The Anatomy Of The CFO Of Tomorrow
The CFO of tomorrow is not the CFO of today. Once primarily concerned with financials, the role of the CFO is changing beyond recognition. In addition to their traditional activities of managing budgets and producing reports, CFOs are increasingly expected to be strategic drivers for growth and innovation; tasked with enabling digital business transformation and extracting maximum value from operations. The CFO of tomorrow is emerging. If you are ready to meet the new generation of CFOs? Take a tour through the anatomy of the CFO of tomorrow:
Brain – a millennial mindset
The CFO of tomorrow is the millennial of today, and they bring a brave, innovative, digital-first mindset to the job. Crucially, with the brain of a millennial, the CFO of tomorrow is trusting of technology – a key asset in a future where the sheer volume of information flowing into an organisation will require CFOs to rely on cutting-edge cloud applications and artificial intelligence to analyse and derive valuable insights from data.
Eyes – seeing the bigger picture
Preferring collaboration over competition, the CFO of tomorrow wants to see the bigger picture in order to enable enhanced collaboration across business functions. And, when it comes to seeing the bigger picture, the importance of data cannot be understated. The CFO of tomorrow will draw on data from many diverse sources to gain insight, connect business units together, and enhance their visibility across the enterprise.
Ears – using IoT to ‘listen’ beyond corporate walls
In addition to internal data, the CFO of tomorrow will capitalise on data from the Internet of Things (IoT) to listen to what’s happening outside corporate walls. With weather sensors that warn of supply chain disruptions, wearable data that indicates when the workforce is stressed, and ambient temperature sensors that alert the company to potential overheating dangers, IoT will enable the CFO of tomorrow to make predictions and recommendations faster.
Hands – operating cutting-edge cloud solutions
Once primarily used to crunch numbers, the hands of the CFO of tomorrow will operate the next generation of cutting-edge cloud solutions. These cloud-based ERP, EPM and SCM applications will enable the CFO to take a data-driven approach to business management – from optimising business performance, to enhancing collaboration, to allocating resources more effectively and to planning for the future.
Legs – staying nimble
The role of the CFO of the future will change significantly. Breaking with centuries of tradition, millennials are moving away from specialisation in the workplace. These nimble movers and shakers want to be Jacks of all trades; to have a broader understanding of the company; to see how their role connects to those of others and how they can work better together to improve results.
Feet – gaining a foothold in turbulent times
In APAC and around the world, businesses are facing an uncertain future. Macroeconomic events such as US disengagement from the Trans-Pacific Partnership are making it harder to plan ahead, and this uncertainty is exacerbated by new entrants disrupting the market with their pioneering digital models. The CFO of tomorrow will be a strategic driver for business growth and innovation; helping the business gain a foothold through these turbulent times.
Heart – beating strategically for the good of the business
Previously, the CFO was primarily an enterprise’s bookkeeper and accountant. Today, the CFO of tomorrow is taking their place at the strategic heart of the business. They are tasked with enabling digital business transformation and extracting maximum value from operations. As a key player in the business, the CFO of tomorrow is combining vast amounts of data with adaptive intelligence and powerful, enterprise-grade cloud technology to break down organisational silos, identify new opportunities faster and act on them immediately.
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