As CFOs and other executives lead their businesses into the new year, many are looking out for how the changing technological and social landscapes affect how business operate. Companies that will emerge the strongest are the ones who understand the trends and technologies shaping the environment, and ones that have finance leaders who can efficiently allocate resources to account for these changes. The list of topics below is taken from the 2019 curriculum being planed by the CFO Leadership Council’s New York Chapter, and outlines important topics CFOs need to learn to stay ahead of the curve in 2019.
“Cryptocurrency such as Bitcoin, and virtual machines are a distributed ledger that validate new entries with a consensus system instead of a trusted authority”. Why does this matter? Blockchain holds the potential to permanently change the way information is stored. Data can be recorded anonymously, publicly, and be cryptographically guaranteed as accurate, instead of being stored in private databases.
Artificial intelligence tops the headlines, but an entire generation of automation is pushing the frontier of what kind of tasks machines are able to overtake. Why is this important to CFOs? Automation has already changed the way finance and accounting function – more bookkeeping and lower-level tasks can be, and are, managed by software. As this continues to grow, the human employees of finance teams will take on more of a strategic role within the organization.
According to Accenture, the average malware attack costs businesses $2.4 million, and top-end risk can reach into the hundreds of millions. What this means to the CFO – The cost of these breaches (both financially and reputationally) is increasing, and therefore protecting against them is becoming ever more important for senior leadership. Finance leaders need to know resources that can protect their company’s sensitive information and processes, and have an in-depth understanding of their IT system’s vulnerabilities.
As our world continues to develop newer and better technology, it is important that companies that on top of these trends and learn how to adapt to the changing markets. Check back each week to learn about emerging trends, or tips and tricks to help better your business. Contact us by calling 1 855 878 3759, or visit www.truesky.com.