The New CFO: Taking Your Organization To The Next Level

In today’s complicated finance landscape, CFOs must adapt their approach to go beyond a basic toolkit of tactical accounting. The most successful CFOs are increasingly strategic. They combine traditional skillsets with modern capabilities and prioritize upskilling and adopting digital tools and strategies that will increase efficiencies. By taking a strategic, forward-thinking approach, modern CFOs can help elevate finance teams and take an organization to the next level.

SIGNS YOUR ORGANIZATION NEEDS A STRATEGIC CFO

• Disparate Systems
  It’s not uncommon for finance departments to use disparate systems that don’t meet their needs and create information silos. In fact, 54% of financial leaders say data silos are one of their biggest barriers to innovation. In addition to an array of challenges with technology, this ultimately takes precious employee time away from value-added tasks.

• Inefficient Processes
  Inefficiencies can prevent employees from achieving higher levels of effectiveness and cause burnout among staff. Unfortunately, many accounting teams still rely on error-prone and time-consuming manual processes. This is often due to limited experience or a lack of technology which can significantly increase efficiencies. 

• Staff Shortages
  Many organizations face a continuing shortage of finance talent. More than half of CFOs surveyed last summer said finding and retaining top talent was their biggest challenge. With fewer younger people entering the accounting field, staffing shortages can cause significant disruption within the finance department and across the organization.

HOW A MODERN CFO CAN DRIVE SIGNIFICANT GROWTH

• Improve Cross-Functional Communication
  The strategic CFO is now working across the organization. A forward-thinking CFO can help create alignment between senior leaders, business units, and the finance department. This will provide a more holistic understanding of the organization’s performance and potential.

• Develop, Monitor, and Evaluate Strategic Plans
  Today’s CFOs have faced a pandemic, economic uncertainty and more. An adaptive CFO will provide direction and leadership for developing and monitoring strategic plans, while also planning and preparing for the future – whatever it might entail.

• Implement Digital Solutions
  There has been a significant increase in finance teams leveraging digital solutions. Modern CFOs have turned to digital solutions to help create greater efficiencies, engage staff and improve alignment of strategic goals across the organization. 

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