Siemens Finance has published the report "Chief Financial Officer 4.0", which identifies the key competencies of today's Chief Financial Officers in the manufacturing industry, essential for leading a company into the era of Industry 4.0.

The report was based on interviews with manufacturers and management experts in 11 countries – including Poland.

Polish manufacturers are beginning the process of digitizing their companies, fearing the loss of market share to competitors who have taken the initiative to move to technology platforms within the Industry 4.0 model.

It is the Chief Financial Officer who helps overcome the challenges related to cost availability and commercial trade-offs of the effects of digital transformation.

The Model Chief Financial Officer 4.0

The latest study conducted by Siemens Finance focuses on the profile of the Chief Financial Officer 4.0. Respondents in the SFS study identified five key competencies needed by the Chief Financial Officer 4.0 to successfully carry out digital transformation in the manufacturing industry.

The results showed that the Chief Financial Officer 4.0:

  • Has in-depth, comprehensive knowledge of the competitive advantage gained through digital transformation.
  • Possesses the competencies required to identify, evaluate and implement new business models adapted to Industry 4.0.
  • Is also a driving force and support for the transformation process.

Why are the Chief Financial Officer's competencies in implementing Industry 4.0 so important?

SFS research shows that the digitization of production can yield a significant productivity premium – that is, producing the same amount of goods at the same or reduced costs.

Productivity premium

The appropriate use of key competencies and capabilities allows every Chief Financial Officer 4.0 to achieve tangible, competitive and commercial gains for the company.

Previous research conducted by SFS has highlighted measurable improvements in production efficiency. The productivity premium generated in the digitization process is a fundamental, extremely important, well-documented argument for carrying out digital transformation. The key competencies of the Chief Financial Officer 4.0 are essential for realizing these gains. The productivity premium most often ranges between 6.3 percent and 9.8 percent of the company's annual turnover.