Traditional management is based on the analysis of previous experience and decision-making. Today, this approach is less and less effective, as companies have to solve unique problems that have nothing to do with any historical experience. Simple analytical operations have long been performed by machines. Under these conditions, managers, including CFOs, are forced to change their decision-making strategies, adding creativity, innovation and non-linear thinking to traditional forecasting and monitoring. For financial departments, this is, in particular, reaching a new level of interaction with other participants in the process within the company and beyond.
Social networks and other information platforms have a huge impact on how organizations build their work and affect the transparency of their activities. Now everyone has access to data, and all participants in the economic process follow each other in real time. Companies have to report on their every move, every event in public. The consumer of services has the opportunity to compare prices and read reviews of a product or service in a few seconds. This factor forces companies to:
- review their business models;
- move towards offering services and experience interacting with the brand, not just products;
- increase the customization of their services;
- change the formats of access to services.