The Chief Financial Officer plays a crucial role in the conception and implementation of the corporate strategy and is responsible for maintaining a high level of resilience and operational efficiency. Today they have to be persistent in the face of continually evolving challenges. Let’s examine what the future will hold for the CFO in 2017:
1. They Will Have Different Skill Sets
In 2017, the CFO will require different skills than those traditionally enhanced by the fiscal function. As stated by an EY report, an understanding of smart digital technologies and refined data analysis are high on the list. The CFO no longer sees the Information Technology department as capital flight; CFOs are gradually becoming digital evangelists.
2. They Will Have a Broader Work Experience
The CFO must have a broader experience than before. Upcoming CFOs might come from various disciplines rather than the only financial background. The CFO is less an aspiring CEO, rather a co-pilot or partner to the present CEO; they both work together.
3. They will Embrace Any Technological Change
CFOs must use the new digital tools and skills that are available to them. For instance, CFOs can use enhanced analytics when lining up their risk and strategy. Based on Accenture, 81 per cent of the CFOs believe that aligning and identifying new areas of value across the organization is among their primary responsibilities. On the other hand, 77 per cent of the CFOs believe it is their responsibility to drive the operational transformation of the entire company.
For businesses to remain globally relevant and competitive, CFOs need to be prepared to adapt to high-tech change. For instance, CFOs should be able to make use of big data to their benefit; otherwise, there is a possibility of being left. Big Data may provide a more in-depth insight into a corporation’s operations and broaden the scope of its dream. Without the skill to understand and analyze large amounts of data, it is not possible for CFOs to productively optimize their corporation’s strategy.