CFOs can play a key role in digital transformation

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Digital transformation is a must

Digital transformation is one of the most discussed topics within the business community. So, it comes as no surprise that, according to Onguard’s FinTech Barometer 2019, 73% of organisations have the topic on their agenda.

To begin, it is important to truly understand what ‘digital transformation’ entails. Getting to a definition is often difficult due to a jumble of available information. A single Google search on the subject takes less than one second but gives 350,000,000 results. In short, digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation. Onguard believes it is integral to an organisation’s evolution. The ultimate aim is to create a flexible organisation that can quickly respond to the ever-changing customer and market demands.

Fourth industrial revolution

Those referring to digital transformation often talk about the fourth industrial revolution. To understand this, we have to look back in time. The first industrial revolution began in the 18th Century with the introduction of mechanical tools running on water and steam. The second industrial revolution began around 100 years later, at the end of the 19th Century. The assembly line was invented, and thanks to the introduction of electricity, machines were able to take over the heavy work related to many old crafts. The third industrial revolution occurred in the 1960s. The combination of electricity and IT resulted in an incredibly high degree of automation.

And finally, came the fourth industrial revolution, also known as digital transformation. This revolution is the result of intelligent and linked systems. And it is precisely this link with both our own and third-party systems that is so important. To establish the extent to which the finance professional is already aware of and working on the digital transformation, Onguard carried out a study among 1,000 finance professionals. This white paper describes the importance of digital transformation, the creation of links, and the integral role of the CFO.

 

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