CFOs and financial leaders have endless decisions to make, and each of these must ultimately support the financial performance of their business. In recent years, CFOs have become increasingly involved in making decisions that support an organisation’s digital transformation.
This is especially true in maritime, where shipping companies are increasingly turning to digital solutions to optimise different aspects of a voyage. The value of these solutions might be clear to one working in the operational department, but for the finance team, the benefits may be less clear-cut. This is especially the case within the turbulent maritime landscape and unpredictable economic climate. Deciding which solutions to invest in, and which to avoid, can be far from straightforward.
Prior to the 2000s, the role of a CFO was primarily centred around traditional accounting and financial management. However, a 2020 survey by Oracle highlighted a shift in these responsibilities. Today, CFOs are tasked with a broader range of strategic decisions, but economic volatility because of factors like the pandemic, geopolitical instability, and market fluctuations makes it a difficult landscape to navigate.
This is also true for the maritime industry, where digital transformation is having a substantial impact on the efficiency and performance of shipping operations, and as a result, the company’s overall financial success. Despite their growing influence in technology decisions, CFOs often encounter a gap in information tailored to their needs. Many resources today are geared towards the operational or IT teams, and understanding the financial impact digital solutions will have on their organisation isn’t always clear-cut.
Digital solutions are abundant in the market today, and it can be challenging to identify the best tools for the job. Financial players face the daunting task of navigating rapid technological changes and the complex regulatory landscape. These are just two of the many issues that quite often keep a CFO awake at night. They need to stay abreast of evolving technologies and digital trends and understand exactly how their implementation could affect their organisation’s financial year.
As part of this exploration, it’s essential to highlight the role of comprehensive digital solutions providers in the maritime industry. For example, ShipServ, part of the Marcura Group, offers a suite of digital solutions covering procurement right through to payment, supporting shipping leaders in their efforts to digitalise, automate, and optimise their voyages. By ensuring safe, efficient, compliant, and financially rewarding operations, such tools stand as strategic partners for CFOs and financial leaders seeking effective and profitable digital transformation in the maritime sector.
Moreover, a lack of alignment between business and financial teams can result in solutions being implemented without considering the requirements of other, often interlinked, departments. This can also impact the company’s overall financial success.
For a more detailed insight and understanding of the topics briefly discussed in this article, please refer to our latest thought leadership report in partnership with Marcura, Navigating New Financial Seas. This comprehensive guide demonstrates how digital solutions can optimise shipping operations from the pre and post-voyage fixture stages, through to the voyage itself, to ensure financial success. The full report can be downloaded here.
