.

According to Juvanus Tjandra, partner at KPMG Singapore, companies are in the midst of a business transformation to stay competitive. He noted that responsibilities traditionally held by chief technology officers are now expected of CFOs, such as getting more involved in digital transformation by identifying strategic growth opportunities through optimising the value of future data.

“Finance leaders, a majority of 83%, seek to strengthen analytic capabilities, and leverage digital finance tools to improve planning and forecasting accuracy,” Tjandra added.