The Shrewd Shift From Corporate Digital To Customer Digital
Dr. Suresh has been associated with Mahindra Finance for over three decades now, prior to which he has worked with UPS Systems, AppSoft Development, and Mahindra & Mahindra
In India E-Business is less to do with electronics and more to do with emotions. A CFO can only tie the digital information into a true trusted truth of finance. So far digital transformation was on the corporate digital, keeping the stake holders internally happy. Post covid impact, it is moved from corporate digital to customer digital, where individual customers are going to be treated as corporate. Further, all the solutions and secured services revolve around customer. A virtual CFO is the only key to success when virtual CFO is digitally alive and firing into all organizational functional cylinders.
As a focus from C-level, the challenges seem to be high. Thus, the opportunities do force to get more values from physical & virtual growth of virtual CFO businesses that pivots on financials, as startups too offer more flexibility and build parallel opportunity. In reality the urban CFOs are becoming more strategic partners in most of our Indian organizations. Keeping the governance and the real regulated owner of the Financial Digital Transformed data, the compliance governance with the known risk, they provide the senior management administration with more financial insights and treasury impacts costing with diversified value systems, that is the real running story for the organizations both short term & long terms with the capex and opex returning into profits focused within the business targets. They are the people to open and close the survival of the running business.
Due to post-covid situation, the focus is on the business and profits growth, understanding the regulatory risk challenges, and fixing man power & technology to derive the people process technology procedures within the regulatory frame works. The ‘Reach and speed’ is going to be the future mantra of all national businesses, merely the technology has to play an important role to suit the multi work profile along with the prescribed & self-employed social connect workers, by forming a large part of the future digitally transformed workforce with diversified work space.
The virtual CFOs will go beyond the actual and virtual roles of economic protector’s and turn the information of critical data into very much regulated valuable insights in order to analyze the future. During covid the digitally transformed data is more than multi fold with increasing compute businesses joining hands with the local relevant start-ups and prefer using the community cloud to share and care focusing on the earn to pay model, which is understanding & studying the customer values and get engaged to support the business purpose with a long term finance solution.
A lot more can be achieved as well as arrived using the local accounting systems to appreciate & monitor the mentioned high risk and timely audit monitory checker systems through virtual CFO. The dynamic aspects of the gig economy have many CAs that started performing in those grounds for a short term. It matters a lot to ensure the potential impact with huge dependability and focus more to choose the secured solutions emphasizing through the career to build with high availability and scalability on such individual focus.
The real local benefits that uniquely positioned focus on virtual experience which is less expensive and has fixed cheap variable cost. Such individuals needed quantified or qualified items for time and deliverables that are part of the organization. We can look for the second innings with multi-layered as well as multi-level trade commerce experiences through virtual CFO experts that focus on simple steering committee arrangements. The global unique specific standards, value systems of patterns, and style focus on global accounting standards to build part of our controller’s operation.
In the Indian context, CFOs do play reserved, shy, orthodox, restricted, separated financial unique qualities, but not a spend thrift concentrating more on cost value and highly restricted, will have a different vision mission avatar of merging easily with the people, where the stake of time efforts and investment is on the nature and experience, not on physical roles and responsibilities. Their richness in terms of quality expert financiers raise to rise through their funds or expanding into multiple geographies or quality products with secured solution services. Such unique qualities of a Virtual CFO will build more credibility and visibility towards transparency and improved corporate posture. Virtual impact of compliance and governance focusing on forensics, secured authorized information handling, prevention of financial loss and reputation, gaining social re-engineering, growth risk assessment for multiple medium average large organizations with multiple access points with online measured controlled actions in place to focus on the opportunities towards building multiple products towards the business goals.
Post pandemic context, the Virtual Resilience to future digitally transformed situation, focused secured strategies that enable organizations to become cost effective and efficient are critical factors part of the competition. Virtual CFO concepts withstand the pattern of long & short financial trends with economic slowdown and turnaround time financially to fail fast protecting the profits returns & revenues. Competencies and skill sets are required to focus on virtual CFOs.
The future finance leaders have thoughtful, structured and restrained confidence plan to focus on the challenges from the road ahead. Digital driven areas like improving online digital cash flow to ensure the accounts receivable and accounts payable processes will be vital in accuracy of financial reporting with periodic audits on the environmental, social & governance through multiple platforms. New areas like blockchain, AI, automation are delivering structured and more insightful data. The planned upskilling and expectations towards the frequent changes of tax law derived out of regulatory changes with new accounting digital standards.
A virtual CFO focusing on digital expenses management connecting with both outsource and on roles through payroll management. Post covid work from home, the remote work through monitoring cybersecurity with known and proven tested financial work controls across with available and affordable audits setting low morale, building continuous streamlined accurate financial forecasts, update and upgrade with the current technology with latest models methods patterns and tools. Building a challenging career can be done through innovative disruption and rich focus from Virtual CFO