Opportunities and Obstacles for CFOs in 2022

June 03, 2022

Have you wondered what’s keeping the CFOs up all night in the middle of 2022?

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The Covid-19 pandemic has contributed to paving the way through 2022 and improving ROI, for CFOs around the world. It is evident that being flexible and adaptable to continuous change in the unprecedented international economic environment, is paramount to remaining successful.

The year 2021 provided new insights for the CFOs and finance teams to focus on change management processes, talent, and technologies.

While businesses began to recover in 2021, fiscally, they were challenged by other staff-related issues. Digitization is critical for an organization’s overall success and to address and overcome these challenges. Cloud-based software solutions enable agile decision making, for strategic navigation in the post-pandemic world of digital transformation.

CFOs have realised the value gained from digital transformation while embracing technology with a holistic focus on overall process improvement.

Raindrop Systems is an industry disrupter, providing the best spend management solution to help CFOs match pace with the dynamic financial instabilities, and be future-ready. There are many unknown and unprecedented scenarios where businesses and their leaders need to be prepared with financial stability, which can be catered well with a cloud-based spend management platform.

Targets for CFOs in 2022

Let’s focus on what CFOs need to target in the middle of 2022:

1. Pandemic Recovery

BCP or Business Continuity Planning, and resiliency are the most important priorities for CFOs. Leaders need to settle into the new operating environment while evaluating practices, procedures, and controls to support and drive operations, post-pandemic. CFOs embracing the age of digitization and successfully deploying new technologies make informed, data-driven decisions using AI, to run a more agile, efficient, and dynamic organization.

2. Global Considerations

It is no longer viable to go for quick-fix supply chain solutions. Future-oriented planning is essential to be more sustainable and grow successfully in the years to come. It will help in producing operating growth and limiting revenue pitfalls from supply chain disruptions.

3.Reducing Supply Disruptions

CFOs must assess how they can reduce the impact of supply disruptions in the present and future. Domestic and multi-source manufacturing can drive smooth supply chains, with the help of AI-based supply chain solutions.

4. Planning, Budgeting, and Forecasting

In the face of continued economic upheaval, the CFOs must clearly focus on planning, budgeting, and forecasting, powered by digital transformation. It is the key to achieving great financial stability, and the agility to respond to fluctuations in the current and future volatile business conditions.

5. Geopolitical Risk

For overall risk management, it is crucial to get a broad understanding of the volatile geopolitical landscape. Working on the governance frameworks builds resiliency in the fragile and uncertain era.

6. Government Climate

Global tax changes are imminent, and CFOs must be ready to analyse tax implications at a transactional level. Businesses must stay abreast of the changing landscape and proactively assess how other potential reforms can impact the overall business operation. It is critical in navigating future challenges.

The Build Back Better Act, within the United States, as constructed, would implement several new policies to have an immediate impact on companies, specifically when it comes to taxes.

7. Current market trends

CFOs are engaging with their internal audit functions or assurance providers, ahead of ESG mandates. It is important to perform gap assessments of the controls and validate the completeness and data accuracy. It, in turn, supports transparency in reporting and disclosures. With M&A, gaining more significance globally, CFOs are becoming more likely to oversee the entire acquisition process. For many companies today, it is imperative to start from deal targeting, driving to end-state integration. It also includes building out the playbook for efficiently and effectively executing M&A transactions.

To Sum Up

Raindrop solutions are becoming a more significant piece of the growth puzzle for leading organizations today. Business leaders, CFOs and CPOs embrace flexibility as a core value and strive for a process-focused approach to managing people and change. Raindrop proves to be beneficial in an organization’s long-term success and growth.