Industry

How to Go From Chief Financial Officer to Chief Future Officer

Andrew Hull

We read this week that the role of Chief Financial Officers is evolving to what many have dubbed the “Chief Future Officer.” CFOs are leading firmwide digital transformation, but they’ll need new tools and approaches to achieve the goal. 

Why Are CFOs Leading Digital Transformation? And Why Now?

CFOs are natural digital transformation leaders in part because they’ve already led this change in their own departments.  CFOs have historically adopted new tech early because the first enterprise SaaS products and offshoring possibilities targeted accounting, black and white rote processes that must be done right at scale. The growth of Fintech supports this trend. With financial use cases growing in importance, the Fintech industry is set to triple in size by 2028 to over $330 billion. 

Faced with a pandemic, recession-fears, and a difficult talent market, the C-Suite is now counting on CFOs to translate their digital transformation chops across organizations, in pursuit of bottom-line savings and topline growth that can protect cash reserves in lean times.

That’s changed the scope of the CFO role and the skills it requires, too. No longer looking in the rearview mirror, no longer employable for finance skills alone, CFOs have become veritable digital, data-shepherding gurus ensuring terabytes of data are properly cleansed, entered, enriched, extracted, migrated, labeled, normalized, scraped, and stored well, so that next-generation technologies like AI and RPA can deployed with high ROI. 

If you’re wondering whether it’s hard to do a job that’s best captured in a run-on sentence of roughly 200 words, the answer is “yes!” 

But This Is Not Your Mama’s Digital Transformation

There is one problem. CFOs earned their chops transforming finance departments which trade on the ultra clear data of quantities. Today’s organizations generate much more data of different varieties, but 80% or more of it is unstructured and much of it is unlabeled. 

This limits the utility of automation, and limits the possibility of artificial intelligence developments. Either way, both are expensive to start and inflexible in the face of change. 

And, thus, the scope of what CFOs can deliver with no new ways to approach the problems.

A Vendor that Delivers Strategic Creativity:

Business leaders need a vendor that can structure data at scale, label data at scale, and handle workflows that demand  operational agility machines can’t yet provide. 

As such CFOs may need a player that wasn’t there to outsource accounting in the 90s – that’s us. Invisible provides CFOs with the necessary tools to unlock agility and resilience: a flexible workforce and automation expertise that augment their teams and help them carry out business processes - especially when it comes to collecting, analyzing, and using data. 

  • One example: We give supply chain companies Control Tower Visibility by structuring and sanitizing logistical data for a single source of supply chain truth. 
  • For another client, we digitally transformed the team’s lead-gen efforts with a hybrid solution that was supported by algorithms that suggested quality matches. Not only did this lead to more quality leads, it saved leaders at the company 3 hours back every day. 

With Invisible, our CFO clients have the agility to respond to disruptions and seize opportunities for growth. Even better, they do it by reducing cash burn and burnout on their teams simultaneously. 

If you’re looking for a CFO looking to take another step in your company’s digital transformation, Invisible is ready to help. Get started here and someone on our dedicated accounts team will get in touch with you. 

Work smart, move fast, and focus on what matters most - with Invisible.

Schedule a call to learn more about how Invisible might help your business grow while navigating uncertainty.

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