From CFO to CVO: going for a redistribution of roles
The CFO must grow into a CVO, a Chief Value Officer, through the integration of transformational roles. These roles are agile, can deal with change, standardize processes, detect and seize opportunities for improvement, improve processes end-to-end and can properly assess the impact of data.
This transformation can only succeed if the resources that they are given are redistributed. Although the traditional role of accounting remains important, it will have to be standardized and automated as much as possible. In this way, a CFO can spend more time and energy on other tasks that do create added value.
New tasks require new skills
If the range of tasks changes radically, it requires new skills as well. This can be challenging to accomplish. Especially when people have worked too long in the same work environment or when people are not looking to reinvent their function. Are they open to new skills, such as multitasking, digitization, analytical skills and project management?
For many companies, matching content expertise and experience with the personal skills of the 21st century will not be easy. Reskilling profiles is one thing but taking on a transformational role is another. It is about more than just learning new skills or acquiring new knowledge. Employees need to be engaged. If the employee is not willing, the success rate of this process is very low.
Let us illustrate this with the changing function of controllers. They need to be continuously challenged within the company to proactively – rather than reactively – look for local business needs. A controller needs to understand the market and the product of their company, not just the figures. Only then will they be able to sense what financial data is needed and how it should be visualized.