AS organisations enter the recovery phase in the wake of COVID-19, new challenges and realities will need to be embraced with technology at the centre. It is in the light of the aforementioned that Chief Financial Officers of organisations have been called upon to adopt a new, agile way of thinking.
Making the call in a paper titled:” Redefining Role of CFO Beyond Ties of COVID-19”, was the Chief Finance Officer for Middle East Africa Emerging Markets at Microsoft, Tarik Bouarfa. He posited that:” Drawing lessons from these unsettled months, CFOs must now permanently build speed and flexibility into functions that encompass forecasting, planning and resource-allocation processes and incorporate new tools and rapid decision-making protocols into the finance team’s day-to-day work.”
Bouarfa, further stated that:” The impact seen on the financials of industries and organisations across the globe has been unprecedented with many not surviving to this point. “Globally, Chief Financial Officers (CFOs) and finance teams have been hard at work leading their organisations through the immediate crisis, ensuring the safety and protection of employees, suppliers and key stakeholders; collaborating across functions; assessing liquidity and conserving cash reaching out early and often to investors to reset performance expectations.
“At Microsoft, we’ve always been on a journey to help our customers digitally transform. Whether the challenge has been rooted in growing revenue or allocating resources, technology has proven to be the shortest path to better, more confident action.
“But to bring technology to life, we believe invest in our people. Taking on the notion of ‘Tech Intensity’ – which is an organisations rate of technology adoption along with its ability to build its own digital capabilities, as we enter recovery and reestablishment, we encourage CFO’s to take risks, learn, educate and as a result, feel comfortable enough to embrace change beyond COVID-19.”
He concluded that: “CFOs will continue to face significant challenges to confidently make the next best decision for their company, their team, or their customers. In the coming months, we will continue to see many organisations adapt to the new reality that has presented itself in the wake of uncertain times.”
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