siliconindia | | April 20218T he wave of digital transformation has upended the traditional rules of the workplace and business for both start-ups and established enterprises alike. Due to technological disruption, the average lifespan of organizations has been impacted significantly. In the 1960s, the average lifespan of a company was 33 years and by the year 2027, it is forecasted to be only 12 years. Additionally, there has been a visible shift in the enterprise value graph from tangible assets (such as real estate, equipment, and inventories) to intangible assets (data and software). The evolving business realities of today have presented an urgent need for CFOs to recondition themselves and convert the finance function into a true partner of the business. Till today, CFOs were largely focused on financial reporting administration, compliance and controls. Their roles were restricted to preparation of financial statements, separate reporting on the operating effectiveness of internal controls, enhanced disclosure requirements, etc. All these manual reporting hours took away the CFO's energy and time which could be devoted to more strategic and value-driven work. With the arrival of new-age technology, CFOs can concentrate on steering the business to the right direction. They must turn into valuable craftsmen by adjusting to this new, turbulent environment. In order to do the same, embracing new advances and utilizing data in the right manner is a prerequisite. This transformation has not been easy for most finance functions. Much of this struggle arises from the need for CFOs to develop new skills themselves and within their teams. Only 10 percent of 700 recently surveyed senior finance leaders said their finance teams have the skills they need to support the organization's digital ambitions.Considering the traditional skills of our finance structure which supports a medieval view and focuses on verification and control, the struggles of today's CFOs is understandable. While regulatory and compliance is still an important aspect of the modern-day CFOs role, they constitute only a part of it. By Kaushik Mitra, Senior Director, ERP Cloud, OracleWith exemplary leadership qualities, he is responsible for Sales Management, Partner Management and Business Development and has been in the industry for 24+ yearsDON'T JUST REPORT HISTORY ­ WRITE ITIN MYOPINIONKaushik Mitra, Senior Director
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