The Tech Revolution in Finance: A New Era for CFOs

As the world of finance continues to evolve, chief financial officers (CFOs) are facing a new set of challenges. With the rise of artificial intelligence (AI) and automation, the role of finance is changing dramatically. Gone are the days of manual data entry and tedious financial analysis. Today, finance teams are expected to be tech-savvy and able to quickly adapt to new tools and processes. According to Deloitte's Q3 2024 CFO Signals report, 40% of finance chiefs name hiring and retention as a top concern. This is not surprising, given the shift towards a more technology-driven industry. Young professionals are used to being on their smartphones, interacting with good technology, and expect the same level of innovation in the workplace.Steve Zabel, CFO of insurance benefits provider Unum Group, emphasizes the importance of providing employees with modern technology platforms. "If you have a CPA, they don't want to be manipulating Excel spreadsheets," he says. Unum implemented Workday's unified finance and HR platform in 2014, which eliminated manual work and allowed finance professionals to focus on decision-making. Zane Rowe, CFO of Workday, agrees, saying, "We're creating talent for the future, not just for the present. " He notes that the company is trying to appeal to people who not only have a finance background but also an aptitude for technology. With existing talent, Workday has programs to expose them to different areas of the business, such as "gigs," short-term assignments that allow employees to learn new skills.