Jointly developed by ACCA and KPMG in Singapore and supported by INSEAD EMI, the Finance of the Future - Being a Resilient Digital CFO report examines the key trends that CFOs must be aware of to lead digital transformation, and changes to the role of the CFO and the finance function.
2020 was not the year any expected, how the curtain landed for the last decade took the world by storm. COVID-19 radically transformed the fabrics of society, governments geared into red alert, whole continents on lockdown, international travel turned into a non-possibility, businesses faltered and teeters on the brink of failure, corporations credit downgrade aplenty, it would not be a far cry to say that the globalising world ground to a halt, with no end in sight.
As the pandemic ravages on, varying degrees of risk exposure to COVID-19 driven shifts will result in different patterns of recovery strategies for the different sectors involved.
Dependent on both the economic recovery of the market as well as the recovery strategy adopted by corporations, we envision corporations pouring out into the post-COVID world with significantly different set of digital readiness to adopt to the new set of expectations in the market.
CFOs must be a Co-Pilot with the CXOs to lead business model and cost structure transformation
The effect brought by the COVID-19 fallout has left CFOs facing unprecedented challenges operationally. Rising towards the “next normal”, resilient CFOs are looking at how to best leverage digital solutions to transform operations, save cost and find new ways of revenue generation. Furthermore, organisations need to pivot towards new business models to stretch the top line growth. To this end, CFOs are exploring the assimilation of digital technology to grow out of legacy ways of working.