Digital disruption has been creating new norms in the way organisations operate. In the era of Digital Transformation, CFOs are expected to look beyond their traditional roles to become an enterprise-wide strategist, an innovation and a change leader utilising technology and help drive the business. Adopting new digital tools is a must in order to further improve existing capabilities and the overall performance of the CFO.
Speaking of CFOs, most people would only think of Finance specialists/ officers. However, top CFOs nowadays must go beyond their traditional roles and immerse themselves in the digital world. Technology is getting embedded deeper and deeper in every aspect of business operations, from the manufacturing stage to the financial side of any projects.
Electronic invoicing (e-invoicing) is the transmission, reception, and processing of digital transactional documents between suppliers and buyers. A true e-invoicing method should be entirely electronic in such a way that data from the supplier can be integrated directly into the buyer’s system.
The previous blog post has highlighted the pressing need for oil companies to streamline their operations. And their financial management systems lie at the core of this effort. TRG has identified four criteria of advanced accounting systems for upstream oil companies.
Depressed demand and increased supply have caused oil prices to fall from over US$100 per barrel in July 2014 to $30 in February 2016. Even though prices have increased somewhat since then, with Brent reaching a five-month high of US$55.99 per barrel on September 15, many experts remain sceptical about the outlook of oil’s US$50-plus status1. Oil and gas companies, therefore, are bracing for an extended period of low oil prices.
Companies that are constantly trying to cut down on selling, general and administrative expenses (SG&A) may actually hurt their long-term competitive position. This perspective is highlighted in a recent study by the consulting firm CEB.
For many organisations, cloud computing really is the question of “when” not “if”. There are significant advantages of the transition to the cloud, and not just from an IT perspective. The finance functions should be able to reap rewards from this trend as well.
The consulting firm Protiviti and North Carolina State University’s Poole College of Management collected responses from 735 board members & finance executives about 30 risk issues that will likely have an impact on their companies in 2017.
A global survey by EY, which gathered data from 1,000 finance executives in businesses with revenue greater than US$500 million, finds that the level of CFO’s confidence in their corporate reporting is significantly lower than last year.
Companies used to rely on tangible, physical assets like factories, estates, and equipment to create value. In today’s globalised business, intangible assets such as brand values, intellectual properties, data, human capital, and customer capital have become the key value drivers for businesses. Finance professionals, however, still find it difficult to manage such assets.