Hurdles for the Modern CFO
The role of the chief financial officer is in hyper-drive. The forward-thinking headlines are leading CFOs into uncharted territories in an economy that is unstable and uncertain. How will CFOs deliver tomorrow’s company, today? Where will growth come from in 2019? Will it be through revenues or increases in operational profitability?
Gone are the days of the CFO’s traditional bookkeeping and monitoring from the isolated depths of a dark office. The position and experience makes him or her a prime candidate to play an active role in the advancement of any organization. If anything is to be learned from the rise of the CIO – a position that saw significant changes in the last two decades or so – it’s that one specialty skill-set simply isn’t enough anymore. Ever-increasing competitiveness, expanding expectations, increased scrutiny, and a plethora of other abrasive factors have disrupted old ways to force the CFO to evolve. Just as in nature, only the strongest may thrive.
Why has the role of CFOs shifted so dramatically, though? The answer is more or less the same as for their CIO colleagues: the ubiquitous evolution of technologies and globalization. Although determining which one came first would be akin to playing a futile game of chicken-or-the-egg, what matters is that they are now fully, irreversibly intertwined and that CFOs are to be part of it all.
Paradigm shifts – whether big or small – are never without challenges. Recent reasearch showed that while a staggering 88% of newly appointed CFOs surveyed were expected to become more active as a strategy partner and advisor to CEOs, 59% of them found themselves stuck performing basic financial tasks that could have been handled by a typical accountant. This clash between expectations and reality makes it difficult to truly find an equilibrium between the traditional gatekeeper CFO and the forward-thinking analytical advisor role.
The right tools are needed to become that big-picture thinker, outspoken, what-gets-done type of CFO, especially when it comes to a strategic partnering. Let us partner with you and paint the big picture, together.