Traditionally, finance leaders had a clear brief: accelerate business performance and outshine competitors, typically by crunching numbers.
But as data becomes more accessible and the urgency to grasp and interpret that information continues to intensify, the role of the CFO has evolved. Central to this has been the shift towards adopting autonomous financial structures.
Until very recently, you could have been forgiven for assuming that this scale of transition would be a job for the IT department. However, in an increasingly digital, data-driven business landscape, things are less clear-cut. Many finance leaders are finding that their scope has widened to include overseeing technical developments, such as integrating autonomous finance systems.
These new systems undoubtedly bring benefits. At a bare minimum, they promise heightened efficiency, reduced costs, minimised risks, improved customer financial services, and enhanced competitiveness. But increasingly, these levels of automation are no longer restricted to finance.
Powerful tools such as Microsoft Dynamics 365 Business Central can be used to catalyse technical changes across the entire business, from overseeing each stage of the product lifecycle to monitoring stock levels.
From a business viewpoint, it’s an exciting development. But, as finance teams become the first user case to introduce automated systems like Business Central, they also find themselves bearing the responsibility for how and where it is implemented across the business.
Gartner now predicts that by 2025, over 40% of finance roles will be entirely new or substantially reshaped due to finance technology adoption.
How can finance leaders respond?
The task can seem daunting. Investing in new systems entails significant responsibility, with concerns about system migration and the risk of data loss looming large. Financial implications, including initial investment costs and the risk of making incorrect choices, also weigh heavily.
Then there’s the unavoidable fact that implementing new systems takes time. Choose the wrong one, and it’s hard not to feel that that time could have been better spent on more profitable pursuits elsewhere.
Driving, and sustaining, transformative momentum is no easy feat: overseeing implementation naturally requires attentive oversight and attention to detail throughout the process. Not only that, but finance leaders must engage employees across the organisation, while also ensuring that they minimise change fatigue.
There’s also the challenge that, for many finance leaders, this may be entirely new territory. Equally, upskilling to fully get to grips with new technologies, devising strategic roadmaps, and navigating autonomous finance implementation may not come naturally – and all are skills that would have to be learnt while also carrying on with the original job in hand. For many CFOs, this represents a significant leap, and one they may not have actively pursued.
But the good news is that this doesn’t have to be a journey CFOs take alone. Here at Creative Computing, we have extensive experience in supporting CFOs –and the CIOs that work alongside them – to transition their business to Microsoft Dynamics 365 Business Central. Simply get in touch and our team will work with you to create a clear roadmap to integrating Business Central into your business.
