Few events in modern history have proven the need for businesses to be able to adapt swiftly to changing operational environments like the Covid-19 pandemic has.<\/p>\n
As a well-known American mathematics professor, writer, and speaker John Allen Paulos puts it: \u201cUncertainty is the only certainty there is.\u201d<\/p>\n
Thankfully, digital technologies have the capability to help businesses navigate many of these uncertainties.<\/p>\n
Cloud, AI, automation, and machine learning have taken over certain mundane and tedious tasks from humans.<\/p>\n
These technologies are particularly valuable to the finance function, as highlighted in Sage\u2019s recent report CFO 3.0 – Digital transformation beyond financial management<\/strong><\/a>.<\/p>\n The research found that financial leaders in South African businesses regard digital technologies as essential to managing uncertainty and risks, and ensuring compliance.<\/p>\n Financial leaders have enormous responsibilities which include mitigating financial risks, developing strategies, and keeping up with ever-evolving finance legislation.<\/p>\n This was the case long before the Covid-19 outbreak started.<\/p>\n With the pandemic forcing businesses to carry on operating outside of the office, financial decision-makers have been challenged with ensuring compliance across a decentralised network, a scattered workforce, and a larger attack surface.<\/p>\n 27% of the senior financial decision-makers participating in Sage\u2019s research said they were involved with remote worker management, which means compliance has become one of their top challenges.<\/p>\n Overall, South African finance professionals identified the following key challenges:<\/p>\n Despite the additional pressure and tough operating environment, however, many of South Africa\u2019s medium and large enterprises have flourished during this time.<\/p>\n 44% of research participants said that Covid-19 increased demand for their services, while 49% said they had observed moderate to strong growth in organisational performance over the past year.<\/p>\n This was also reflected in financial performance, with 78% of businesses reporting growth in revenue in recent months.<\/p>\n 31% of businesses reported little change in revenue, while those reporting a decline still managed to maintain profitability.<\/p>\n The reason behind this remarkably resolute performance is clear: 90% of CFOs agree that incorporating next-generation technology has been critical to their success.<\/p>\n More than half of these businesses said they are implementing advanced or cutting-edge techniques.<\/p>\n Digital technologies have clearly elevated the human role in the finance function.<\/p>\n CFOs are no longer bogged down by numbers, budgets, data integration, and reporting, and can turn their focus to changing stakeholder needs and modernising business processes.<\/p>\n This allows companies to position themselves to ensure they are well-prepared for any unexpected shifts in operations and legislation.<\/p>\n This improves the potential for growth and ensures that their customers and employees continue to prosper even in the toughest of times.<\/p>\n As Executive Vice President for Sage in Africa and the Middle East Pieter Bensch told Aki Anastasiou in the first episode of What\u2019s Next in Finance<\/strong><\/a>, these technologies enable the CFO to re-orient the business in a direction that\u2019s more risk-averse.<\/p>\n \u201cThe CFO is now driving this digital change from an accounting and risk point of view, because in the end that is what is going to make a difference for the company going forward,\u201d Bensch stated.<\/p>\nBiggest challenges<\/strong><\/h3>\n
\n
Remarkable resistance<\/strong><\/h3>\n
The end result<\/strong><\/h3>\n