The changing role for CFOs in technology

Rapid change is emblematic of the igaming industry, and so that requires us to constantly adapt to keep in step. This means traditional roles at the top of a business have become more fluid and the chief financial officer (CFO) of a leading operator encapsulates this perfectly. Building a long-term viable business strategy is still the mission, but many more nuances are required in today’s world for a CFO.

Originally the CFO’s outlook focused on long-term, detailed planning but that has become unrealistic to plan to this extent with such a rapidly changing environment. Fast-paced technological change is the driving force and therefore the forecasting cycle needs to be more dynamic to meet the realities and challenges of these micro and macro changes. Short-term planning is now the best tactic for CFOs, which means concentrating on rolling forecasting rather than static and bi-annual budget cycles.

Reporting and controlling are traditionally prominent features of finance departments and as a result that has led to siloed responsibilities for finance teams and CFOs. Today, CFOs need to be strategic partners with a growing number of stakeholders to be in equilibrium with all departments. It is no longer enough to simply control the numbers as CFOs must guide how those numbers are interpreted and used for critical insight.

CFOs must now not only oversee all commercial and strategic activity of their respective business, but they should be digital enablers to support a dynamic technological business. This advancement in tech has enabled companies to better understand their customer audience, but it also allows them to learn more about business intelligence. The connection between finance and data science is growing stronger all the time.

CFOs leading the charge must work across these two disciplines to ensure efficiency and position themselves to respond quickly to shifting patterns and environments. An ability to understand the intricacies of both these departments is critical in steering the growth and profitability curve for businesses.

Automation is now not simply a option, but a vital cog of the entire finance function. That’s why tech product ownership is a core element of our business. Controlling the ability to introduce new features enables leanness and speed of financial and commercial information.

Data capture is now a staple of any organisation. The amount of data available is staggering, yet how to distil this into meaningful information isn’t enough to have an accurate picture.  Being able to analyse this picture to form and take business decisions will give you the competitive advantage.

Disruption is rife within the igaming space, and much of that has been powered by proprietary tech. Today, a CFO needs to read these trends in the market to create added value by adapting to this relentless disruption. Those that manage this successfully create an advantage and opportunity for growth in a highly competitive landscape.

CFOs also play an integral role in decision making that helps create a lean operation at the sharp end of the business. This not only streamlines costs, but also enables the business to remain agile in order to pivot where disruption occurs, and opportunities present themselves.