Unless CFOs redefine their role in the IT-enabled world they face the prospect of taking a back seat in the running of business, an industry source warns.
David Hobbs, InterBiz Asia-Pacific regional vice president, business development, believes the advent of business activity monitoring software could impact on the influence CFOs wield in the boardroom.
"CFOs, or the finance department, have traditionally been the providers of intelligence in an organisation through use of technology such as ERP applications, business intelligence and financial systems."
Hobbs said with business activity monitoring and enterprise performance management technologies, the role of the finance department as the key information provider and analyst within an organisation could "just as easily fall to the IT department or another department which capitalises on the technology".
A recent study by the International Federation of Accountants into the role of the CFO showed most respondents felt the finance function was becoming a "process system".