You can’t deny that the role of the CFO has changed in recent years, with more responsibilities than ever before being added to an already demanding role.
A recent piece by Deloitte argues that the CFO really has four faces:
- Steward: CFOs work to protect the vital assets of the company, ensure compliance with financial regulations, close the books correctly and communicate value and risk issues to investors and boards.
- Operator: CFOs have to operate an efficient and effective finance organization providing a variety of services to the business, such as financial planning and analysis, treasury, tax and other finance operations.
- Strategist: CFOs take a seat at the strategy planning table and help influence the future direction of the company. They are vital in providing financial leadership and aligning business and finance strategy to grow the business. In addition to M&A and capital market financing strategies, they can play an integral role in supporting other long-term investments of the company.
- Catalyst: CFOs can stimulate and drive the timely execution of change in the finance function or the enterprise. Using the power of their purse strings, they can selectively drive business improvement initiatives such as improved enterprise cost reduction, procurement, pricing execution and other process improvements and innovations that add value to the company.
We think this is a great synopsis of the CFO’s role in modern business. But what sets those CFOs who embrace high performance culture apart? How can we all collectively learn from high performing CFOs? Here’s one super secret tip—focus on technology.
As more and more CFOs take on more responsibilities, they’re often being asked to manage IT infrastructure. While at first many might see this a burden, we see an opportunity and think this could be the secret sauce to creating a high performing company.
There is a need for more performance management in business and the key is by implementing high performing reporting, analytics and planning solutions that the whole organization can use. CFOs that win will empower users across the company to access critical KPIs in real-time. They’ll be able to analyze and report data on the same platform, without worrying about version control and data integrity.
By investing in the right financial management platform, CFOs can embrace Gartner’s Nexus of Forces and give their company a high performing advantage.
If you're curious if Hubble is the right solution for your business, come talk to us!