{"id":13521,"date":"2022-07-05T11:16:24","date_gmt":"2022-07-05T09:16:24","guid":{"rendered":"https:\/\/yeeply.com\/en\/?p=13521"},"modified":"2023-12-11T10:46:15","modified_gmt":"2023-12-11T08:46:15","slug":"what-is-finance-function-4-0-help-cfo","status":"publish","type":"post","link":"https:\/\/yeeply.com\/en\/blog\/digitalization\/what-is-finance-function-4-0-help-cfo\/","title":{"rendered":"What is the Finance Function 4.0 and how it can help the CFO of a company"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">New <\/span><b>technologies<\/b><span style=\"font-weight: 400;\"> have revolutionised the way of working in companies. This evolution includes the Finance Function 4.0 and the <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/digitisation-of-processes-key-to-business-success\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">digitisation and automation of processes<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.accenture.com\/_acnmedia\/PDF-145\/Accenture-CFO-Now-Research-2021-FullReport.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Accenture&#8217;s 2021 CFO Now report<\/span><\/a><span style=\"font-weight: 400;\"> ,<\/span><b> 60% of business finance tasks are currently automated<\/b><span style=\"font-weight: 400;\">, compared to only 34% in 2018.<\/span><\/p>\n<p><b>Implementing Finance Function 4.0<\/b><span style=\"font-weight: 400;\"> in companies entails profound changes in their finance departments but also enormous <\/span><b>advantages<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Index:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#4.0\"><span style=\"font-weight: 400;\">What is Finance Function 4.0?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#role\"><span style=\"font-weight: 400;\">The CFO&#8217;s active role in Finance Function 4.0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#CFO\"><span style=\"font-weight: 400;\">How a company&#8217;s CFO can help Finance Function 4.0\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#business\"><span style=\"font-weight: 400;\">The 4 advantages of Finance Function 4.0 for business<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#achieve\"><span style=\"font-weight: 400;\">How to achieve Finance Function 4.0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Yeeply\"><span style=\"font-weight: 400;\">Yeeply helps companies achieve Transformation 4.0<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">[ sc name=&#8221;bt-digitalization&#8221;]<\/span><\/p>\n<h2><span id=\"4.0\" style=\"font-weight: 400;\">What is Finance Function 4.0?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The world is going through the fourth industrial revolution, which causes technology to be integrated into every aspect of our lives.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a consequence, companies have seen how their <\/span><b>traditional Financial Department is evolving <\/b><span style=\"font-weight: 400;\">towards a Finance Function 4.0.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this new paradigm, purely transactional work is done automatically. <\/span><b>Employees are freed up<\/b><span style=\"font-weight: 400;\"> to perform tasks that computers cannot do, such as making strategic decisions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Finance Function 4.0 provides an approach with greater capacity for strategic communication, through the <\/span><b>integration of cutting-edge technologies such as IoT, AI, Blockchain, RPA<\/b><span style=\"font-weight: 400;\"> and innovative visualisation tools such as <\/span><b>EPM-Jedox<\/b><span style=\"font-weight: 400;\">, which <\/span><b>improve the execution of repetitive tasks<\/b><span style=\"font-weight: 400;\"> and facilitate data-driven decision making.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are <\/span><b>four key ideas to understand Finance 4.0<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">1. Eliminates the routine<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It means the end of repetitive and transactional work for employees. They see how their ability to add value to the company increases.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">2. Added value<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Professionals spend more time <\/span><span style=\"font-weight: 400;\">analysing the data<\/span><span style=\"font-weight: 400;\"> to make better <\/span><b>strategic decisions<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">3. Sustainable growth<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Financial work is used to generate sustainable growth over time and is no longer seen as an<\/span><b> ancillary value to the company<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">4. Accessible knowledge<\/span><\/h4>\n<p><b>Finance 4.0 automates processes<\/b><span style=\"font-weight: 400;\">, but also makes them <\/span><b>more accessible and intuitive<\/b><span style=\"font-weight: 400;\">, so that any professional or department can use the information produced.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Recommended article | <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/interview-hector-badal-yeeply-digital-transformation-post-covid\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Interview with H\u00e9ctor Badal (Yeeply) &#8211; How to take advantage of Digital Transformation in the post Covid-19<\/span><\/i><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span id=\"role\" style=\"font-weight: 400;\">The active role of the CFO in the Finance Function 4.0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Achieving and exceeding objectives will continue to be key, but the Finance 4.0 approach has important nuances when determining if it is working properly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to quantitative measurements, there must <\/span><b>be financial professionals who have control over the data<\/b><span style=\"font-weight: 400;\">, but who are also capable of getting involved at different levels, <\/span><b>actively contributing<\/b><span style=\"font-weight: 400;\"> to the creation of value for the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within the role of the CFO in <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/digitise-company-after-covid-19\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Digital Transformation<\/span><\/a><span style=\"font-weight: 400;\">, these professionals must <\/span><b>take into account the metrics obtained by other departments<\/b><span style=\"font-weight: 400;\">. An example would be the NPS or customer satisfaction scores, in order to have a more realistic view of the results obtained.