The following are specific responsibilities played by a CFO:<\/strong><\/p>\n\n\n\n The above roles and responsibilities are not exhaustive as a CFO has more tasks. Technology has impacted how CFOs work. Various CFOs use traditional methods such as paper-based accounting<\/a> and number crunching. Using these methods are time-consuming and not productive. Therefore there is a requirement of a<\/em> CFO<\/a><\/em><\/strong> to move away from numbers. The need for a CFO to move away from numbers benefits the organization in multiple ways<\/strong>. Some of the methods are as follows: Hence using\nadvanced systems benefit a CFO to move away from numbers. There would be a significant shift from\ntraditional accounting methods to modern based practices. With advancement, CFOs\nhave to face a lot of challenges, such as technology and business disruptions.\nCFOs have to ensure that there is continued compliance with the laws of the\nland. Apart from this, there is the requirement of a CFO to take part in\noperations, which will allow reaching specific organizational objectives. Planning\nand analysis are required for this purpose. These goals will help the CFO to\nmove away from numbers.<\/p>\n\n\n\n As per the\nrequirement of the present era, the expectations of the market have increased. Some of these market expectations are as\nfollows<\/strong>: <\/p>\n\n\n\n India Perspective- CFO to move away from numbers<\/strong><\/p>\n\n\n\n The Companies\nAct, 2013, has taken consideration of all the above market expectations, and\nthe responsibility of a CFO has transitioned from the earlier traditional role\nas per the previous company law. According to the present set of circumstances,\na CFO has more responsibilities just than handling accounting and\nbookkeeping. A CFO is also responsible\nfor activities such as resolutions taken by the company, stakeholder interests,\nand corporate social responsibility. These new roles which have emerged with\nthe developed markets allow a CFO to play a more crucial role in the\norganization. These methods, which are adopted from the legal perspective,\nwould make way for a CFO to move away from numbers. <\/p>\n\n\n\n However, the\nabove changes, which make the CFO move away from numbers, will not be in line\nwith the trends in the market. Therefore for CFO to move away from numbers\nthere is a requirement of constant innovation, which can be supported by\nstrategic planning and continuous development. \n Technological Challenges-<\/strong> With the emergence of technologies such as Artificial Intelligence<\/a>, Data Analytics, Machine Learning, Enterprise Resource Planning, and the Internet of Things (IoT), there is a requirement for the CFO to think from a practical perspective of the company. These technologies can be a boon for the organization. However, from a traditional standpoint, CFOs relying on conventional methods are reluctant to use technological processes and software. From this aspect, it can be seen that the emergence of technology can be a significant challenge to various organizations. The use of technologies is an advantage to the CFO of an organization. Lack of Innovation-<\/strong>\nOrganisations are reluctant to adopt new technologies. They are complacent with\nusing traditional methods. Innovation in an organization is required daily.\nWithout change, an organization cannot compete in the present market. Due to\nthis, CFOs are reluctant to adopt new processes. This would be a barrier for a CFO\nto move away from numbers. Team processes-<\/strong> It is not just the CFO who needs to be updated with technological and virtual processes<\/em><\/strong> of an organization. His employees would also have to be updated with all the methods. Without streamlining the technologies, employees would not have any knowledge regarding the use of this technology. This will pose a significant challenge for the business. Updating the team with relevant technologies is crucial. Hence there is a requirement to know about analytics, information technology, and other business processes, which make the department more efficient. Using this will help a CFO to move away from numbers.<\/p>\n\n\n\n Knowledge of other departments of the\norganizations-<\/strong> CFOs not only need to be updated\nvirtually to face market challenges, but they need to have relevant expertise\nwith the operations of other departments in their organization. When coming to\nMergers and Acquisition (M & A), Informational Technology (IT), and the\nintroduction of services, a CFO would have to liaise with the respective\ndepartments. A complex M & A would\nrequire advice from the CFO on the financial impact of the transaction.\nSimilarly, a CFO learning a new technology would have to liaise with the IT\ndepartment. Hence apart from the other challenges faced by a CFO, there are\ndepartmental challenges also. This is another process that has to be taken into\nconsideration for a CFO to move away from numbers. Even though an\norganization faces the above challenges, it is beneficial for a CFO to adopt\nnew trends in the market. This would help the CFO prioritize goals and move\naway from the traditional aspect of managing finance. These techniques will\nallow a CFO to move away from numbers.<\/p>\n\n\n\n Though there are challenges faced by a CFO to adopt technologies such as predictive analytics, Artificial Intelligence, and Enterprises Resource Planning processes, there are far-reaching benefits of using such techniques in the market. Artificial Intelligence (AI) –<\/strong> The emergence of AI has made humans life simple. Artificial intelligence is a program which is installed in a machine to carry out automated processes. Artificial intelligence<\/strong>[1]<\/strong><\/a><\/sup> is used in many service sector industries. For example, many International law firms use AI for contract management. AI can review the entire contract and collect crucial information. This would take an individual a lot of time to review. Similarly, by using AI processes by a CFO would considerably improve the individuals’ performance and management of time. This would help the CFO prioritize essential tasks and work on them.<\/p>\n\n\n\n Enterprise Resource Planning (ERP)<\/strong> – ERP software is used to handle various business processes of an organization. The use of ERP is for collecting information processes on the organization. Such information can be used and managed by the organization. By using ERP software, a CFO can efficiently manage the business processes of an organization. A CFO can manage information such as finances, payroll, accounting, and cash deliverables with the use of ERP software.
<\/p>\n\n\n\n
<\/li>
\n<\/p>\n\n\n\nChallenges faced by a CFO to move away from numbers<\/strong><\/h2>\n\n\n\n
<\/p>\n\n\n\n![\"Hire](\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/08\/Hire-a-Virtual-CFO.jpg\")
<\/a><\/figure>\n\n\n\n
\n<\/p>\n\n\n\n
\n<\/p>\n\n\n\nAdvantages of CFO to move away from numbers<\/h2>\n\n\n\n
<\/p>\n\n\n\n
<\/p>\n\n\n\n