CFOs: The driving force for success in times of change

CFOs are simplifying finance and increasing ROI by moving to cloud

Maintaining a competitive advantage and adapting to change requires organizations to be more agile, operationally efficient, and innovative. That’s why CFOs across the globe are moving their on-premises ERP systems to Oracle Cloud ERP. While customers benefit from ongoing innovation and reduced total cost of ownership, businesses can also expect higher 4.01x¹ ROI, and improved ESG initiatives. In an IDC study, sponsored by Oracle, 56% of respondents believed cloud uses less energy than similar on-premises systems in a datacenter.

• IDC White Paper: Moving to cloud ERP: What’s behind the migration momentum (PDF)
• 4 reasons now is the time to migrate to Oracle Fusion cloud ERP (PDF)
• IDC Technology Spotlight: Cloud ERP helps organizations meet sustainability and ESG goals (PDF)

¹ Source: Cloud delivers 4.01 times the ROI as on-premises, Nucleus Research (PDF)

CFOs lead the way on digital transformation

The CFO’s role is transitioning beyond financial reporting and controlling costs to include business strategy and digital transformation. Successful CFOs must collaborate with the CIO and use artificial intelligence (AI), automation, and analytics to automate mundane tasks, explore digital business models, diversify revenue streams, and position the business for growth.

• Oracle and IDC CFO roundtable: Digital roadmap for finance (3:07)
• Finance starter kit: Embrace business model innovation (PDF)
• McKinsey research: Evolution of the CFO

The role of CFO has evolved from chief bookkeeper to valuable guide for business strategy. Siloed, line of business planning might have sufficed before, but today the focus is about connected and continuous planning across the enterprise. Disruption has become a constant, and plans are now made to be changed, refined, and adjusted continuously. Successful CFOs are partnering with sales, marketing, HR, and operations to make faster decisions using connected, accurate, and timely information. In this new world, connected enterprise planning is not just a best practice—it is a necessity.

• Video: Connect planning across your enterprise with Oracle Fusion Cloud (1:52)
• eBook: Lessons from Enterprise Planning Case Studies
• MIT report: Collaborative planning in an uncertain world
• Five reasons to connect your enterprise planning

Value creation is about managing risk to maximize reward. CFOs, with their holistic view of enterprise risks and business data, are in a unique position to harness risks to strategic advantage. With the right risk management solution, CFOs can engage and align the organization around risk detection and prevention to create a risk-intelligent culture. They can manage anticipated risks and seize opportunities by modeling various problems, events, and possibilities across the business.

• What is ERM?
• Video: Oracle and IDC CFO roundtable: Technology in finance (1:30)

CFOs are managing talent to build employee-centric cultures

Employees are the most valuable asset in any organization. Which is why tomorrow’s CFO must partner with the CHRO to improve the employee experience, commit to diversity and inclusion, reduce employee turnover, and increase talent retention. To build the finance workforce of the future, CFOs must invest in their teams by providing them with modern cloud-based technology as well as resources for upskilling and reskilling employees.

• Take the next step toward agile finance
• Blog: Why finance teams need better analytics—and better skills

CFOs are advancing ESG efforts

According to a recent study, 70% of people would cancel their relationship with a brand that does not take sustainability and social initiatives seriously. Consumers are buying from sustainable brands, workers are seeking ESG-friendly companies, and investors are funneling capital into eco-friendly ETFs. With the right platform and planning, CFOs can track ESG goals, draw investors, engage employees, and engender customer loyalty.

• Innovation guide: Environmental, Sustainability, and Governance
• ESG reporting and planning solutions
• Sustainable supply chain solutions