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This article is provided by BRC Associate Member WNS.

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Pandemic-led disruption, natural calamities, economic uncertainties and geopolitical instability present CFOs with an opportunity to streamline internal operations and embed resilience with digital. For CFOs in retail, digital enables them to address two predominant challenges facing the sector—supply chain disruptions and privacy and compliance requirements.

So savvy CFOs are stepping up to place themselves in the driver’s seat with the CEO and effect organization-wide changes to transform the business for digital adoption. These initiatives are driving profound changes encompassing people, process and technology, with CFOs orchestrating the transition by leveraging strategic partnerships.

The tailwind accelerating the CFO’s vision of transformation is an integrated finance function—unifying the back, middle and front offices. This is equipping the CFO to cast a wider net for cost and operational efficiencies while getting visibility and insights into the supply chain to better manage suppliers, distributors, warehouses and logistics. Enhanced transparency also helps the CFO meet compliance requirements.

AI & Analytics Powering an Insights-led Environment

Unsurprisingly, analytics and Artificial Intelligence (AI) are a high priority among 78 percent of CFOs in retail. This is according to the Global CFO Survey 2022 by Everest Group, supported by WNS. A digital supply chain has empowered the CFO to predict disruptions, anticipate demand and better plan supplies. More importantly, data-driven insights are elevating finance to go beyond transactional activities into judgment-intensive areas such as Financial Planning and Analysis (FP&A), regulatory reporting, compliance, treasury, risk management and taxation.

However, reaching this level of capability to support a future-ready finance organization is fraught with complexities. Since finance functions are often siloed, and disparate applications operate as islands, only some CFOs are bold enough to embark on large-scale transformation efforts.

Strategic Partnerships Propelling Transformation Efforts

So, how are CFOs navigating this change? The Global CFO Survey finds that specialist providers with deep skills and experience are supporting 93 percent of retail CFOs in the quest for digital transformation by implementing process automation, data analytics and cloud. 68 percent of retail CFOs believe cloud adoption is vital to preparing an agile and resilient finance and accounting organization.

The CFO’s mandate to emerge as a strategic business partner and take on broader responsibilities is driving strategic collaboration. The CFO expects providers to be more active in designing and executing digital strategies, drive process excellence and provide actionable insights.

However, the disruptive capabilities that retail CFOs seek can only accrue in an environment that leverages connected ecosystems of digital and process enablers. The twin enablers deliver more significant benefits when accompanied by process re-engineering, and this is where partnerships with third-party knowledge specialists become a game-changer. Armed with domain knowledge and industry-specific nuances, they can design processes that deliver impactful business outcomes.

The survey findings have indicated that bringing in third-party providers accelerates the adoption of paperless processes, agile business models and integrated finance. This is not surprising given that specialist partners continuously invest in building advanced capabilities and are equipped to simplify processes with automation and design thinking.

Forward-looking CFOs in retail are aware of the opportunities third-party providers offer and are not holding back. They are harnessing the immense power of digital by forging deep partnerships, accelerating the CFO’s march from the back office to a pivotal role in steering organizational growth.

READ the Global CFO Survey 2022 by Everest Group, supported by WNS.

Contact us:
paul.gallagher@wns.com
https://brc.org.uk/about/associates/wns-global-services/