The pure-play CFO is dead - it's about more than Finance now
Anders Liu-Lindberg
Leading advisor to senior Finance and FP&A leaders on creating impact through business partnering | Interim | VP Finance | Business Finance
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The world is changing - and so too is the role of the CFO.
In today's businesses, CFOs and other Finance professionals are being stretched in new ways. Their remit is expanding, and they are being forced to develop and adopt new skills and new ways of working.
In this series, we're going to look at the role of the modern CFO through the lens of three of the most important fields in which Finance is now a key stakeholder.
We need to zoom out
The modern CFO is multi-disciplinary. This doesn't mean that we are all experts in every business process and every function - but it does mean that we need to take a holistic approach to our businesses and our roles.
In practice, this requires CFOs to involve themselves in many parts of the organization that would previously have been seen as "off-limits". They must establish a presence for Finance across functions, maintaining visibility of key processes and constantly considering how they can bring value outside of the strict boundaries of the Finance Function.
There are several new or particularly important disciplines that we must consider. In particular, the modern CFO needs to be involved in ESG, cybersecurity, and talent sourcing and management.
Business is in flux - and so are CFOs
Digital transformation, changes in the workforce and society at large, and force majeure factors such as the pandemic, have all combined to produce the greatest period of flux in living memory.
Businesses around the world are rushing to adapt to the new paradigm, and CFOs have an absolutely crucial role in this process.
In the previous series, we've explored the changing responsibilities of the Finance professional, and the shift from 'pure' Finance to an augmented business partnering role. The same shift is occurring for CFOs - in fact, this position is the eye of the storm; the point on which the creation of the Finance Function of the future pivots.
To fulfill the potential of that new Finance Function, and in order to bring real value to our organizations, CFOs need to upskill. We need to build on the 'pure numbers' skills that we already have in abundance, augmenting them with strategic expertise, insight, and solid working knowledge of the organization beyond the boundaries of the Finance Function.
Three priority areas
In this series, we're going to look at the three most important fields in which the CFO should be taking an active part.
ESG: Environmental, social, and governance concerns are becoming a key priority for leaders in every part of the business. ESG programs are a crucial element of any organization's long-term sustainability, fundraising activities, and broader commitments to the world in which they operate.
Cybersecurity: The risks associated with digital crime are spiraling. The threat to consumers from phishing attacks is so severe that the governments across the world look set to declare it a national security issue. Businesses of every size need to be alert to the risks of cybercrime, and CFOs are increasingly acting as the "point person" for cybersecurity efforts.
Talent: We are entering a labor shortage of historic proportions. Some even term it the "Great Resignation" as workers are taking matters into their own hands and seeking new pastures. Sourcing, recruiting, managing, and retaining talent is more vital than ever - but the rules of engagement have shifted dramatically, a shift that has been catalyzed by the pandemic. As we will see, CFOs have a fundamental role to play in the battle for top talent.
Do this today...
Start by considering how your finance function and the CFO are currently involved in these three topics. Based on your first considerations, discuss in the finance team what you can do to become more involved, not least highlighting the value creation/destruction potential of success vs. failures in these key topics.
No need to prepare your action plan yet though, as you better await the deep-dive on each of these topics in the coming six weeks. Remember to subscribe to the newsletter to be notified directly when each new article is published.
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If you didn't get a chance yet then take some time to catch up on my latest article series "Changing perspectives on Finance". You can find all seven articles below.
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If you want to learn about the changes that are happening in Finance and Accounting these years then I have a few recent articles for you that you might find relevant. Check them out below!
You can read a lot more articles about FP&A, Business Partnering, and Finance Transformation below. It all start's with “Introducing The Finance Transformation Nine Box”?where you set the ambition for your transformation. You should join the?Finance Business Partner Forum?which is part of the Business Partnering Institute's online community where we will continue to discuss this topic.
All Successful Business Partners Are "Leaders"?(the last article in the series about our new capability model)
Should We Keep Talking About Business Partnering??(part of a 17-article series where we deep-dive on the WHY, WHAT, and HOW of business partnering by putting it on a formula)
Everyone Can Adopt A Business Partnering Mindset?(part of a six-article series about FP&A Business Partnering)
From Business Partner To Working Within The Business?(part of an article series where I interview finance professionals about their careers in FP&A and Business Partnering)
Is Your Product Optimized For Value Creation??(part of a toolbox series where we look at what tools FP&A professionals should leverage to drive value creation)
How Business Partners Turn Analysis To Insight?(part of case study series where I interview business partners about how they drive value creation using real cases)
Anders Liu-Lindberg?is the co-founder and a partner at the?Business Partnering Institute?and owner of the largest?group dedicated to Finance Business Partnering?on LinkedIn with more than 10,000 members. I have ten years of experience as a business partner at the global transport and logistics company?Maersk. I am the co-author of the book “Create Value as a Finance Business Partner” and a?long-time Finance Blogger?on LinkedIn with 60.000+ followers and 140.000+ subscribers to my blog. Recently I became an advisory board member at?Born Capital?to help identify and grow the next big thing in #CFOTech.
Procurement and Contract Management
2 年Thanks for sharing
Procurement and Contract Management
2 年This is a great