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore not only is it necessary to provide real-time financial information for the optimal performance of the Finance Function, but visualisation tools must also allow for easy evaluation of the large amount of data generated for decision making.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, for the Finance Function 4.0 to work properly, it requires <\/span><b>daily optimization and process automation work<\/b><span style=\"font-weight: 400;\"> by your finance professionals.\u00a0<\/span><\/p>\n<figure id=\"attachment_13524\" aria-describedby=\"caption-attachment-13524\" style=\"width: 640px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-13524\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/marten-bjork-6dW3xyQvcYE-unsplash.jpg\" alt=\"role of the cfo in digital transformation\" width=\"640\" height=\"427\" srcset=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/marten-bjork-6dW3xyQvcYE-unsplash.jpg 640w, https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/marten-bjork-6dW3xyQvcYE-unsplash-300x200.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-13524\" class=\"wp-caption-text\"><span style=\"font-weight: 400;\">The role of the CFO in the Finance Function 4.0. Source: <\/span><a href=\"https:\/\/unsplash.com\/photos\/6dW3xyQvcYE\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Unsplash\u00a0<\/span><\/a><\/figcaption><\/figure>\n<h2><span id=\"CFO\" style=\"font-weight: 400;\">How the CFO of a company can help the Finance Function 4.0\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Technology allows us to free ourselves from repetitive tasks and gain productivity and efficiency. However, as we become more agile, the processes become more difficult to understand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is where the CFO&#8217;s role must<\/span><b> acquire a clear focus of all processes<\/b><span style=\"font-weight: 400;\">. If you are not clear about where we are going, it is very difficult to set the right path.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the implementation of the Finance Function to be successful, it is<\/span><b> essential that the CFO knows the tools<\/b> <b>to implement<\/b><span style=\"font-weight: 400;\"> and be able to simplify processes as much as possible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is not enough to implement technological tools, you have to know what for and why. If this task is done correctly, you will make the<\/span><b> information generated accessible<\/b><span style=\"font-weight: 400;\"> to anyone who needs to use it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can never forget that information, no matter how useful it may be, will not make decisions for us. Data is an immense source of knowledge, but the CFO must know both its possibilities and its limitations in order to <\/span><b>make good<\/b> <b>decisions<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, to be a good CFO you have to be able to face the <\/span><b>new challenges that digital transformation implies<\/b><span style=\"font-weight: 400;\"> in your department. Technical skills are no longer enough; they must add creativity and an ability to see the big picture to their list of skills.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Related article | <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/what-is-enterprise-performance-management-epm-solution\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">What is an Enterprise Performance Management (EPM) solution for companies?<\/span><\/i><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span id=\"business\" style=\"font-weight: 400;\">The 4 advantages of the Finance Function 4.0 for business<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">These are the 4 advantages that the Finance Function 4.0 brings to <\/span><b>any type of company<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. It reduces costs and increases efficiency<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The software for finances helps to complete administration tasks such as payroll, invoicing, account management, etc. These automations help<\/span><b> reduce costs by 40-75%<\/b><span style=\"font-weight: 400;\">, but also allow employees to focus on high-value tasks, thus increasing the efficiency of the company.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Improve the customer experience<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Finance teams work with customers to send them <\/span><b>billing communications, payment collection<\/b><span style=\"font-weight: 400;\">, and more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Manual shipping methods may result in duplicate shipments or charges. This does not happen with automations, thus improving the customer experience and at the same time <\/span><b>improving the brand image<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><p><a href=\"https:\/\/yeeply.com\/en\/landing\/download-ebook-digital-transformation-sme\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2020\/06\/EN-E6-Banner-blog-1020x387-1.png\" alt=\"E6 Ebook transformaci\u00f3n digital\" \/><\/a><\/p><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Increase competitive advantage<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A strong balance sheet is the goal every CFO wants to achieve. Achieving this goal is made easier through <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/power-intelligent-process-automation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">automation<\/span><\/a><span style=\"font-weight: 400;\"> and data analytics. It becomes <\/span><b>easier to plan, forecast metrics<\/b><span style=\"font-weight: 400;\"> and consequently improve competitive advantage.