Ask any top management team of a large, global company about blockchain technology and you’ll likely find the chief financial officer (CFO) to be at the center of the discussion. And if they aren’t, they should be.
Take blockchain, for example. Blockchain technology has begun to digitally reinvent the way businesses and individuals exchange value. The “bitcoin” revolution has also received enormous attention over this decade. And, to be sure, blockchain’s use as a distributed digital general ledger system promises to do far more than to track how money changes hands (which I’ve talked about here, “Innovating with Blockchain”). Blockchain will be seen as an early way in which the finance and accounting (F&A) departments in big companies began to digitally transform themselves.
The F&A Function Is Essential for Digital Ecosystems
Blockchain and other digital technologies are making the finance and accounting function one of the most exciting places to work in every industry – and not just for aspiring and established finance professionals. That’s because blockchain technology will be an essential platform for making digital ecosystems work. For example, a shift from gasoline to electric vehicles will require a bunch of sectors – automotive manufacturers, electric utilities, retailers and hospitality companies, and payment providers among them – to work together to provide a seamless customer experience in charging vehicles. CFOs at companies in all those sectors must be involved in such initiatives because increasingly that is the way business will be transacted.
2019 TCS CFO Study Launch
Finance departments are clearly at the heart of corporate digital transformation, which is why TCS is launching its second global study of chief financial officers in the last two years. We are launching this new CFO study later this month with a survey of 500 enterprise CFOs across North America and Europe. We’ll explore how they are digitally reinventing the finance function – uncovering how they are using technology to automate knowledge work that can be automated and help accounts payable, receivables and other knowledge workers play a bigger role in keeping their companies financially stable.
In this study, we’ll also investigate the CFO’s roles in digital initiatives elsewhere in their companies. We will determine the level of CFO involvement in corporate-wide digital transformation programs – at the very least, how they are helping CEOs determine which digital funding requests to approve.
We are also in the midst of digital transformation studies for CMOs and CIOs. Broaden your perspective and be sure to check out the TCS 2019 CMO Study report here: “Innovating Brand Experiences Through Digital Transformation.” You’ll also want to stay tuned for the CIO Study report, coming in late summer.
Stay Tuned for Upcoming CFO Study Research Findings
If you’re a CFO or other finance professional and you’re looking for leading-edge insights on how other finance officers are digitally revamping their accounting departments, you don’t want to miss out on our CFO study research findings as they’re published. Stay tuned for our first report with initial findings coming later this summer.
The digital reinvention of the finance function has begun. The role of CFOs in making this happen and their impact on company success are likely to grow in every sector. Want to learn more? Feel free to reach out to us with questions here: Institute.DigitalBusiness@tcs.com
About the author(s)
Lakshminarasimhan Srinivasan (Lakshmi), Global Head of TCS Interactive, is on a mission to transform businesses through design-led innovation and by leveraging experiential and immersive technologies to create differentiating customer experiences.
In his more than two decades with TCS, Lakshmi has been instrumental in formulating strategy and driving growth in multiple TCS business units.
Before becoming the global head of TCS Interactive, he established TCS’s Blockchain unit and transformed it into an industry leader, driving innovation for adopting blockchain technologies for purposeful ecosystems. He nurtured relationships with several leading academic institutions and managed collaborative research and co-innovation with TCS. Previously, he established and managed TCS’s Eco Sustainability Unit to help clients integrate sustainability into their strategies. Through his efforts with Eco Sustainability, he evolved and integrated various Energy and Sustainability services into mainstream offerings of TCS.
Lakshmi has also served as the head of TCS Telecom in Europe, where he built strong relationships for TCS with several European telecom service providers, fuelling the company’s growth and leadership position in this important sector. He has also led TCS’s Telecom Business Process Services practice, defining its growth strategy and executing across global telecom players, driving the unit’s rapid growth. Lakshmi played an instrumental role in refining TCS’s overall Business Process Services strategy.
Lakshmi is a university gold medalist and holds a bachelor’s degree in engineering from the College of Engineering, Anna University, Chennai, India. Lakshmi has lived and worked in the United States, the United Kingdom, and Europe. He follows American football and is a great fan of the Indian cricket team.