New Roles that the CFOs of The Best Companies are Adopting
In recent years, the transformation of the economic scenario and the emergence of new technologies have, in turn, caused a radical shift in the vast majority of areas that make up a company. The financial direction, without a doubt, is one of them.
CFOs have gone from being the ‘guardians’ of economic prosperity to becoming strategic figures within companies whose role is becoming increasingly important, often positioning themselves as the CEO’s right-hand man.
“The CFO is becoming increasingly important in organizations and, in fact, the finance function tends to hold greater power since investments of all kinds must be validated by it,” confirms Pablo Cousteau, an economist with a professional career. In the field of finance.
But what are the new roles that the CFOs of the best companies are assuming? What new tasks must a financial director know how to perform flawlessly amid the technology and information age? As Cousteau points out, this figure has taken a transcendental role in relations with banks, shareholders, investors, and even the media.
The CFO no longer performs a mere financial function but has become an executive with decisive power in business growth and the internationalization and expansion of companies. For this reason, CFOs must take the lead in global strategic decision-making processes and develop excellent analytical skills to interpret an increasingly changing reality.
This reality goes through the digital transformation of the financial department, in which the CFO must deal with four decisive battles. The first of these is the blockchain, the information coding system behind bitcoin that allows data to be transferred safely, radically redefining the financial sector.
The second is related to artificial intelligence and robotics in the set of practices that the CFO carries out in his work, which plays a transcendental role in the automation of processes and supposes a more effective operating model in decision-making to predict different scenarios.
But the thing does not end here. Big Data, which burst into the most successful organizations a few years ago, has become an essential ally for these executives.
Thanks to this tool, which is already implemented in 30% of companies, it has been possible to take a potential leap and improve growth, innovation, efficiency, and productivity through the analysis of large sets of data.
The CFO must know how to prevent some data that must protect against any computer attack through management plans that prioritize the protection of the company.
Transversality and proactivity in the CFOs of the best companies
In this context, the transversality to adapt operating models to constant situations of change, in which different areas of the organization should be involved, makes financial management a fundamental pillar.
This pillar must not only be managed by a leader who generates trust, but it is also essential that he has excellent analytical skills to identify business opportunities and anticipate potential competitors.
In addition, the financial director is becoming increasingly important by participating in the strategic direction of the company together with the CEO.
Therefore, you must see your organization as a global entity in which your proactivity allows greater integration in performance management, planning, and general strategy.
All these new functions, previously non-existent or assumed by other areas that had nothing to do with financial management, give CFOs a transcendental role in 21st-century companies. The success of your organization will largely depend on your ability to anticipate and adequately face every one of these fronts.