Redefining a CFO's Role with Respect to Digitization, GST and GDP

Redefining a CFO’s Role with Respect to Digitization, GST and GDP

One of the biggest problems that the future holds in store is of lack of funds and a scarcity of human capital. For anyone in the HR industry, the most vital assets are its people. Any companies growth and success is directly proportional to the skills, talent, knowledge, and abilities of the employees of an organization. The abilities of a workforce make an organization.

To achieve this very thing, a company requires a high-performing Chief Financial Officers (CFOs). CFO’s role involves strategic personnel planning and continuous forecasting. With respect to the budget on the basis of headcount, they have to think beyond a specified judgment of planning time.

CFO’s combine external and internal data by using their expertise and analysis skills. These abilities help them in attaining the right stability in building, obtaining and deploying a workforce that will support the corporate strategy.

Chief Financial Officer of Adecco Group India,  Marco Valsecchi in an interview with Entrepreneur India explained on topics like the part of CFOs, the effects of digitization, the usage of GST among others.

According to Valsecchi, the base of the value driver of any HR business around the world is productivity. Leading the overall responsibility of supporting the business and being at the apex of finance function and operations teams at Adecco India has given him an edge over these matters.  Due to this, management of personnel turnover and engaging employees are of utmost importance in the sector are of utmost importance for increasing the productivity in this sector.

CFO’s Role into a Business Intelligence Unit is Being Transformed by Digitization

Companies and organization working together are already being impacted by the coming of digitization. Digital transformation has also affected the way governments operate.

The current differentiating point among organizations in each area is the digitization of business forms. There has been a drastic change in the way organizations connect with their customers and clients. This has led to the CFO’s part being changed to something which is more close to a business knowledge unit which requires a steady and stable mapping of ecological changes. Additionally, it leads to foreseeing the risks and enables the CFO to realign methodology and decrease dangers.

Many CFOs believe that there is a requirement to incorporate quick feedback into corporate procedures to upgrade the item or service experience. This makes the role of a CFO integral and focal.  The CFO needs to be able to collaborate and internal change in a structural and holistic way guarantee that digitization impacts all that really matters of an organization in a positive way.

The road to success for a CFO is to focus on two regions. First, to make any organization ready analytically. It is imperative to be able to store, fetch, analyze and suggest a course of action when an enormous amount of data is involved. This must be done, as much as it is feasible on a real-time basis to ensure that customers and clients are happy and excited to purchase more.

The second region of focus is the ability to make an infrastructure and hire the correct individuals, keeping in mind the end goal is to compete.

Opportunities that lie ahead of GST implementation in India

The introduction and execution of GST apart from digitization hold the potential to bring with a noteworthy change in doing business in India. Organizations will put resources in GST software to execute the best procedures, preparing for changes in processes, developing IT systems and training teams for being GST complaint. As such, specialists believe that brief employment will get a major boost in the GST regime across all sectors.

At present, there has been a shift in the job market scenario where this sector seems to be after the implementation of GST.

As per Valsecchi :

“The more long lasting effect it has, the more macroeconomic it is in nature. Less burdens at boarders, easier and simpler flow of goods will increase the potential GDP of the country and create more opportunities in several sectors,”

Future Possibilities

The HR business is still blooming even after the economy is currently a little slow. The possibilities of the HR business are not influenced by the GDP’s development, rather how quick organizations will comprehend the advantages of having a bit of their workforce flexible enough to sail through uncertain times.

Development of the flex work is in a mainstream positive pattern in India and it will continue to drive occupations, efficiencies for organizations and prosperity for networks as a whole.

Prospect of permanent jobs is still going strong. As such, the possibility is still huge in India given the huge unexplored opportunities in such a big market.

A great danger to the HR business is the computerization and the weight that innovations are posing to an organization in the HR space.  Digital transformation has made each division in the economy refresh and changes the procedures of doing business together. According to Valsecchi:

“The HR industry is a little behind, and must catch up quickly to be able to sustain the volume required by the demographic trend and the prospects outlined before,”

Source: https://www.entrepreneur.com/article/302440