This article was originally published on CFO Dive's website.
The role of Chief Financial Officers (CFOs) is evolving to encompass strategic decision-making, risk management, and digital transformation, necessitating enhanced proficiency in data analytics and technology among finance teams. Chad Hesters, CEO of executive search firm Boyden, observes that this shift requires finance professionals, including controllers and FP&A teams, to adeptly utilize automation tools and conduct sophisticated financial forecasting.
Historically, regulatory changes like the Sarbanes-Oxley Act prompted improvements in control processes and accounting systems. Currently, the advent of automation and artificial intelligence is driving the need for agility and continuous learning within finance functions. Hesters emphasizes that managing the exponential growth of data demands new skill sets and a comprehensive understanding of technology integration.
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