Finance function leaders have long focused on standardizing workflows and roles to increase efficiency, but standardized models proved brittle during the volatility of the pandemic and are at risk of becoming outdated with the increasingly digital finance function. CFOs must make three key role updates to achieve cohesive digitalization:Identify technology power usersfor finance technology personnel focused on integration mapping.
Every finance role should be given a rightsized expectation and responsibility for digital participation to create a bottom-up cohesive digital environment.Finance leaders need to update their organizational structure so finance digital technology investments are coordinated, transparent and aligned with a finance wide strategy.Establish and retain a technology team within finance to reduce reliance on an enterprise IT team.
Internal networks are key to ensuring digitalization is cohesive. Finance function leaders and managers must create opportunities to identify, create and support existing networks to ensure clarity, interoperability and cross-functional coordination to break down information and data silos. Networks that drive cohesive digitalization:Enable peer-to-peer learning.