Digital transformation was the key theme during ICAEW’s Academy of Professional Development sponsored panel session at The CFO Agenda conference. Gathered speakers noted that while limbering up for artificial intelligence is essential, a business can’t run before it can walk.ICAEW’s finance direction programme leader Rick Payne led a thought-provoking panel on behalf of ICAEW Academy at this year’s CFO Agenda conference, helping to demystify the process of digital transformation for business.
Back in April, the audience heard from three senior finance leaders, each working in a completely different sector and in businesses at different stages of the digital transformation journey. Although they shared a range of insights, a common thread was that a digital future was coming, with artificial intelligence (AI) and machine learning at the heart of change.
The panel was asked what role finance plays in digital transformation. Spence Knudson, non-executive director at Clear Review, said finance should be playing a leading role as stewards of strategy. This is because finance leaders “are fortunate enough to have insight into all aspects of the business, therefore you should be able to shape the systems that drive both efficiency and value creation, and manage people dynamics as well”.
This is an extract from the Business & Management Magazine, Issue 276, July/August 2019.