The future of data and technology in finance according to Sander Vlasveld, partner at ConQuaestor

Data and technology are changing the role of finance professionals faster than ever. CFOs and their teams are shifting from administrative task performers to strategic partners, with much broader responsibilities within the organization. "Today's CFO must do more than manage numbers; he or she must be able to look ahead and help realize strategy," said Sander Vlasveld, partner Data & Technology at ConQuaestor. "Data-driven consulting and decision-making are essential to create more value and achieve better results."

In this article, Sander discusses his vision for the future of finance, the critical role of data and technology, and how ConQuaestor is helping companies embrace this transformation.

The market is demanding ever broader knowledge and insights from the finance function. "CFOs are expected to take a leading role in defining and realizing corporate strategy. This means that they must have far-reaching knowledge of overall business operations, in areas other than finance. Finance professionals must also be at home in the areas of product development, IT, procurement, logistics and production. Insights that unambiguously support decision-making in all these areas are often not unambiguously or fully available," Sander explains.

Additionally, the CFO's scope of work has expanded to include leading enterprise-wide digital transformations, such as ERP implementations. This brings complex challenges beyond the traditional finance scope. "The CFO is expected to make decisions about the design of technologies that extend beyond finance and affect the business as a whole. Driving this broad agenda is a great opportunity, which does require the deployment of innovations and new skills," says Sander.

The role of data and technology
Sander sees the future of the finance function as inextricably linked to data and technology. "To really make an impact with data, finance professionals are increasingly leaning on the use of technology, such as (generative) artificial intelligence and machine learning. This enables them to not only better understand current performance, but also make accurate predictions about the future," said Sander. "With this, finance is better able to advise and incentivize as a business partner on increasing shareholder value," Sander says.

Unambiguous and business-backed definitions of the need for steering information at strategic, tactical and operational levels are crucial to efficiently transform ever-increasing amounts of data into insights and action. Sander: "Finance will have to seize the opportunity early in major digital transformations to future-proof and sufficiently flexible the data foundation, in the ERP and in the ever-widening technology ecosystem around it."

Continued expertise building on data, reporting and analytics is important. "Many companies get stuck in the experimental phase with new technology," Sander says. "It's about building an ecosystem where data is routinely collected and turned into actionable insights and tangible change actions." In addition to ensuring efficient primary financial capture and meeting growing external reporting needs, has finance a leading role in ensuring that enterprise-wide steering information continues to be delivered. "The challenge is to permanently embed the use of technology and data in decision-making and responsibilities throughout the organization. Also outside of finance," Sander points out.

ConQuaestor as a partner in digital transformation
ConQuaestor helps CFOs navigate these changes and supports in leveraging data and technology for more efficient operations and better decision-making. "At ConQuaestor, we offer an integrated offering: we not only advise, but also guide with the implementation of digital transformations and technology adoption. We ensure that these innovations are embedded in the daily operations of the organization," Sander said.

Using interim professionals, we can also help address temporary capacity issues during major transitions, such as technology implementations. This means that while key employees participate in transformation projects, day-to-day operations can continue to run as usual without delay. Through this total package, where strategy and operations come together, ConQuaestor supports companies in both the short and long term.