|By Business Wire||
|January 6, 2014 11:47 AM EST||
Greater reliance on technology could see the rise of the chief financial and technology officer (CFTO) in 2014, says ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) at the start of CFO Month.
For the second straight year, ACCA and IMA are marking the annual CFO Month campaign, which champions the work of the CFTO role, with a technology focused theme.
CFO Month recognizes the central role finance chiefs play in business strategy and also raises awareness around the challenges and opportunities these leaders face now and in the future.
Helen Brand OBE, ACCA chief executive, said: “ACCA’s and IMA’s futures research in 2013 has pointed to greater technological involvement for CFOs around the world. Their involvement in big data and technology trends is critical to business growth and profit. As CFOs take on a more strategic and globally focused outlook within business, technology will loom larger in their remit.”
In 2013, two key reports from ACCA and IMA showed how technology impacts the CFO’s role. “Digital Darwinism: thriving in the face of technology change” pointed to the 10 technologies finance professionals identified as having an impact on their roles and the businesses where they worked. Mobile technology and cybercrime are two such technological trends.
A second report from ACCA and IMA, “Big data: its power and perils,” highlighted the potential for business of all sizes, governments and regulators in harnessing this wealth of unstructured information.
The report found that 62 percent of CFOs around the world cited big data as hugely important to the future of business, potentially giving savvy businesses an edge on their competitors. The volume and variety of data that’s able to be collected by businesses and governments is increasing at an intense rate, providing a potential treasure trove of information. The ability to organize, make sense and analyze it is at the core of the substantial investments that corporations are making.
Jeff Thomson, CMA, CAE, IMA president and CEO, said: “Big data provides an opportunity for organizations, big and small, to create a competitive advantage and market differentiation. CFOs are at the forefront of this business transformation. But like any business transformation, CFOs need to take a balanced approach that includes technology enablement for information delivery, risk management, internal controls, fraud/cyber-security and ethical concerns.”
View the CFO Month video:
Find out more about CFO Month and the role of CFOs at:
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants with 162,000 members and 426,000 students in 170 countries worldwide. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
We work through a network of 89 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. http://www2.accaglobal.com/usa/
About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 300 professional and student chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.
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