Requirements for CFO Within The Business Model

Authors

  • Rosita Zvirgzdina Turiba University, Latvia
  • Helena Skadina Turiba University
  • Alida Vane Turiba University

DOI:

https://doi.org/10.5755/j01.eis.1.14.27558

Keywords:

business model, CFO, new role, digital age, transformation

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.

Additional Files

Published

2020-10-22

Issue

Section

Legal Aspects of European Integration