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00a04. Create more satisfied employees<\/span><\/h3>\n<p><b>Free your staff from the most mundane paper tasks<\/b><span style=\"font-weight: 400;\">, speeding up and facilitating their work using the tools of Finance Function 4.0.\u00a0<\/span><\/p>\n<figure id=\"attachment_13522\" aria-describedby=\"caption-attachment-13522\" style=\"width: 640px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-13522\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/graphic-g78ceb5abf_640.png\" alt=\"finance 4.0\" width=\"640\" height=\"426\" srcset=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/graphic-g78ceb5abf_640.png 640w, https:\/\/yeeply.com\/en\/wp-content\/uploads\/2022\/07\/graphic-g78ceb5abf_640-300x200.png 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-13522\" class=\"wp-caption-text\"><span style=\"font-weight: 400;\">More competitive advantages thanks to the Finance Function. Source: <\/span><a href=\"https:\/\/pixabay.com\/es\/vectors\/gr%c3%a1fico-progreso-diagrama-1714230\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pixabay\u00a0<\/span><\/a><\/figcaption><\/figure>\n<h2><span id=\"achieve\" style=\"font-weight: 400;\">How to achieve Finance Function 4.0<\/span><\/h2>\n<p><b>Any company can incorporate an action plan <\/b><span style=\"font-weight: 400;\">to achieve the transformation and embrace Finance Function 4.0.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To achieve this, you must follow <\/span><b>3 essential guidelines<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Finance as a driver of business change\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You will need to position finance beyond the traditional role of profits. You should see them as a driver of change for the organisation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Performing an initial analysis is key to <\/span><b>determining new operating models that add value<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new models and processes that are integrated must be <\/span><b>accessible and understandable<\/b><span style=\"font-weight: 400;\"> to anyone who may need their data generated.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Generate data in the Finance Department<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The role of the Financial Director is to make sure that all decisions in the company are driven by the analysis of data obtained through the Finance Department.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s not forget that the human experience is capable of <\/span><b>building relationships and value models from data<\/b><span style=\"font-weight: 400;\"> that it relates in an interdepartmental way.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Invest in digital technologies and tools<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Make a commitment to your Transformation Plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There should be a <\/span><b>concrete investment in automation and other digital tools<\/b><span style=\"font-weight: 400;\">, but you should also train your finance professionals to leverage the new models and systems for the benefit of the business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read more | <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/digital-enterprise-challenges-digital-finance\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Accelerating the Digital Company: the Great Challenges for Digital Finance<\/span><\/i><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span id=\"Yeeply\" style=\"font-weight: 400;\">Yeeply helps companies achieve Transformation 4.0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you want <\/span><b>to integrate Financial Transformation into your company<\/b><span style=\"font-weight: 400;\">, at <\/span><a href=\"https:\/\/yeeply.com\/en\/digital-transformation\/?rel=EN-LNK#publish-project\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Yeeply <\/span><\/a><span style=\"font-weight: 400;\">we can help you.\u00a0<\/span><\/p>\n<p><b>We put at your disposal technologies<\/b><span style=\"font-weight: 400;\"> such as the Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA) or <\/span><a href=\"https:\/\/yeeply.com\/en\/enterprise-performance-management-epm-solutions\/?rel=EN-LNK#publish-project\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">innovative visualisation tools in the Finance Funcion 4.0 such as<\/span><b> EPM \u2013 Jedox<\/b><\/a><span style=\"font-weight: 400;\"> so that you can benefit from all the advantages of Transformation 4.0.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><p><a href=\"https:\/\/yeeply.com\/en\/digital-transformation\/?rel=EN-BP-proyecto-transformacion#publish-project\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2020\/07\/EN-CTA-Banner-Digital-Transformation.png\" alt=\"Digital Transformation Project\" \/><\/a><\/p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New technologies have revolutionised the way of working in companies. This evolution includes the Finance Function 4.0 and the digitisation and automation of processes. According &#8230;<\/p>\n","protected":false},"author":2,"featured_media":13523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[497],"tags":[],"class_list":["post-13521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digitalization"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u25b7 Finance Function 4.0: what it is and how it helps the CFO<\/title>\n<meta name=\"description\" content=\"The traditional Finance Department of companies evolves towards a Finance Function 4.0. \u26a1Increasingly important is the active role of the CFO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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