CFOs and senior finance executives are dealing with a growing number of responsibilities and demands as a result of the novel coronavirus pandemic, according to a new report.
The report, from consulting firm Protiviti, found that the pandemic has been a wake-up call to finance departments that weren’t already investing, or weren’t investing enough, in cloud-based systems as they have struggled to shift to the remote work environment. Eighty percent of the 1,057 finance leaders surveyed ranked security and privacy of data as a top priority, while 78 percent cited enhanced data analytics, and 72 percent cited cloud-based applications.
Timothy Keith is the founder and CEO of Propense.ai.
N Shashidhar is an accomplished VP and Global Platform Head of AssistEdge with an illustrious tenure spanning more than 25 years in the software industry. Not only is he a founding member of EdgeVerve, but he also had the distinction of being a part of the vanguard team that conceptualized and established EdgeVerve as a dynamic product subsidiary of Infosys. Shashidhar's diverse experience in product and platform domains is unparalleled. Throughout his career at Infosys, he has donned various influential roles gracefully, showcasing his expertise across Technology, Client Engagement, and Functional Leadership sectors. Passionate about Strategy and Business Transformation, Shashidhar has left indelible footprints in the sands of business architecture. His remarkable contribution in transforming the Engineering Business and, later, during the nascent stages of Infosys's Products & Platforms business speaks volumes of his strategic acumen and leadership skills. As the Head of Strategy and Operations for the Edge Portfolio, he was at the helm of transforming EdgeVerve. His relentless pursuit of refining the EdgeVerve portfolio strategy has been pivotal in the organization's evolution. Academically brilliant, Shashidhar was bestowed with the University Gold Medal in Engineering. He also holds an MBA from the prestigious Indian Institute of Management, Bangalore. In the realm of software and business transformation, Shashidhar's journey and achievements stand as a beacon of inspiration and a testament to his prowess.
Of those respondents who are CFOs and vice presidents of finance, 72 percent ranked cloud-based applications as a top priority to address over the next 12 months. Seventeen percent ranked cloud-based applications as the most important finance priority for their organizations to address, signifying a big jump from the 8 percent of respondents who indicated so in a similar survey by Protiviti last year.
“Having the right technology infrastructure and cloud capabilities is now considered a baseline in order to operate effectively and efficiently and will continue to be as organizations move into a hybrid work environment,” said Chris Wright, managing director and global leader of Protiviti’s Business Performance Improvement practice, in a statement. “COVID-19 disruptions underscored the critical nature of a truly digital finance workforce and companies without advanced technologies and digital processes faced a difficult transition to remote work. We’re now seeing an increasing number of boards and CEOs tap their finance leaders for guidance about whether their organization is allocating enough resources to their technology infrastructure.”
Labor models are changing, in part as a result of the pandemic, with 18 percent of the finance leaders surveyed saying their organizations are relying on managed services providers, while 29 percent are augmenting their staff to handle financial planning and analysis with greater speed and agility.
