Digital Transformation

Industry and CFO 4.0 describes the digital transformation of conventional processes by linking technologies such as the internet of things (IoT), big data, augmented reality (AR), virtualisation, artificial intelligence (AI) and digital communications infrastructure. This transformation brings benefits such as decentralised decision making in real time. Market research shows that CFOs are currently spending 30% of their time on strategy and 70% on traditional responsibilities. However, this is expected to flip in the future, with CFOs spending more than 70% of their time on strategic initiatives. Automation can help ease the burden on CXOs such as CFOs, CHROs, and Supply Chain Managers, by standardising data, monitoring financial controls, hiring, managing and engaging with employees, and remediating issues, leaving more time for strategic initiatives.