CFOs who harness the full potential of data analytics will sit at the heart of the business and offer in-depth insights and actionable predictions that propel their companies forward.

Properly instituting digital transformation — and preparing the finance department for the change — is easier said than done, though. It requires planning, monitoring and collaboration. For example, CFOs need to consider:

• How the CFO can engage the organisation to deliver change: Keeping multiple stakeholders on the same page minimises resistance and builds an efficient function.
• Building a team with a transformational mindset: Having the right team is essential to a successful digital transformation. Employees must be open to change and eager to learn.
• Sustaining change over time: Digital transformation isn’t a one-and-done process. Rather, CFOs should instil a culture of ongoing evaluation and improvement.