| |JULY 20208Consultants ReviewA FINANCE LEADER'S MANTRA IN TODAY'S ERA OF DIGITISATIONBy Neeraj Dotel, MD - India & SAARC, SAP Concur SAP Concur takes companies of all sizes and stages beyond automation to a completely connected spend management solution encompassing travel, expense, invoice, compliance and risk. The global expertise, industry-leading innovation and dynamic ecosystem of diverse partners and applications of the firm unlock powerful insights that help businesses to reduce complexity and manage the spending pro-actively.n today's dynamic business environment, a Chief Financial Officer's role is no longer restricted to the finance function. Traditionally, the CFO's role entailed supervising, managing and engaging the work of the financial controller, credit manager and insurance manager, which is extremely challenging. CFOs are now wearing different hats and playing diverse roles, owing to global financial scenarios, rise of big data and the impact of social and digital media. Companies need to ensure that CFOs come from diversified backgrounds, with experience that cuts across industries and business environments, to be able to demonstrate new skills sets and capabilities that are not always traditionally associated to the accounting profession including business planning, risk management, influencing and strategic thinking.While consumer payments are going digital on mission mode, most payments in the corporate world in India are still trapped in paper bills, cash transactions and hardbound files saved for audit trails. Sensing opportunity in digitising these, new-age companies are trying to bring innovative solutions. But challenges are aplenty.Here are 5 technology trends that CFOs need to consider for the finance team and the enterprise:· Predictive Analytics & Data: It will continue to drive business decisions with more precision and insight than ever before. By further `democratizing' data, business leaders will be able to have greater insight into real-time spending as well as better forecasting capabilities -- both can help maximize the return on spend. · Robotics: It will take over more back-office operations in areas such as Accounts Payable (AP) and Accounts Receivable (AR). The result is that in the next five years, many transactions will be handled without intervention, streamlining workflow management such as expense approvals and reimbursements.· Cloud Computing: The next-generation of cloud computing will spark the explosion of connected devices and more real-time user interfaces over the next four to five years. The architecture of IT will flip upside down, as data and content move to centralized cloud data centres and other platforms.· Cyber Security: It will remain a hot topic, given that 2017 was riddled with high-profile attacks. CFOs need to step up their game as risk managers and ensure IN MY OPINIONINeeraj Dotel
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