Implementing modern technologies into the CFO function without a holistic view of how these technologies align with the practices and direction of the whole company may lead to a splintered technology landscape or even a completely failed transformation. Taking digitalization as a part of company strategy doesn’t necessarily have to be a firm-wide full transformation that shakes the traditions of a company, but a level of digitalization that serves your company the best needs to be considered. CFOs need to be aware about the possible consequences of digitalization to their function, but they do not have to be professionals of each technology. The role of strategy in CFO 4.0 context is to incorporate digitalization into the CFO strategy and clearly concretize the needed actions and next steps in reaching the full potential of digitalization. Even though the elements of digital foundation are not presented in any order of importance, all transformation execution starts from the strategy. As highlighted earlier, digitalization cannot be outsourced to any specific department or function because it impacts all parts of a company. Taking each of the digital foundation’s elements into account when devising strategic goals and actions is key to ensure a sustainable development of digitalization within any company. We call this combination of elements a digital foundation, and it consists of: Our CFO 4.0 blog series has reached its third part, where the analysis moves from three waves of digitalization to fundamentals affecting it: the five base elements of digital maturity. The base elements of digital maturity are all equally important to CFO function’s digitalization and should always be analyzed together as a package. Successful digitalization of a CFO strategy starts from measuring the current digital maturity level of a CFO function, since integrating digitalization into strategy should be based on findings of maturity assessment. In order to move forward, companies must recognize where they stand at the moment.
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