As CFOs navigate the ever-evolving financial landscape in 2023, it’s crucial to identify and address potential challenges ahead of time. From innovation to talent and acquisition, to cyber security and fraud risks, here are five key challenges SpendConsole has put together.
The Innovation Ally not the adversary
In today’s data-driven era, finance teams are often overwhelmed by tedious transactional tasks, spending countless hours collecting data and navigating complex systems. CFOs can change the narrative by leading finance to be the engine room for analytics, and key support for Boards to make strategic decisions
Lead fight against game of fraud
Fraud is an art, not just science or numbers. CFOs must eliminate blind spots and protect their organisation from supply chain risk and payments fraud.
Talent acquisition & retention
The right skills are essential for an organisation’s success, but staffing shortages and alignment to changing capabilities are hindering productivity. It’s important to broaden skills, including data skills, to improve efficiency and financial decision making.
The threat landscape has changed
CFOs find risk management challenging, particularly as their organisation grows. With remote workforces becoming a permanent fixture, CFOs must invest to lead managing cybersecurity risks at scale.
How AI will change your enterprise
Automation and technology lower costs, improve information timeliness and process efficiency, but also increase risk. Embedding controls in the automation process reduces fraud and errors. AI and blockchain are emerging and important technologies that have inbuilt controls that reduce risk.