Abstract
The concept “Business modeling” has become commonplace in everyday business due to the rapidly changing market situation, fierce competition and digital transformation trend that affects every business. Other player can appear unexpectedly and bring a new business model to the market, typically fueled by innovative technologies and ideas, and render everyone else obsolete. To remain successful shifting of business environment is required as well as an updated management capability not only to modernize processes, but also to select, empower and appreciate workforce. One of the key roles in any business organization plays the Chief Financial Officer (CFO) that contributes and determines the wellbeing of the business. The role has become more important because of the new technological influence and therefore is more needed by business organizations. This paper aims to formulate requirements for CFO for companies that are going to establish a new business model or to reinvent the existing one. The result of this paper forms the basis for conclusions about the role of the CFO while modelling business, contribution to the modelling success and about requirements that the CFO has to meet.
Highlights
Business model is an excellent tool which entrepreneurs can use in order to adapt their activities to new market challenges
Business modelling perspective has been changed over time in to the technology dependence or digital transformation’s direction (Mueller, 2017: 276) and made customer a well-informed market player
According to BDI only 55% of European business executives have been contemplating the impact of technology on their companies; only 30% believe to be ready for the technological transformation (BDI, 2015)
Summary
Business modelling as a process contributes to the education of a digitally advanced and successful team workers. Compliance, audit, and corporate governance have become extremely important These new demands have significantly impacted the profile of the CFO. To achieve the goal of this research the authors studied theoretical aspects of business models and the role of the CFO in particular. Business modelling perspective has been changed over time in to the technology dependence or digital transformation’s direction (Mueller, 2017: 276) and made customer a well-informed market player. For a new business venture, the entrepreneur establishes the vision and rules, charts the course of direction, but it is still the employee who must translate and make the founder’s vision and policies a reality for sustainable growth and success.(Jensen et al, 2006)) It involves ongoing learning and instilling the whole business model across the company including the executive team and board, and living the new business model every single day. The range of responsibilities of the CFO has expanded, driven by complexity as a result of globalized capital and markets, regulatory and business drivers, growth
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
