The CFO as Catalyst for Change - Part 1

In today’s hyper-competitive global economy, senior executives often have to wear more than one hat to help their organizations reach their full potential.   A good example is the CFO. With the constant need to drive innovation and growth, coupled with their more traditional financial responsibilities like managing costs, CFOs are under increasing pressure to take on an even broader role within their organizations. This evolving role has seen CFOs become more valued strategic and commercial partners, but has not reduced the challenges they face. From working with customers in nearly every industry and geography, a few of the challenges CFOs currently face have become clear, including:


  • The operating environment – While the economy is recovering, CFOs are still facing a low-growth external environment. The need to focus on cost management and efficiency has, in many cases, meant the difference between survival and extinction. Yet, the CFO’s role has broadened to include playing a greater role in technology and operations. Therefore, lack of time and role overstretch are key problems.

  • Skills and capabilities – As the role of the CFO expands, so must the CFO skill set. This has presented a problem for organizations with finding the right talent and capabilities that move beyond the traditional finance skills. Current CFOs also need to expand their own capabilities – particularly with technology. 

  • Technology – The CFO's role in IT investment is more apparent than ever. According to Gartner, 45 percent of IT leaders report to the CFO…that’s more than report to any other executive. While technological innovation such as big data, business analytics, cloud, mobile and social are a priority for the majority of organizations, most financial executives are unable to evaluate IT investments, making it harder for them to show the fruits of their labors. 

Despite these challenges, I know many CFOs that are taking a more strategic role, but they are also the first to admit that there is more work to be done. Over the next few months we will explore this topic in more depth and discuss how technology and other factors can help CFOs become catalysts for change and unlock the true potential within organizations around the world.

For more information about the role of the CFO and best practices in dealing with today's Finance challenges, check out Oracle CFO Central at www.oracle.com/cfo.







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