Big data rise and the chief financial officer changes

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The world today is facing a constant shift in global power and wealth: economic uncertainty, demographic change and economic restructuring. At the same time, the business environment is experiencing the multiple influences of market fluctuation, globalization and innovation, the rapid development of science and technology and the continuous emergence of subversive business models. Business digitization, network security, the rise of "big data", data mining and cloud computing have significant and profound influence on accounting profession and accounting profession.
　　
It technology subversion of accountants ' working ideas

The world is facing multiple challenges: the shifting global power and wealth, economic instability, demographic change and political transformation. With the rapid development of science and technology and the emergence of disruptive new business models, the business pattern is reshaping and upgrading under the combined action of market fluctuation, globalization and transformative innovation. Digital commerce, the evaluation of digital assets, network security, the rise of "big Data", the value of data mining and cloud computing have brought profound influence on accountants and accounting industry.

HP software group Greater China Region general manager Yu Zhiwei that today's IT technology has subverted many traditional enterprise's manufacturing process and the marketing process, the electric car, the retail industry and so on many industries have already merged with IT industry, the big data, the social media, the new business model is no longer the auxiliary tool, but becomes the enterprise core asset , and the proportion would be larger than the traditional corporate assets, the CFO should consider the impact of these things to the business. Today we have to rely on samples to analyze the whole, and the big data can tell us all, so when we analyze the new technology, the new economy, some need to put the old traditional analysis mode completely discarded, in the new large data technology, we can more accurately obtain results.

Internet technology such as cloud computing forces CFO to transform

PayPal China's chief financial officer Liang said that in the traditional accounting industry, seniority and value in direct proportion, and large data in some way is eating up the financial staff this original conditions. In the big data age, the whole world will be built on algorithms, and much of the work will be largely replaced by algorithmic data. Financial staff can play the value of their own information, work transformation, such as the CFO under the CTO's work.

In the traditional industry, perhaps we can through a set of curing methods can review the feasibility of new projects to ensure their effective use. In the Internet business, this approach has not worked, the financial staff need to have a new thinking to audit the project. On the other hand, the Internet enterprise's products, technology, competitors are changing rapidly, the financial staff can no longer according to the traditional fixed thinking budget plan.

Chen, vice president of ZTE, believes that technological advances will bring about a revolution in industrial upgrading, and that cloud computing technology and mobile internet technology will have a huge impact on human life in the future. The upgrading of the industry will bring the core value of the enterprise, core resources and the huge change of the profit and cash flow pattern, which will have a great impact on the operation mode and organization mode of the whole enterprise. The first is the change in cloud computing, where traditional accounting is distributed computing, while the cloud computing era deals with global business in one place, which will greatly reduce the use of basic financial personnel. The second technology is large data, if the data is not converted into information and wisdom, the value of the data can not be played, the financial staff need to find ways to identify the relationship between the data and business, non-financial data. Third, the process reengineering and the reorganization of the rules, the CFO should be familiar with the enterprise management process, reduce the use of basic financial staff, and the CFO should be transformed into a "less than the CEO, a little more than the CIO and CTO" role.

1th Shop financial director Zhang Liang said that the internet era, enterprises should be in the data security, personal privacy, personal data confidentiality, and other aspects of increased input, and all standard process development. For the innovation of the electric quotient technology, the mobile payment includes many new payment ways, which can help the enterprise to ensure the cash flow in time, and also can give the customer a better consumption experience.

The CFO's role began to change.

A few years ago, globalisation and market volatility were hot topics for corporate and financial leaders, and now, with the rapid development of technology, more and more subversive new business models, including transformational innovation, quickly occupy the market. brings great opportunity and challenge to the leader of enterprise, also bring the corresponding risk. Future, more unpredictable, in the future the role of the CFO will become increasingly important, its work is not limited to financial aspects, in the risk management also needs rigorous strategy and strategy. Global risk management pushes the CFO to the core and forefront of enterprise management decisions. According to a study of accounting informatization, the rapid development of new information technology represented by mobile Internet, large data analysis, cloud computing and Internet of Things has brought great changes to the whole accounting industry, accounting service is socializing and heading to the cloud, and the risk of Accounting service information system is also ubiquitous. At the same time, large data is rapidly being asset-based, or is about to become an important management object for financial personnel. All these changes are constantly challenging the CFO's adaptability, outreach and innovation capabilities.

CFO Chief Financial Officer This role has changed a lot, how has the role of CFO in China undergone a change in the past ten years? What does the slowdown in economic growth mean for the CFO? What is the biggest challenge for the CFO? What is the most important and necessary three qualities for the current CFO?

Shift from focus on financial data to integrated thinking

The chief accountant of Baosteel Group Mengxiangyun that over the past decade, many enterprises ' cfo  are in the process of transforming from the traditional "big accounting", which focuses on financial data, today's cfo  Need comprehensive financial data and non-financial business strategy, economic behavior, analysis now looking to the future, functional positioning and work ideas have undergone great changes. For the CFO's three essential qualities, Mengxiangyun that includes insight, that is, professional analytical ability and business management insight, communication and coordination skills, innovation and reform ability, that is, lead the financial management team to innovate to achieve the goal of supporting the enterprise strategic decision-making.

from accounting type to risk control and other management type of progressive

Shanghai Purple River Enterprise Group deputy general Manager and financial director Qin Zhongyu said, a decade ago, the CFO positioning of the basic accounting type, supplemented by management, including the accounting system design, building chapter legislation, report analysis, information feedback and so on. China's recent decade is a decade of great economic Development, every enterprise wants to grasp the development opportunities, so the CFO has a strong financing capacity, on the other hand, in view of the price of goods and products more transparent, enterprises in order to obtain profits, but also requires the CFO has a certain management capabilities. In the past two years, the profit margin and the growth rate of traditional manufacturing have tended to average, and companies need the CFO to assume the responsibility of differentiation of value manufacturing and risk management control.

Changing from specific accounting to creating value

Bo, chief financial officer of Zhejiang Supor, said that with the advent of many complex new things, the company asked the CFO himself to master a very comprehensive knowledge, including accounting, statements, including internal control, audit, tax financing and so on. Accountants spend more and more time creating value rather than specific accounting jobs. Financial personnel need to cooperate with the strategy of the enterprise, financially to help the company to achieve growth, without loss of profit margins. When a company's products tend to be saturated in the market, the company will consider mergers and acquisitions, expand overseas markets and many other programs, the financial staff in the process needs and CEOs, business personnel and other joint analysis strategy. For the CFO's three essential qualities, bo that the first is professional ethics, ethical standards, and the second is soft skills, including communication, leadership, organization and so on, and the third is professional competence.

Transition from ex-post management to advance management

Zhao Weiqing, vice President of Ka Kai City Group, believes that past corporate bosses are concernedAccounting and financing, but now the CFO needs to be more and more involved in enterprise management and decision-making, to achieve from an accounting finance supervisor to a management decision maker status change. In addition, the CFO needs to learn from ex post management to advance management.