From Chief Financial Officer to Chief Future Officer: the CFO 4.0 Transformation
Business finance is changing. Established companies are under pressure from disruptive new business models, regulations, technologies and a growing responsibility for sustainability. Consequently, CEOs and management boards push hard to adapt their strategy, operating models, investment and teams. This is causing businesses to require more from their CFO teams, including not only increased agility but new analytic and strategic duties.
Clearly, the traditional role of the CFO is changing again. Yet across the field, current approaches are seemingly incapable of meeting these challenges, due to the need to modernize the finance function across the board.
The European market environment has been severely shaken by both the Brexit and the pandemic. BearingPoint has carried out a study based on the analysis of the annual financial statements of 123 European banks covered for the period from 2013 to 2020. We are providing a comprehensive financial landscape as well as a dedicated report on the progress made in terms of transformation and ESG compliancy.
CFO 4.0 study reveals that although the digital maturity of European companies’ CFO functions is still halfway from the ideal, CFO functions are keen to invest more in digital development in the upcoming years.
The Financial Department is at the heart of a massive digital revolution that is already transforming life and business. BearingPoint, CDO Alliance and FI+ teamed up and interviewed leaders in the world of finance who were involved in this type of issue to take stock of the current situation, identify real use cases, trends, the best start-ups, and the key factors of successful digital transformation programs.
Leading Chinese retailers are defining a new ‘era of belonging’ by forging stronger ties with consumers through an innovative buying experience. They are also reinventing their own business models by introducing innovative new revenue streams leveraging “retail-as-a-service” offerings. CEOs at Western retailers can learn from Chinese business practices how to combine seamless omnichannel experiences with predictive analytics, to develop
customer loyalty and to innovate creatively to introduce new revenue growth.