Finance leaders have a key role to play in the way they shape and develop their team. To attract and retain top talent, it is important to focus on engendering an open culture where innovation thrives. To succeed in the future, finance teams must blend tech-focused skill sets with broader finance experience, including treasury, tax and transactions. Many CFOs feel they are still particularly renowned for being cost-focused and risk adverse at a time when they need be tech savvy and future-focused.
With the acceleration of digital, CFOs are increasingly involved in tech-focused ecosystem development as organisations look to drive growth, long-term value and business model innovation.
In response to the current environment, the workplace is now more digital, more flexible and far less hierarchical because structure, governance, employment models and reward approaches must adapt to survive. More agile approaches will facilitate greater productivity, flexibility and resilience as operating models and customer expectations undergo rapid shift.
There can be little doubt that the finance leader of today is under pressure to reinvent the way their function operates. One of the main reasons is that CFOs are being asked to cut costs and do better with less, during a time of significant change.
The balancing act that CFOs face today is making decisions about technology, people and processes, that are aligned to meet competing demands and position their functions for future success. Delivering the future finance function will demand a major purpose-led culture shift.
The CFO agenda is being driven by the need to evolve business strategy and create long-term stakeholder value while managing costs, all at the same time. In response to change and the need to deliver long-term value, the nature of the CFO role and demands on finance leaders are growing.
By making decisions about technology, people and processes, the role of a finance leader is increasingly evolving to become more of a strategic adviser. Yet, CFOs still find themselves directly involved in a range of traditional responsibilities, which must be balanced against the demands of new areas and expectations.
How will you strike the right balance? Over the coming months, we will be examining the evolving role of the finance leader and how CFOs can balance the competing priorities of today.
Summary
The CFO agenda is being driven by the need to evolve business strategy and create long-term stakeholder value while managing costs, all at the same time.
