Global Change has become the new normal with a lot of uncertainty being seen today, ranging from the effects of the pandemic which are still being felt worldwide, rising inflation, geopolitical conflicts between various nations which have ended up affecting the supply chain, recruitment and retention, investment and growth.
With this knowledge, there comes greater responsibility and accountability to CFOs who are forced to develop an enhanced understanding of business functions outside their area of focus.
CFOs are facing various challenges today and they include:
1.Higher material and transportation costs
2.Supply chain delays
3.Rising interest rates
4. Rising inflation
5.Competition for digital investment
6.Labor market raising the bar
The following are three key drivers that influence the challenges facing CFOs in this new age.
1. People/Labor Force
The labor force today is a driving force with a high demand for top talent. Consequentially CFOs have to be flexible and adapt fast to retain top talent and do salary reviews frequently due to inflation that affects both the employees and the employer.
Employees are less willing to take on roles that bring with them low flexibility and a high level of dullness due to repetitive tasks.
Chief Finance Officers are working towards finding automation and data processing tools that can assist in removing repetitive tasks, and help in delivering positive change.
2. Rising Costs
Today, the costs are growing through the value chain, as the price of commodities and components increase and availability decreases due to high production costs.
The rising inflation in the global economy on commodities, raw materials, and components has been brought about by the fluctuation of the dollar and also geopolitical conflicts and CFOs are hoping this can be resolved with the digital transformation in Finance.
3. Digital Transformation
The finance world is becoming ever more complicated and things like globalization, and new transaction methods have driven the complexity and increased the volume of information that finance teams need to deal with.
CFOs are eyeing to invest in new digital technology in order to be up to date with this tremendous growth, CFOs have accepted that they need to choose, adapt, and embrace such powers fast as the growth of digital-first competitors means any slow progress will deem their company’s ability to compete as futile.
Advanced data-processing abilities give CFOs greater control, more agility, more focused insights, and a happier, more productive workforce. CFOs are expected to deliver more by eliminating low-value, time-consuming tasks, data inaccuracies, and workflow inconsistencies.
The right tools and software, for example for reconciliation and automation allows for a wealth of valuable, verified “single view” insights. CFOs can now be able to be key data drivers, capable of pushing the organization forward and confidently making key business decisions.
Churpy Inc offers financial data matching software to help CFOs achieve their reconciliation goals and gain control and compliance with tailored solutions for each client’s needs. Here at Churpy, we ensure we are always hands-on with your reconciliation journey. As we automatically reconcile all outstanding invoices against incoming payments by connecting to your bank and ERP.
We also help CFOs track account balances in real-time, and generate debtor insight and credit analytics through self-service dashboards that help them gain single-view insights and be more prosperous amidst these challenges they face today.