CFOS ARE READY FOR THE METAVERSE
According to Gartner, in 2026, 25% of people will spend at least one hour a day in the Metaverse to develop multiple virtual experiences, such as negotiating digital properties, visiting stores, attending concerts and sporting events, training, participating in conferences, or working as a team with colleagues from all over the world. The Metaverse is set to generate incredible changes to the future of work itself.
The convergence of Metaverses, digital platforms, cryptocurrencies, data analytics, and open / decentralized applications will lead to a new incarnation of the Internet, forcing organizations to prepare for new job roles that do not currently exist.
Organizations will need to hire ecosystem architects from the Metaverse, with expertise in deep technologies such as Blockchain, AI, Machine Learning, Data Science, Computer Vision, Quantum Computing, and experts in high-speed networks; to redesign product and service portfolios, create virtual reality customer experiences, identify new markets and business models.
The CFO, along with other members of the organization, plays a critical role in helping the organization develop a deep understanding of how these digital systems can be integrated into a new coherent and scalable Enterprise Architecture.
Companies have the great opportunity to expand the unprecedented scope of their operations by moving from a digital business to a Metaverse business. According to Maty Resnik of Gartner, “…by 2026, 30% of organizations will have products and services ready for the Metaverse.”
While it is still too early to know the investments that will be viable in the long term, CFOs should be taking the time to learn, explore, and prepare for the Metaverse.
DATA, DATA, DATA…
CFOs and finance teams are increasingly using predictive models to make better decisions and mitigate regulatory / investment risks based on gathered current and historic data. The interaction between technology, financial data and a long-term vision will be fundamental. The CFO’s ability to lead these initiatives will represent a differentiating factor.
Specifically, a Hyper Automation strategy brings speed, efficiency and cost optimization to the company, and it is expected that DPAs (digital automation processes) will increase their potential by solving more complex problems that involve decision making, such as budget structuring and forecasting. This will free up financial professionals to focus their efforts on higher impact activities.
THE CFO AND “CITIZEN DEVELOPERS”
CFOS looking to accelerate productivity and create novel solutions should be aware of the possibilities offered by “Low-Code” and “Non-Code” tools, which provide a quick way to build custom applications without needing to become programming experts. This can empower Finance teams by turning them into Citizen Developers. Some “Low-Code” and “Non-Code” tools are currently available from Airtable and Zapier Microsoft Power Apps, among others.
“Low-Code / Non-Code” tools are changing the rules of the game, as they easily connect to ERPs, databases, and other control body systems for data download, and other sources of information.
THE TRANSFORMATIVE CFO
Finally, the CFO will work closely with the CEO, Chief Operating Officer (COO) and Chief Technology Officer (CTO) to drive digital transformation and determine new metrics of value for their companies – from ESG and sustainability initiatives to customer and employee experience design.
Those who cannot adapt to change will not take place in the future of finance, the function will be very dynamic around communication, user experience and agility.