Transformation Time for CFOs
The Philippines is all set to relive its pre-pandemic glory days in the Hospitality sector. It’s no secret that the tourism and hospitality sectors play a vital role in the country’s economic growth. Following the pandemic, there has been a consistent rise in room demand, driven by both domestic and international tourists visiting for recreation and business purposes.
The corporate realm in the country is expected to reflect this improvement in trend. However, financial officers in the country will meet with further challenges in terms of using this favorable environment to their organization’s advantage. No wonder financial leaders are in dire need of team members who are not only skilled in accounting, auditing, and compliance but also understand data visualization, are flexible thinkers, possess good communication skills, and, most importantly, have a lot of business sense. According to a recent Ernst & Young report, 22 percent of global CFOs prioritize transforming how finance talent is recruited, retained, and developed.
Beyond the typical challenges of controlling job costs and financial planning, CFOs are now up against the pressure to leverage disconnected, disorderly data and embrace technology and digital transformation. The aforementioned EY report also says that 23 percent of CFOs plan to prioritize improving big data and analytics capabilities to transform forecasting, risk management, and understanding value drivers. This yearly special issue of CEO Insights Asia delves deeper into the world of financial experts in the Philippines. Do let us know your thoughts.
Do let us know your thoughts.