CFO corner: Digital transformation – A seven-step journey for the model CFO
The term “digital transformation” is often discussed in technical terms. However, the implications of digital transformation on business models are immense and taking on adding importance as the comparative results play out in record speed in front of us.
COVID-19 is just one of the many events and realities reinforcing the need for digital transformation. Companies that don’t transform in a determined way – along with CFOs who don’t modernize and upgrade – will be even more vulnerable to their constantly evolving competitors.
Digital transformation doesn’t mean modernizing for the sake of modernizing. There are typically three key business objectives that prompt the need for digital transformation: To reduce transactional friction; to be closer to stakeholders; and to obtain and transform enterprise data.
All around us are examples of smart companies and CFOs making significant investments to transform digitally.
McDonald’s has spent millions of dollars in digital transformation to increase service speed and reduce friction. It has implemented touch-screen kiosks with millions of permutations, instituted mobile order and payments, arranged for curbside pickups ordered through its McApp (and this was even before COVID-19), uses time, weather and data trends to improve drive-thru menus, invested in software developer Plexure to better engage diners on their mobile phones and acquired Silicon Valley startup Apparent for its voice recognition technology for use in drive-thru orders.
And McDonald’s isn’t alone in its digital transformation journey. Read more…
Steps on the digital transformation journey
Within the walls of the enterprise, the benefits of a digitally transformed workforce are also obvious. COVID-19 has highlighted this beyond comparison. Read more…
Want to learn more from Dr. Jog at a live event with Q&A? Join our upcoming 2-part CFO Bootcamp on May 26th and June 3rd, 2020. Didn’t make the live event? Watch the recorded versions for insights on becoming a model CFO.
Vijay Jog is the founder and president of Corporate Renaissance Group (CRGroup), a Quisitive Company (QUIS) and Ottawa-based firm dedicated to transforming business management and performance. He has led CRGroup’s growth in areas of strategic finance, corporate performance and dashboards, strategy design and execution and helping clients bridge the gap between technology and finance. Dr. Jog consults with organizations around the world and is a leading author and speaker in the areas of corporate performance and the office of the CFO.
For additional resources, visit crgroup.com/model-cfo
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