The Changing Role of Chief Financial Officers in the Digital Age

In the current era of unprecedented digital transformation, the business landscape is undergoing significant changes, and the finance sector is no exception. The role of Chief Financial Officers (CFOs) has evolved beyond traditional financial management to become a strategic driver in leveraging digital capabilities for organizational success.

The recent CFO Technology Conclave 2023, jointly conceptualised and organized by Bombay Chamber of Commerce & Industry and Express Computer from the Indian Express Group, took place in Mumbai. The primary objective of this collaborative effort was to explore the latest digital trends shaping the CFOs function.

P Ramakrishnan, Vice President – Corporate Accounts and Head Investor Relations, Larsen & Toubro Limited, delivered an insightful keynote address. He emphasized the importance of how a tech-enabled organization, under the guidance of the CFO, can grow despite uncertain and challenging times. In today’s world, CFOs are expected to embody multifaceted roles as strategic visionaries, collaborative integrators, transformative catalysts, and grounded communicators. Their responsibilities extend beyond traditional financial management to encompass the seamless integration of cutting-edge technologies such as GenAI, Super Apps, Industry 5.0, blockchain, quantum computing, and sustainable tech into organizational operations. The importance of cybersecurity was also highlighted.

A workshop on ‘Generative AI Masterclass: Introduction and its impact on Businesses’ was conducted by Ekhlaque Bari, an AI Coach and Consultant. The workshop discussed how generative AI initiatives contribute to various domains such as software engineering, customer operations, marketing and sales, and R&D. The inherent risks associated with this technology, such as data security, hidden bias, copyright infringement, and opaque reasoning, were also highlighted.

A panel discussion, moderated by Srikanth RP, Editor, Express Computer, brought together industry experts to explore how emerging technologies can future-proof finance. The panel discussed how advanced technologies such as AI and blockchain are revolutionizing CFO functions.

Kabir Ahmed Shakir, CFO, Tata Communications Limited, discussed the future of finance in the digital era, highlighting the impact of major technological disruptions such as quantum computing, AI, cloud computing, intelligent edge, and mixed reality in the next three–five years.

Ritesh Tiwari, President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever Limited and Unilever South Asia, spoke about how the digital CFO can successfully drive an organization’s business strategy. He emphasized the need for a comprehensive digital business strategy to seize digital megatrend opportunities and emerge as digital champions.

The event concluded with the unveiling of the CFO Technology Coffee Table Book, where more than 20 CFOs showcased how they are leveraging technology to transform their organizations.

The CFO Technology Conclave provided a great platform for industry experts to share their insights on the latest digital trends and technology impacting the role of CFOs. The event provided valuable knowledge and expertise on how CFOs can adapt to the digital era and drive organizational success. Through the keynote addresses, workshops, panel discussions, and insightful sessions, attendees gained a deeper understanding of the evolving role of CFOs in leveraging digital capabilities for organizational growth.