How has automation affected the roles of CFOs

With the changing dynamics of virtually every profession

and with the latest digitisation and automation of processes, 

responsibilities and profiles, the roles of Chief Financial

Officers of Companies have also expanded moderately.

Earlier, the roles of CFO's stretched from doing expenditure

analysis, monitoring the spreadsheets about accounts and 

funds, taking care of the financial communications, and 

a few other manual tasks.
 
However, now is the time when each and every process 

is being convened using AI and automation. Now, the 

role of a CFO has not been restricted to the Finance Domain

 but somewhat expanded to a diverse profile in the firm.

Post accounting automation, now CFO's shoulder: 
Managerial Profiles: 

They now have to keep a watch on the management of finance

 teams and projects, including the company's hiring, because of

 the greater hours available to them by automation.

Product Betterment:

 
The expertise which they've gained as a financial manager 

is also being utilized in designing products. Hence, they 

extend their duties to product quality enhancement and monitoring

 the output targets of the firm.

Analysis: 

Observations reveal to be a crucial role in their profile, 

which has branched from their traditional task of financial 

management. They now spend time doing holistic analysis 

of processes they had in previous projects, project work in 

progress and making modifications as per requirement. 

Coordinator:

 
They act as coordinators between the teams, identifying the 

competent team formation for a specific project and take

 them ahead in a structured and more productive manner,

 alongside enhancing the bonding among employees.

Faster Decision Making: 

Since the entire task has been transformed systematically,

 it gives time to the CFO to make decisions more constructively 

and rapidly. This consequently impacts the working of 

employees who are made aware of their subsequent 

steps on the project line.

Saves Time:

Through automation, an opportunity is given to the team

 to flux more time into the value addition and provide a 

competitive Quality/Price Ratio and strengthen the company's 

production capabilities in a specified slot of time.

Roles as Assigner:

CFOs now diverge to a spot where they need to 

critically identify the requirement of employees 

or the automation. Hence they play a sensitive role

 in forecasting the company's growth and being a 

crucial pillar.

Inherit advantages of AI:

AI being self-learning, it is not required to be updated 

periodically, and software adapts automatically as per

 the task and time for a magnified outcome.

Therefore, CFO's need to watch automation and AI as an ally

 and spot their place rightly for profound outcomes for the 

company. This transforming and comprehensive job profile

 should be more concerned about than the traditional tasks

 they used to see.

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services, visit KGMC India today!