This year is predicted to see the emergence of the chief financial and technology officer (CFTO) according to ACCA and the Institute of Management Accountants (IMA), who are behind January's CFO Month initiative which champions the role of finance chiefs.

The two institutes say this campaign will have a technology-focused theme. According to ACCA chief executive Helen Brand, their futures research in 2013 has pointed to greater technological involvement for CFOs across the world.

'Their involvement in big data and technology trends is critical to business growth and profit. As CFOs take on a more strategic and globally-focused outlook within business, technology will loom larger in their remit.'

In particular, Brand cited the ACCA and IMA report Big data: its power and perils which highlighted how the volume and variety of data able to be collected by businesses and governments is increasing at intense rate, providing a vital source of information. The research found that 62% of CFOs across the world cited big data as hugely important to the future of business, by providing insights which could potentially give businesses an edge on their competitors.

IMA president and CEO Jeff Thomson said: 'Big data has yet to reach its full potential, but CFOs will need to be at the forefront of using such data. Its value is vital to a business, but potential legal and ethical pitfalls remain. Finance professionals have a public duty to act within the parameters of the law and are responsible for using big data in an appropriate way.'